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Teaching Since: Apr 2017
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

A person rents a house for $24,000 per year.

1. A person rents a house for $24,000 per year. The house can be purchased for $200,000, and the tenant has this much money in a bank account that pays 4 percent interest per year. Is buying the house a good deal for the tenant? Where does opportunity cost enter the picture?

2. Graphically show the production possibilities frontier for the nation of Stromboli, using the data given in the following table. Does the principle of increasing cost hold in Stromboli?

Stromboli’s 2004 Production Possibilities

Pizzas per
Year

Pizza Ovens
per Year

75,000,000

0

60,000,000

6,000

45,000,000

11,000

30,000,000

15,000

15,000,000

18,000

0

18,000

 

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Status NEW Posted 08 May 2017 12:05 PM My Price 9.00

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