Difference between revisions of "Economics Homework Eleven Answers - Student Five"
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1. If I were to loan out money to someone, I would want them to pay me interest because loaning out money is just offering another service. If I were offering the service of washing someone's car, I would expect them to pay for my time and effort. This is the same idea when loaning out money. It is a service and although I would not be contributing much, if any, effort, I would still be contributing the time that I did not have that money, and, therefore, I should be payed for it. | 1. If I were to loan out money to someone, I would want them to pay me interest because loaning out money is just offering another service. If I were offering the service of washing someone's car, I would expect them to pay for my time and effort. This is the same idea when loaning out money. It is a service and although I would not be contributing much, if any, effort, I would still be contributing the time that I did not have that money, and, therefore, I should be payed for it. | ||
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| + | :Excellent. Note spelling: "paid for it," not "payed for it." | ||
2. $1,000 x 1.05 = $1,050 ----- $1,050 x another 1.05 = $1,102.50 | 2. $1,000 x 1.05 = $1,050 ----- $1,050 x another 1.05 = $1,102.50 | ||
So, I would pay you '''$1,102.50''' to satisfy the debt. | So, I would pay you '''$1,102.50''' to satisfy the debt. | ||
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| + | :Correct! | ||
3. The bus trip to D.C. would be a variable cost. A variable cost is a cost that can be changed in the short run. It is not a fixed cost because fixed costs cannot be changed in the short run. | 3. The bus trip to D.C. would be a variable cost. A variable cost is a cost that can be changed in the short run. It is not a fixed cost because fixed costs cannot be changed in the short run. | ||
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| + | :Superb. | ||
4. I think that the concept of Interest in economics is one of the best self-motivators. To work up and save up enough money to start investing and gain more money through the accumulation of interest, can truly motivate someone to be a hard worker. | 4. I think that the concept of Interest in economics is one of the best self-motivators. To work up and save up enough money to start investing and gain more money through the accumulation of interest, can truly motivate someone to be a hard worker. | ||
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| + | :Excellent. | ||
5. $1,000 = (110% times X) times 110%, so, 1,000 divided by 110% = $909.09, $909.09 divided by another 110% = '''$826.45''', which is the amount that I will have to pay you today. | 5. $1,000 = (110% times X) times 110%, so, 1,000 divided by 110% = $909.09, $909.09 divided by another 110% = '''$826.45''', which is the amount that I will have to pay you today. | ||
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| + | :Correct! (I don't why I mis-graded this the first time.) | ||
6. I'll pass this question. | 6. I'll pass this question. | ||
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| + | :OK! | ||
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| + | :Terrific work. 50/50. Perfect!--[[User:Aschlafly|Andy Schlafly]] 22:21, 6 December 2009 (EST) | ||
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| + | [[Category:Economics Homework Eleven Answers]] | ||
Latest revision as of 20:45, February 28, 2010
TrishM
1. If I were to loan out money to someone, I would want them to pay me interest because loaning out money is just offering another service. If I were offering the service of washing someone's car, I would expect them to pay for my time and effort. This is the same idea when loaning out money. It is a service and although I would not be contributing much, if any, effort, I would still be contributing the time that I did not have that money, and, therefore, I should be payed for it.
- Excellent. Note spelling: "paid for it," not "payed for it."
2. $1,000 x 1.05 = $1,050 ----- $1,050 x another 1.05 = $1,102.50 So, I would pay you $1,102.50 to satisfy the debt.
- Correct!
3. The bus trip to D.C. would be a variable cost. A variable cost is a cost that can be changed in the short run. It is not a fixed cost because fixed costs cannot be changed in the short run.
- Superb.
4. I think that the concept of Interest in economics is one of the best self-motivators. To work up and save up enough money to start investing and gain more money through the accumulation of interest, can truly motivate someone to be a hard worker.
- Excellent.
5. $1,000 = (110% times X) times 110%, so, 1,000 divided by 110% = $909.09, $909.09 divided by another 110% = $826.45, which is the amount that I will have to pay you today.
- Correct! (I don't why I mis-graded this the first time.)
6. I'll pass this question.
- OK!
- Terrific work. 50/50. Perfect!--Andy Schlafly 22:21, 6 December 2009 (EST)