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

Author Question: Stuck in Cleveland You purchased a roundtrip ticket to a friend's wedding in Cleveland on Saturday ... (Read 108 times)

P68T

  • Hero Member
  • *****
  • Posts: 509
Stuck in Cleveland You purchased a roundtrip ticket to a friend's wedding in Cleveland on Saturday for 400, but on Sunday you discover your return flight is canceled due to weather. The airline will not be able to get you back home until late Monday but Greyhound has an overnight bus route that arrives at 6:00am Monday for 60 . What is the opportunity cost of missing work on Monday?

Question 2

Owners of a parking lot are deciding whether or not to add more parking spaces to the lot. The owners should stop adding parking spaces where:
 a. LRMR=LRMC
 b. LRMR>LRMC
 c. LRMR d. None of the above



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

nital

  • Sr. Member
  • ****
  • Posts: 320
Answer to Question 1

Since the airline will fly you later, it will not cost any more to get home if you are willing to miss work on Monday. But if you want to be at work on Monday, the airline ticket is a sunk cost. At this point, the cost of being at work on time, if a bit haggard, is the 60 bus fare.

Answer to Question 2

a




P68T

  • Member
  • Posts: 509
Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)


sultana.d

  • Member
  • Posts: 320
Reply 3 on: Yesterday
Excellent

 

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

For a complete list of videos, visit our video library