This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: You have 40,000 frequent flier miles. You could exchange your miles for a round trip ticket to ... (Read 255 times)

urbanoutfitters

  • Hero Member
  • *****
  • Posts: 530
on: Jun 29, 2018
You have 40,000 frequent flier miles. You could exchange your miles for a round trip ticket to Bermuda over spring break. Does that mean your flight to Bermuda would be free? Explain your reasoning.
 
  What will be an ideal response?

Question 2

Equilibrium in a competitive market results in the greatest amount of economic surplus from the production of a good or service.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

stano32

  • Sr. Member
  • ****
  • Posts: 339
Reply #1 on: Jun 29, 2018
Answer to Question 1

It does not. You could use your miles for other travel and so there is an opportunity cost if you use your miles to fly to Bermuda. Suppose, for example, you are definitely going to fly to Chicago when the spring semester is over. You could use your 40,000 miles to fly to Chicago or you could purchase a ticket for 300 . In this case, the opportunity cost of using your miles to fly to Bermuda is the 300 you will have to spend for the airfare to Chicago.

Answer to Question 2

TRUE


urbanoutfitters

  • Hero Member
  • *****
  • Posts: 530
Reply #2 on: Jun 29, 2018
Thank you :)


stano32

  • Sr. Member
  • ****
  • Posts: 339
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

The most common treatment options for addiction include psychotherapy, support groups, and individual counseling.

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

The four ways in which animals exchange heat with the environment are radiation, evaporation, convec The four ways in which animals exchange heat with the environment are radiation, evaporation, convec
A plant grown from a [round, yellow] seed is crossed with a plant grown from a [ A plant grown from a [round, yellow] seed is crossed with a plant grown from a [
But tortoises on lusher islands where grass is plentiful and the need to reach into trees not so fre But tortoises on lusher islands where grass is plentiful and the need to reach into trees not so fre
In 1885 masked Nebraskans seeking access to water posed for photographer S. D. Butcher, who captione In 1885 masked Nebraskans seeking access to water posed for photographer S. D. Butcher, who captione
Food Miles in a Meal Food Miles in a Meal
Forces affecting capillary exchange Forces affecting capillary exchange
Video: The Lagging Strand in DNA Replication and Replication in Action

For a complete list of videos, visit our video library