You and your friends have decided to build a skateboard ramp behind your house. you have already purchased $500 in materials and are considering renting an electric saw. it costs $20/hour to rent an electric saw. you estimate it will take 6 hours to build the ramp. if you decide to use your saw, which is a handsaw, you will not have to pay anything to rent an electric saw, but it will take 15 hours to build the ramp. regardless of the decision, you will need to ask for time off from your job, which pays $12/hour.

(a) if you use your handsaw, the explicit costs of the ramp are $

(b) the explicit costs of the ramp are $ if you rent an electric saw.

(c) if you use a handsaw, the implicit costs of the ramp are $

(d) if you rent an electric saw, the implicit costs of the ramp are $

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.

What are consequences of rapid inflation? (select all that apply.) savings accounts become less desirable because interest earned is lower than inflation individual purchasing power increases, which results in an increase in demand. individual purchasing power decreases, which results in a decrease in demand. people postpone purchasing expensive items, such as homes, until prices drop.

Ray gives his son, mason, three bowls. these bowls have the same capacity, but each one differs slightly in its shape and size. ray tells his son that one of the bowls can hold more liters of oil than the other two bowls. mason points out that all the bowls, though may appear different in size and shape, can store the same volume of oil. in this case, ray was most likely testing mason's concept of