This topic contains a solution. Click here to go to the answer

Author Question: Suppose you want to get to Orlando, Florida, for the week-long spring break. You can get there in ... (Read 97 times)

olgavictoria

  • Hero Member
  • *****
  • Posts: 528
Suppose you want to get to Orlando, Florida, for the week-long spring break. You can get there in two and one-half days by bus, and back in another two and one-half days. This will cost you 20 round-trip. You can fly there and back in four hours each way. This will cost 200 . Which of the following is not true?
 a. It may be economically rational for you to go by plane rather than by bus.
  b. Depending on what else you can do that week, it may be economically rational for you to not go at all rather than to go by bus.
  c. The true cost of going to Orlando is either the time or the money you spend traveling, whichever it is you value more.
  d. The more you'd enjoy Orlando, the more economically rational it becomes for you to fly there instead of taking the bus.
  e. It is possible that it is rational for you to fly and rational for others to take the bus.

Question 2

Which of the following statements is true?
 a. The money price is usually the same as the time price for most consumers.
  b. The money price of a good is always greater than the time price.
  c. The money price is always greater for high-wage earners than for low-wage earners.
  d. The time price is usually less for low-wage earners than for high-wage earners.
  e. The time price of a good is directly proportional to the money price.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

dominiqueenicolee

  • Sr. Member
  • ****
  • Posts: 314
Answer to Question 1

C

Answer to Question 2

D




olgavictoria

  • Member
  • Posts: 528
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it


amandalm

  • Member
  • Posts: 306
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

It is believed that humans initially contracted crabs from gorillas about 3 million years ago from either sleeping in gorilla nests or eating the apes.

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

For a complete list of videos, visit our video library