Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $32 per hour for as many hours as she chooses to work, and as a fossil collector, in which her pay depends on both the price of fossils and the number of fossils she finds. Earnings aside, Zoe is indifferent between the two tasks, and the number of fossils she can find depends on the number of hours a day she searches, as shown in the table below: a. Using this information, compute the lowest price that Zoe would accept per fossil in order to justify her spending more time collecting fossils and less time working as a wedding photographer. Instructions: Complete the table below. Enter your responses rounded to two decimal places. Lowest price Zoe would accept per fossil Total Hours fossils per day per day 1 6 11 15 4 18 5 20 $

Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $32 per hour for as many hours as she chooses to work, and as a fossil collector, in which her pay depends on both the price of fossils and the number of fossils she finds. Earnings aside, Zoe is indifferent between the two tasks, and the number of fossils she can find depends on the number of hours a day she searches, as shown in the table below: a. Using this information, compute the lowest price that Zoe would accept per fossil in order to justify her spending more time collecting fossils and less time working as a wedding photographer. Instructions: Complete the table below. Enter your responses rounded to two decimal places. Lowest price Zoe would accept per fossil Total Hours fossils per day per day 1 6 11 15 4 18 5 20 $

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 5SCQ: If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275...

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Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $22 per hour for as many hours as she chooses to work, and as a fossil collector, in which her pay depends on both the price of fossils and the number of fossils she finds. Earnings aside, Zoe is indifferent between the two tasks, and the number of fossils she can find depends on the number of hours a day she searches, as shown in the table below: a. Using this information, compute the lowest price that Zoe would accept per fossil in order to justify her spending more time collecting fossils and less time working as a wedding photographer. Instructions: Complete the table below. Enter your responses rounded to the nearest penny (two decimal places). Hours Total fossils per day per day Lowest price Zoe would accept per fossil 1 6 22 ✗ 2 11 $ 14.73 ☑ 3 15 9.47 × 4 18 $ 6.22 ✗ 5 20 4.40 ☑ b. The relationship between the lowest price and the number of fossils collected is called the demand…
1. Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $27 per hour for as many hours as she chooses to work, and as a fossil collector, in which her pay depends on both the price of fossils and the number of fossils she finds. Earnings aside. Zoe is indifferent between the two tasks, and the number of fossils she can find depends on the number of hours a day she searches, as shown in the table below: (LOI) Hours per day Total fossils per day 1 5 2 3 9 12 14 15 a. Using the information above, compute the lowest price that Zoe would accept per fossil in order to justify her spending more time collecting fossils and less time working as a wedding photographer. b. Plot these points in a graph with price on the vertical axis and quantity per day on the horizontal. What is this curve called? 4
1. Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $60 per hour for as many hours as she chooses to work, and as a rock collector, in which case her pay depends both on the price of the rocks and the number of them she finds. These are special rocks so they have value! Earnings aside, Zoe is indifferent between the two jobs. The number of rocks she can expect to find depends on the number of hours she searches: Hours per day Total rocks per day 0 0 1 7 2 13 3 17 4 20 5 21 The marginal cost of spending one hour hunting for rocks is $ . If the price per rock is $20 then the marginal benefit of spending one hour hunting for rocks is $ . If the price per rock is $20, she will spend at most hours hunting for rocks. If the price per rock falls to $10 then she will spend at most hours hunting for rocks.
Suppose Anna is considering two job offers. She can choose to either work as a barista in a cafe or a coach in a gym. The cafe is only a six-minute walk from where she lives. The gym is 45 minutes away by bus (single trip) with a daily ticket price of $5. The cafe offers her 4 shift hours per day, five days per week and pays her $20 per hour. While working at the cafe Anna can also have three cups of free coffee each week. Alternatively, the gym offers her 4 shift hours per day, four days per week and pays her $30 per hour and she can enjoy 20% discount off the gym membership. If Anna will take one and only one of the jobs, the opportunity cost of taking the barista job is $_ leisure time, plus _ 480, +1 hour, three cups of coffee ' 460, +1 hour, 20% discount off membership 460, 0 hour, 20% discount off membership 480, -1 hour, three cups of coffee
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If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?
Suppose your retired grandmother has complainedof boredom and is considering taking a part-timejob. Use the concept of opportunity cost to adviseyour grandmother how to decide whether to takethe job
Refer to the labor–leisure budget constraint shown to answer the questions. This curve shows trade-offs between income and leisure that must be made over the course of one day. How much does this person earn per hour? $ At point A, how many hours of labor are selected? hourshours At point A, how many hours of leisure are selected? hours
Angela has been working at a real wage rate of $25 per hour. Illustrate in a diagram how Bruno’s decision to use more robots could affect Angela’s future levels of• real wage,• utility,• free time, and• consumption.Your diagram should have Angela’s daily free time on the horizontal axis and her daily consumption on the vertical axis. Briefly explain your diagram within 70 words
Eva runs a small bakery in the village of Roggerli. She is debating whether she should extend her hours of operation. Eva figures that her sales revenue will depend on the number of additional hours the bakery is open as shown in the table above. She would have to hire a worker for those hours at a wage rate of $12 per hour. Refer to Table 1-1. Using marginal analysis, how many hours should Eva extend her bakery's hours of operations? 2 hours 3 hours 4 hours 5 hours