EGR310 Homework Week 1
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Economics
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May 16, 2024
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Homework Set 1 EGR 310
(100 pts)
1.
(10 pts) Select the correct economic criterion (maximize profit, minimize cost, maximize benefit) for each of the following scenarios and briefly explain why: (Chapter 1)
a.
A community collected $200,000 to put on a 4
th
of July fair, parade and fireworks show. What is the economic criterion for organizers? Maximize the benefits or other outputs. The input is fixed so we want to effectively utilize the money collected.
b.
A restaurant has found that spending on flyer advertising through the mail increases sales but at a decreasing rate as the number of flyers increase. What is the economic criteria for the restaurant? Maximize profit or value of the output – cost of the input. Maximize the difference between the return from the investment and the cost of it. c.
A services contractor received a fixed price contract to install and maintain IT equipment
for the county of San Diego. What is the economic criteria for the services contractor? Minimize costs or other inputs, choosing the most cost-effective equipment and installation efficiency.
2.
(10 pts) Why is step 9 of the decision making process, audit the results, important? Why do you think firms often ignore this step? (Chapter 1) The importance of the audit is to verify the predictions with the results. To ensure the analytical calculations are realistic, and the projected economic analysis is achieved. It is ignored to hide past mistakes, or ethical wrongdoing. 3.
(10 pts) A bagel shop has fixed costs of $200 per day and variable costs 10 cents per bagel. How many bagels(
x
) must be sold at 50 cents each to break even? To make $100 in one day? To make
$200 in one day? (Chapter 2) a.
Break even= Fixed cost + variable cost 500 bagels @50 cents. b.
$100 profit is $100+$200=.40x which means 750 must be sold for $100 profit. c.
$200 profit would need 1,000 bagels to be sold. 4.
(10 pts) A manufacturing plant that makes boomerangs has a fixed cost of $500/day and a variable cost of $40/hr for labor for the first 8 hours of production and $60/hr for each hour of production over 8 hours. Assume that the laborers are sent home after completing the required output and paid only for hours worked. If the output of boomerangs is 75/hr, what are the marginal and average costs per boomerang for producing: (Chapter 2) Output at 75/hr at 8 hours = 600 per 8-hour day. Total cost per 8-hour day is Fixed cost + variable cost or $500+$320=
$820. a.
450 boomerangs – Marginal ≈ $0.53, Average ≈ $1.64
b.
525 boomerangs – Marginal ≈ $0.53, Average ≈ $1.49
c.
675 boomerangs – Marginal ≈ $0.67, Average ≈ $1.30
d.
750 boomerangs – Marginal ≈ $0.80, Average ≈ $1.25
5.
(10 pts) A company plans to design and build transport vehicles for the Army. The cost for the design is $10M. The cost for the test prototype is $2M. The cost to produce and test each production vehicle is $0.5M. What is the non-recurring cost? What is the recurring cost per vehicle? What price per vehicle must the company sell the vehicles to the government to make $50K profit per vehicle if the company sold 50 vehicles? 100 vehicles? Why does the price per vehicle go down when production goes up? (Chapter 2) a.
$10m for design, $2m cost for the test prototype for a total of $12m non-recurring cost.
b.
$0.5m recurring cost per vehicle. c.
[($12m + (50 units X $0.5m)]= $37m total cost. $50,000 X 50= $2.5m total profit. i.
($37m + $2.5m) ÷ 50 units= $790,000 per unit.
d.
[($12m + (100 units X $0.5m)]= $62m total cost. $50,000 X 100= $5m total profit.
i.
(62m + $5m) ÷ 100 units= $670,000 per unit. 6.
(10 pts) Using Fig 2-3, list some possible life cycle activities needed for a nuclear power plant. For example, for the Needs Assessment and Justification phase, you may be doing feasibility studies, projecting power needs studies, etc. Just one activity per phase is fine. (Chapter 2)
a.
Needs Assessment Phase = Studies on power needed to run plant
b.
Conceptual Phase = Proof that power output would cover needs
c.
Detailed Design Phase = Water infrastructure design
d.
Production Phase = Constructing main foundation slab
e.
Operational Use Phase = Hiring personnel for all operational support
f.
Retirement Phase = Safely transporting spent fuel responsibly
7.
(10 pts) Eight years ago when the relative cost index was 60, a 10 MW power generation facility cost $5M to build. Today the cost index is 110. What would the cost be to produce a 25MW facility today if the power sizing factor is 0.6? (Chapter 2) a.
Cost 25MW today= [(25mw/10mw)^0.6] X (110/60) X $5m ≈ 15,884,600
8.
(10 pts) You own an apartment complex with 85 bedroom units. Each unit rents for $1250/mo. Annual costs to operate the complex is $1M. If the vacancy rate is 5%, what profit do you earn per year? (Chapter 2) a.
[85 X (0.95) X $1250 X 12 ]- $1,000,000 ≈ $211,250 9.
(10 pts) Draw a 5-year cash flow diagram representing the following cash flows to build springs: (Chapter 2)
a.
Initial investment in plant and equipment $50K
b.
Annual maintenance: $3K after year 1 and increasing $1K per year after that
c.
Annual production costs – $10K/year
d.
Annual revenue - $25K/year
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Related Questions
Problem 01-03 (algo, with video solution)
To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.15 per pound. By adding
compost to your garden, you can increase your yield as shown in the accompanying table.
Instructions: Determine the number of additional pounds of tomatoes you are able to grow by using each additional pound of
compost. Then compute the additional revenue for marginal benefit) from each additional pound of compost. Enter your responses in
the table below, rounding the marginal benefit of each pound of compost to the nearest penny (two decimal places).
Pounds of
compost
0
1
2
3
4
5
Pounds of
tomatoes
100
6
120
125
128
130
131
131.5
Additional
pounds of
tomatoes
20
5
3
2
Additional
revenue (or
marginal benefit)
$
$
$
$
$
$
0.5
If compost costs $0.50 per pound and your goal is to make as much profit as possible, how many pounds of compost should you add?
Instructions: Enter your answer as a whole number
You should add]…
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Complete the following table and answer the accompanying questions.
Control Variable Q
Total Benefits B(Q)
Total Cost C(Q)
Net Benefits Benefits N(Q)
Marginal Benefit MB(Q)
Marginal Cost MC(Q)
Marginal Net Benefit MNB(Q)
100
1,200
950
210
60
101
1,400
70
102
1,590
80
103
1,770
90
104
1,940
100
105
2,100
110
106
2,250
120
107
2,390
130
108
2,520
140
109
2,640
150
110
2,750
160
a. At what level of the control variable are net benefits maximized?
b. What is the relation between marginal benefit and marginal cost at this level of the variable?
multiple choice
Marginal cost is much smaller than marginal benefit.
Marginal cost is slightly larger than marginal benefit.
Marginal cost is slightly smaller than marginal benefit.
Marginal cost is much larger than marginal benefit
arrow_forward
Refer to the Front Page article to answer one question.
FRONT PAGE
Recycling Wastes Money
New York City is spending $57 million a year to recycle metal, glass, and plastic Mayor Bloomberg
says that's way too much, especially when the city is cutting police and fire budgets. The mayor
says the city could save a lot of money by simply sending the waste to landfills rather than recycling
it The city spends about $240 per ton to recycle waste, while the cost of sending the waste to
landfills is about $130 a ton. As he sees it, "You could do a lot better things in the world with $57
million." The mayor axed the recycling program from the city's proposed 2003 budget
Source: News reports, March 2002
How much more per ton is New York City paying to recycle rather than just dump its garbage?
Instructions: Enter your response as a whole number.
240
per ton
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Sean is a hard-working college freshman. One Thursday, he decides to work nonstop until he has answered 88 practice problems for his physics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
40
10:00 AM
64
11:00 AM
80
Noon
88
Use the table to answer the following questions.
The marginal, or additional, gain from Sean’s second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Sean’s fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant for Sean’s physics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 12 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of…
arrow_forward
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?
arrow_forward
Raphael is a hard-working college senior. One Saturday, he decides to work nonstop until he has answered 100 practice problems for his math course.
He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to
solve each problem.
Time
Total Problems Answered
8:00 AM
9:00 AM
40
10:00 AM
70
11:00 AM
90
Noon
100
Use the table to answer the following questions.
The marginal, or additional, gain from Raphael's first hour of work, from 8:00 AM to 9:00 AM, is
problems.
The marginal gain from Raphael's third hour of work, from 10:00 AM to 11:00 AM, is
problems.
Later, the teaching assistant in Raphael's math course gives him some advice. "Based on past experience," the teaching assistant says, "working on 15
problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover
the same number of pages during each hour they spend…
arrow_forward
Write a word or term that governs the following
1.
are benefits given to the firm that originate from outside the firm.
2.
exist when costs fall with larger size firm for technical and
engineering reasons.
3.
result from the way that larger firms can employ specialized
workers.
arrow_forward
Time
Total Problems Answered
8:00 AM
9:00 AM
40
10:00 AM
70
11:00 AM
90
Noon
100
Use the table to answer the following questions.
The marginal, or additional, gain from Manuel's first hour of work, from 8:00 AM to 9:00 AM, is
problems.
The marginal gain from Manuel's third hour of work, from 10:00 AM to 11:00 AM, is
problems.
Later, the teaching assistant in Manuel's physics course gives him some advice. "Based on past experience," the teaching assistant says, "working on
25 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always
cover the same number of pages during each hour they spend reading.
Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working
on problems, and how many should he have spent reading?
O 1 hour working on problems, 3 hours reading
O 2 hours working on problems, 2 hours reading
O 3 hours…
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Ginny is a hard-working college senior. One Sunday, she decides to work nonstop until she has answered 150 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
60
10:00 AM
105
11:00 AM
135
Noon
150
Use the table to answer the following questions.
The marginal, or additional, gain from Ginny’s second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Ginny’s fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant in Ginny’s math course gives her some advice. “Based on past experience,” the teaching assistant says, “working on 52.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…
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QUESTION 3
If the input is fixed, the goal is to
(minimize or maximize) the present worth of benefits.
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Question 35
Suzanne drives to work each day. The best example of an internal cost is the
congestion created by Suzanne's car being on the road.
amount of pollution emitted by Suzanne's car.
amount the government paid to build the road.
amount of money Suzanne saves each day by avoiding the toll roads
amount Suzanne pays to maintain her car.
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Teresa is a hard-working second-year university student. One Thursday, she decides to work nonstop until she has answered 100 practice problems for
her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired,
it takes her longer to solve each problem.
Time
8:00 AM
9:00 AM
10:00 AM
11:00 AM
Noon
Total Problems Answered
0
40
70
90
100
Use the table to answer the following questions.
The marginal, or additional, gain from Teresa's second hour of work, from 9:00 AM to 10:00 AM, is
The marginal gain from Teresa's fourth hour of work, from 11:00 AM to noon, is
problems.
problems.
Later, the teaching assistant in Teresa's physics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 35
problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover
the same number of pages during…
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Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding
production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels
of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.)
Number of Factories Q = 100
1
2
3
78°F
Sunny
440
620
800
F2
Q = 200
F3
280
380
480
O
Average Total Cost
(Dollars per bike)
Q = 300 Q = 400
240
240
320
F4
320
240
240
Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $
F5
Q = 500
480
Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes
using
On the following graph, plot the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the…
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Explain what responsibilities of "cost control" are in a project associated with the making of a Hollywood-style movie. How would these responsibilities change if the movies was a documentary, say on the Covid-19 pandemic?
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What is the total benefit associated with producing four units of the control variable, Q (identify point A in the table)?
Control
variable
Marginal
Cost
Marginal Net
Benefit
Q
MC (Q)
MNB (Q)
0
1
2
3
4
5
6
7
8
19
10
Total
Benefits. Total Costs
B(Q)
0
900
1,700
2,400
A
3,500
3,900
4,200
4,400
4,500
4,500
C(Q)
0
100
300
600
1,000
1,500
2,100
2,800
B
4,500
5,500
Net
Benefits
N(Q)
0
800
C
1,800
2,000
2,000
1,800
1,400
800
0
-1,000
Marginal
Benefit
MB (Q)
900
800
700
600
500
D
300
200
100
0
100
200
E
400
5.d
600
700
800
900
1,000
800
600
400
200
F
-200
-400
-600
-800
-1,000
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"The four factors of production are needed in an efficient market to provide goods and services at an affordable price at the right time, place and mix,"... "Missing the calibration of these factors can be disastrous for the supplier and consumer." The supplier may face higher costs of production, forcing them to charge a higher price to the consumer or risk going out of business.
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What occurs when the cost of producing a range of products is lower than the cost of producing each product individually
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who is responsible for executing the budgetand plansdrawn up for a firm
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Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has answered 50 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
20
10:00 AM
35
11:00 AM
45
Noon
50
Use the table to answer the following questions.
The marginal, or additional, gain from Alex’s second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Alex’s fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant in Alex’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 7.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…
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looking for help with the following homework problem:
thanks!
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Problem Solving
a.
Compute the average cost and marginal cost
Units of output
Total Cost
Average Cost
Marginal Cost
30
40
55
75
100
130
165
b. Plot in a graph the average cost and the marginal cost.
c. What is the efficient production of the firm? Explain its implication if the firm
produce more than its efficient output.
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Refer to the table below. Behaving as a "rational optimizer," how many units of
this activity should be carried out?
Units of Total Total
Activity Cost Benefit
0
$0
$0
$2
$12
$6
$22
$12
$30
$20 $36
$30 $40
$42 $42
$56
$43
1
2
3
4
5
6
7
A. 2
B. 3
C. 4
D. 5
E. 6
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1.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?
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A large-scale company is planning to install a factory to produce __________. As the operations manager, you are responsible for layout planning. Which type of layout is most preferable for your business? Please explain why.
Please answer the question for the following:
a.Airplanes
b.Cars
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Clancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has answered 100 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
40
10:00 AM
70
11:00 AM
90
Noon
100
The marginal, or additional, gain from Clancy’s first hour of work, from 8:00 AM to 9:00 AM, is problems.
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3
1- which is an example of an objective
a) Find a high-paying job after college
b) Gratuate from college next semester
c( send resumé to two companies per week
d) work for nationally reconized company
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Most manufacturing companies divide manufacturing costs into which three broad categories?
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Hello, need help on this practice problem.
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apter 1 Connect Activity i
6
eBook
The table below shows Lanark's production possibilities.
Wheat
Cars
A
0
51
B
50
49
C
88
44
D
114
34
27
E
126
19
F
131
0
a. If Lanark is producing 39 cars, it can produce approximately
b. If Lanark is currently producing combination C, the cost of 26 more wheat is
(Click to select) ✓
c. If Lanark is currently producing combination D, the approximate per unit cost of an additional car is
necessary, round your answers to 1 decimal place. Remember to round 0.05 up to 010.
Saved
wheat.
(Click to select)
If
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SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
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- Sean is a hard-working college freshman. One Thursday, he decides to work nonstop until he has answered 88 practice problems for his physics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 64 11:00 AM 80 Noon 88 Use the table to answer the following questions. The marginal, or additional, gain from Sean’s second hour of work, from 9:00 AM to 10:00 AM, is problems. The marginal gain from Sean’s fourth hour of work, from 11:00 AM to noon, is problems. Later, the teaching assistant for Sean’s physics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 12 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of…arrow_forwardYou 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?arrow_forwardRaphael is a hard-working college senior. One Saturday, he decides to work nonstop until he has answered 100 practice problems for his math course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Raphael's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Raphael's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Raphael's math course gives him some advice. "Based on past experience," the teaching assistant says, "working on 15 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour they spend…arrow_forward
- Write a word or term that governs the following 1. are benefits given to the firm that originate from outside the firm. 2. exist when costs fall with larger size firm for technical and engineering reasons. 3. result from the way that larger firms can employ specialized workers.arrow_forwardTime Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Manuel's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Manuel's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Manuel's physics course gives him some advice. "Based on past experience," the teaching assistant says, "working on 25 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading? O 1 hour working on problems, 3 hours reading O 2 hours working on problems, 2 hours reading O 3 hours…arrow_forwardGinny is a hard-working college senior. One Sunday, she decides to work nonstop until she has answered 150 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 60 10:00 AM 105 11:00 AM 135 Noon 150 Use the table to answer the following questions. The marginal, or additional, gain from Ginny’s second hour of work, from 9:00 AM to 10:00 AM, is problems. The marginal gain from Ginny’s fourth hour of work, from 11:00 AM to noon, is problems. Later, the teaching assistant in Ginny’s math course gives her some advice. “Based on past experience,” the teaching assistant says, “working on 52.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…arrow_forward
- QUESTION 3 If the input is fixed, the goal is to (minimize or maximize) the present worth of benefits.arrow_forwardQuestion 35 Suzanne drives to work each day. The best example of an internal cost is the congestion created by Suzanne's car being on the road. amount of pollution emitted by Suzanne's car. amount the government paid to build the road. amount of money Suzanne saves each day by avoiding the toll roads amount Suzanne pays to maintain her car.arrow_forwardTeresa is a hard-working second-year university student. One Thursday, she decides to work nonstop until she has answered 100 practice problems for her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon Total Problems Answered 0 40 70 90 100 Use the table to answer the following questions. The marginal, or additional, gain from Teresa's second hour of work, from 9:00 AM to 10:00 AM, is The marginal gain from Teresa's fourth hour of work, from 11:00 AM to noon, is problems. problems. Later, the teaching assistant in Teresa's physics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 35 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during…arrow_forward
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