Suppose you are earning 12 an hour at the local grocery, Ask an Expert

Economics

Suppose you are earning $12 an hour at the local grocery store. At that wage you have decided to work 20 hours a week. If your wage were to increase to $19 an hour, thinking like an economist using the economic decision rule, you would most likely choose to work:

A. more hours because the opportunity cost of leisure has risen.

B. fewer hours because the opportunity cost of leisure has fallen.

C. fewer hours because the opportunity cost of work has fallen.

D. more hours because the opportunity cost of work has risen.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91707347

Have any Question?Write your Review or question?

Related Questions in Business Economics

Consider the following production function that is already

Consider the following production function that is already written in per worker terms: y = Akαh 1-α where h represents human capital per worker. Suppose we are given the following information: capital per worker in an e ...

Brexita what are the economic implications provide a

"Brexit" A. What are the economic implications? Provide a credible citation. B. What possible impact could this event have on European trade? Provide a credible citation.

A jewerly store paid a unit price of 250 less 40 16 8 for

A jewerly store paid a unit price of $250 less 40%, 16% , 8% for a shipment of designer watches. the store's overhead expenses are 65% of cost and the required profit is 55% of coat. a. What is the regular selling price ...

Let x be a continuous random variable suppose that we know

Let X be a continuous random variable. Suppose that we know that Pr(X 5), and how do you know? (Hint: X is not necessarily normally distributed, but you can still consider how much area is under the curve, no matter the ...

You are given the following cost You are given the following cost function:

You are given the following cost function: TC=80Q--4Q^2+0.1Q^3 a. Derive the average variable cost, average cost, and marginal cost equations. b. Over what range of output does economies of scale exist? Diseconomies of ...

What are the implications of outsourcing key public

What are the implications of outsourcing key public responsibilities to global corporations for the Australian state and society?

If the probability of either outcome a or outcome b arising

If the probability of either outcome A or outcome B arising during a single random process is 0.4 and we also know that the probability of outcome A is 0.2 while the probability of outcome B is 0.3, how are these two out ...

In simple termswhat does it mean for two probabilities to

In simple terms,What does it mean for two probabilities to be mutually exclusive? Provide an example of probabilities that are mutually exclusive

Assume student employees at wmu make an average of 12 an

Assume student employees at wmu make an average of $12 an hour with a standard deviation of $3. Assuming these hourly wages are normally distributed. What is the chance a randomly selected student employee makes more tha ...

Some farm land is more productive than other land in the

Some farm land is more productive than other land in the sense that it can grow more food per hectare. Farmers also use fertilizer to grow food (i.e. adding fertilizer increases crop yield by 10 percent) earn more revenu ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert