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3. Marginal analysis produces more optimal outcomes when working with scarce resources. How?
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- Explain all resources that economic relies on.Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.(a) Can we determine if point F is allocatively efficient? If so, is it allocatively efficient?
- Use the information in the table to answer the below question. Production Possibilities Frontier Number of hours worked Total benefit Total cost 0 0 0 10 300 100 20 550 210 30 750 340 40 900 500 50 1,000 700 Christian delivers pizza using his own car and is paid according to numbers of boxes that he delivers. Use marginal analysis to determine the optimal number of hours that he should work.a. Explain the following statement : "Surely, as you begin this course, you recognize that time is one of the scarcest resources of all. Your primary decision problem is to allocate a scarce resource -time- to achieve a goal-such as mastering the subject matter or earning an A in the course."Hi, this is for our Microeconomics course. We are tasked to analyze following items (a, b, and c). Please help me.
- In economics, what is the term for the highest-valued alternative that must be sacrificed when making a decision? A. Marginal cost B. Opportunity cost C. Sunk cost D. Average cost1.How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day?6) Explain how marginal analysis can be used to determine the "correct" amount of time to spend studying for an exam. Make sure to explain the role of rising marginal costs and declining marginal benefits in your decision. Why might the "correct" amount of time to study for an exam be different for different students?
- while taking decisions there are different kinds of constraints related to resources, time,rules,physical realityetc leads to the matter of choice.how will you explain the whole situation in terms of costDiscuss how the concepts in microeconomics can be applied to real-world situations and increase your chances of career or life success?You need to have work done on your home. In addition to the expense, it will be annoying to have people in your home working on it. The work will take 5 days total. Which of the following would prove least unpleasant?(in Behavior Economics) A. Have the work done one day a week for 5 weeks. B. Have the work done all at once, for 5 days. C. Have the work done in groups of two over the span or two weeks. D. Have the work done one day every two weeks for 10 weeks. What does this question mean? What is answer? and why? Could someboby explain about these easily?
