2. You are offered the opportunity to work as a tutor in Introductory Microeconomics. You estimate your total opportunity cost from doing different numbers of hours of tutorials to be the amounts shown in the Table below. Payment for tutorials is $100 for the first hour each week, and $75 for every subsequent hour. How many hours of tutoring would you choose to do each week if you are a rational decision-maker? Hours of tutoring per week 0 1 2 3 4 5 Total Opportunity cost 0 $40 $90 $150 $220 $300

2. You are offered the opportunity to work as a tutor in Introductory Microeconomics. You estimate your total opportunity cost from doing different numbers of hours of tutorials to be the amounts shown in the Table below. Payment for tutorials is $100 for the first hour each week, and $75 for every subsequent hour. How many hours of tutoring would you choose to do each week if you are a rational decision-maker? Hours of tutoring per week 0 1 2 3 4 5 Total Opportunity cost 0 $40 $90 $150 $220 $300

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 12RQ: What is the difference between microeconomics and macroeconomics?

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Frances is a skilled toy maker who is able to produce both trucks and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Trucks) (Drums) (Trucks) (Drums) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 18 E 0 8 0 19 Suppose Frances is currently using combination D, producing one truck per day. Her opportunity cost of producing a second truck per day is _______. Now, suppose Frances is currently using combination C, producing two trucks per day. Her opportunity cost of producing a third truck per day is ________ per day. From the previous analysis, you can determine that as Frances increases her production of trucks, her opportunity cost of producing one more truck _______. Because she can now make more trucks per hour, Frances's opportunity cost of producing drums is…
] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.
Hacmillan Leaming Christine and Paul are deciding how to split their time between writing music and lyrics for their new album. Their PPF's for 72 h of work are shown. Christine and Paul have to write music for 8 songs and lyrics for 12 songs (4 songs already have music). When they are done, they can go to a private island and relax from all their hard work. It is possible that they will use more than 72 h. Once they start writing lyrics and music, assuming their hired help packs for them and their plane is waiting outside their door, in how many hours can they board the plane to their relaxing island getaway? Christine will write music for Paul will write music for Christine will write lyrics for Paul will write lyrics for h songs. songs. songs. songs. Music written (in # of songs) 1 0 Paul's PPF 1 Christine's PPF 2 Lyrics written (in # of songs))
3. Determining opportunity cost Suppose that Ciana is deciding whether or not to buy a pair of sandals that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sandals she likes, but some stores are more convenient for Ciana to reach than others. One option is her local shoe store located only 15 minutes away from where she works, where they charge a marked-up price of $112 for the sandals: Store Local Shoe Store Different Neighborhood in Town Rural Outlet Travel Time Each Way (Minutes) 15 30 60 Marked-up price Juanita's office Price of a Sandals (Dollars per sandals) 112 98 86 Discounted price Original price
It’s Friday night. You already have a ticket to aconcert, which cost you $30. A friend invites youto go out for a game of paintball instead. Admission would cost you $25, and you think you’d get$25 worth of enjoyment out of it. Your concertticket is nonrefundable. What is your opportunitycost (in dollars) of playing paintball?
A company that produces brass hardware for doors has the ability to produce up to 6,500 hinges per week but then is unable to produce doorknobs. Or it can produce up to 650 doorknobs per week but then is unable to produce any hinges. In the graph below, use the straight-line tool to draw the company's production possibilities frontier, where the quantities are per week (do not use the point tool to plot endpoints). Then use the point tool to plot a point to indicate the company's maximum output where it is producing exactly three times as many hinges as doorknobs. To refer to the graphing tutorial for this question type, please click here. Quartity ofinge 000 7500 000 4000 000 100 1000 Quartity of doorknot
What does a production possibilities graph show in economics? how many items can be produced in a specific amount of time possible production costs one's final choice one's top two choices when making a decision
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Q. 1 You are the mayor of a small town with 2000 residents. The head of your economic development agency recently conducted a survey in which the 2000 residents said that a public concert in the centre of town would be worth $20 to cach of them. Since it costs only $5000 to hold the concert, you organized and held the concert, which everyone in town enjoyed. But when you asked for donations to pay for the concert, you only collected $30 in total. What do you know? a. The survey certainly overstated how much the concert was worth to each resident. b. From the standpoint of total costs and benefits, the cost of the concert certainly exceceded the benefit. c. The concert was an example of the Tragedy of the Commons. d. Residents of the town were probably free riders.
Which one of the following decisions most clearly reflects a good economic understanding of how to make decisions in the presence of sunk costs? O While playing poker you have already bet $100, and upon seeing the new cards that you were dealt, even though you know that there is no way you can win, you continue to bet more since you have already bet $100 and there is no way to get it back. After putting in weeks of effort into a class you see that there is no way you will pass the course, so you drop the class and plan to take it again next semester. O When talking to her mother about her boyfriend's recent marriage proposal, Jennifer says "I'm not really optimistic about my future with him, but we have been together so long and spent so much time together, I might as well marry him". O Your friend is having a huge party this Saturday that you really want to go to more than the concert for which you have already bought tickets. So, even though you want to go to the party more, you…
As a student, Jordyn spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. Jordyn's production possibilities frontier is a straight line if Question 3 options: she faces no trade-off between writing term papers and completing homework assignments. she can switch between writing term papers and completing homework assignments at a constant rate. the rate at which she can switch between homework assignments and term papers depends on the number of homework assignments she is completing and on the number of term papers she is writing. she is required by her professors to spend half of her time on term papers and the other half of her time on homework assignments.