How does the idea relate to the definition of economics? allocating a square block in the heart of Toronto, Which of the following decisions would entail the greater opportunity cost surface, a parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain.
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- 3. a. What method is used to ration goods in a market econo- my? How does this rationing method influence the incen- tive of individuals to supply goods, services, and resourc- es to others? b. How are grades rationed in your economics class? How does this rationing method influence student behavior? Suppose the highest grades were rationed to those whom the teacher liked best. How would this method of ration- ing influence student behavior? 12.Sat Oct 30 2:46 PM Bookmarks Window Help History + 88 Safari File Edit View ng.cengage.com Sean is buying pizza and salad. b Answered: Now suppose Andre... X MindTap - Cengage Learning Bb Homework Assignments – Fou... Home - cuchicago.edu Concordia-Chicago | Concordi... Q Search this course « CENGAGE MINDTAP Maria v Refresh Your Math & Graphing Skills A My Home 40.00 4 10 Courses 40.00 8 A-Z Catalog and Study Tools Rental Options Use the black line (plus symbols) to plot the line illustrating the combinations of salad and pizza that Andrew can purchase with a budget of $40.00. College Success Tips Career Success Tips 30 RECOMMENDED FOR YOU 28 26 Initial Budget THE 24 COST 22 OF 20 bongo LIVING New Budget 18 Living Expenses: Key to Your 16 MORTGAGE SCHOOL FEES. 10364.00 ELECTRICITY BANK LOAN. INSURANCE 7000.00 .8745.00 Well-Being 14 1324.0 9423 12 10 ? Help 8 Give Feedback 4 2 + 8 10 12 14 16 18 20 22 24 26 28 30 4 SALAD (Bowls) ОСТ étv W W 30 280 PIZZA (Slices) 2.. How does economics play a role in decision-making at Asian Paints?
- 2. Which words best complete the following sentence ? A rational decision maker always chooses the option for which marginal benefit is _______ marginal cost?1. Scarcity, opportunity cost, and marginakanalysis Kate is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Kate has only 20 hours this week that she can devote to training. Each hour she spends swimming is an hour that she can't spend biking or running. Which basic principle of individual choice do these statements best illustrate? O Kate has an incentive to spend more time on swimming than on biking or running. O People usually exploit opportunities to make themselves better off. O People face trade-offs. O Kate can use time most efficiently by spending the same amounts of time on swimming, biking, and running.1 explain the role of ceteris paribus in economic analysis
- Four roommates are planning to spend the weekendin their dorm room watching old movies, and they are debating how many to watch. Here is their willingness to pay for each film: a. Within the dorm room, is the showing of a movie apublic good? Why or why not?b. If it costs $8 to rent a movie, how many moviesshould the roommates rent to maximize totalsurplus?c. If they choose the optimal number from part(b) and then split the cost of renting the moviesequally, how much surplus does each personobtainfrom watching the movies?d. Is there any way to split the cost to ensure thateveryonebenefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficientnumber and to split the cost of themoviesequally. When Judd is asked his willingnessto pay, will he have an incentive to tell thetruth? If so, why? If not, what will he be temptedto say?f. What does this example teach you about theoptimalprovision of…Which of the following examples does not illustrate the principle represented by the adage, "There is no such thing as a free lunch"? O a. Joe needs to pay his rent and his electric bill. O b. Lisa can spend her money on a new sweater or a pair of jeans. Oc. Pete must choose between buying a new flat screen television and buying his textbooks for this semester. O d. Kevin must decide between studying for his economics exam and working at his part- time job.2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)
- 13. Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.2.You were planning to spend Saturday working at your part-time job, but a friendasks you to go skiing. What is the true cost of going skiing? Now suppose you had been planningto spend the day studying at the library. What is the cost of going skiing in this case? ExplainDerive and extensively discuss the equi-marginal principle.When it is in the two commodity cases? What about 3 commodity cases?
