1. In Metro Manila, employees, teachers, students, businessmen and many others find difficulty in commuting everyday due to the heavy traffic, Hence, is constructed to ease the problem. 2. Three decades ago businessmen, engineers, and accountants found difficulty in computing. So, invented to solve the problem. were 3. In the early 20th century, rural folks found difficulty in seeing fau distance Hence were
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- 12. A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts cannot be illustrated in this model? a. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts. b. the tradeoff between production of pants and production of shirts. c. the opportunity cost of shirts in terms of pants. d. the effect of economic growth on production possibilities involving pants and shirts.1.Use the marginal analysis technique to determine the quantity of organic coconut oil that will maximize net benefits. Present results in table form and highlight the maximizinglevel. 2. Graphically illustrate letter B. Separate the graphs for TB – TC approach, MB = MC rule, and net benefit (maximum). The sequence of the graph: (1) TB – TC approach (topmost graph); (2) net benefit (middle graph); and (3) MB, MC, & MNB (last, 3rd graph). But be sure that the graphs are parallel in X-axis so as to be consistent in the results. (Label your graphs accordingly and appropriately.)1) "The world in which we live is complex and to understand it, human beings make use of some or other simplification process. A theory can accordingly be seen as an attempt to simplify things Such an observation may come as a surprise to those who have often heard remarks to the effect that such and such a theory is difficult, or at the least terribly complicated. We should nevertheless remind ourselves that a theory involves an attempt to simplify things-it is the world out there that is the complicated entity. A particular theory (or model) is merely trying to reduce it to manageable proportions, at least as far as understanding our environment is concerned." In economics, the theory is presented in a simple form by making the.…... a) Post hoc assumption b) Fallacy of composition C) Ceteris paribus assumption d) Blinkered approach 2) "If education is provided free of charge to (some or all) students, someone else has to foot the bill. In most cases, this would be the government and…
- Intermediate MicroeconomicsProblem Set 10.Submission options:⢠in person during lectures or TA sessions;⢠in Xiaoye Liaoâs mail box at 19 West 4th, 6th Floor;⢠(less recommended) e-mail Xiaoye Liao atxl775@nyu.eduâ in that case, be sure to use the subject line: âSubmission Problem Set 10â.Exercise 1Consider a game of rock-scissor-paper. There are two players, player 1 and player 2,and the winner receives $1 from the loser (if they draw, nothing happens). They playthis game simultaneously.1. What kind of game is this? Express this game in normal form.2. What are the set of possible actions and strategies?3. Find all Nash equilibria of this game.Exercise 2Consider a game represented by the following payoff matrix. Find all pure strategyNash equilibria. UMD LCR?10, 0 ?10, ?1 ?10, ?1?8, ?8 0, ?102, ?14, 57, ?101, 1 Exercise 3Consider a game represented by the following…A) What is Betty Lou’s opportunity cost for 60 Apple Pies (Use Figure 4 above)? B) What is Betty Lou’s opportunity cost for 10 Chocolate Layer Cakes (Use Figure 4 above)? C) What is Betty Lou’s opportunity cost for 1 Chocolate Layer Cake (Use Figure 4 above)? Hint: Review Problems 10-19 (Session 1 Practice Problems)1. Kim owns a Porsche and a Toyota. The Porsche has a fuel economy of 15 miles per gallon (mpg) and she plans to drive it 3,000 miles this year. The Toyota gets 30 miles per gallon and she plans to drive it 15,000 miles this year. Suppose Kim can install a device that improves the fuel economy of any vehicle by 5 miles per gallon. However, she only has one of the devices. Which vehicle should she install it on if her goal is to minimize fuel consumption this year? Assume that the device does not hamper vehicle performance in any way.
- ECONOMICS QUESTION 1a) Suppose you live in an apartment and you have 3 roommate and you just cleaned the kitchen in your apartment. Can your roommates be excluded from appreciated their freshly cleaned kitchen? Why or why not? 1b) If one of your roommates observes and appreciates the cleanliness of the kitchen (but doen't touch anything), does this prevent your other roommates from also appreciating the cleanliness of the kitchen? Explain. 1c) What type of good is your freshly cleaned kitchen? 1d) Suppose your roommates notice that every time they leave a mess in the kitchen, you clean it up for them. How might this incentivize them to behave? What is this example an illustration of?_____1. It is the wise use of money and time a) Economics c) Goods and services b) Probability d) None of the above _____2. It is the analysis and evaluation of monetary consequences by using the theories and principles of economics to engineering applications, designs and projects. a) Economics c) Goods and services b) Engineering Economy d) None of the above _____3. It is defined as any tangible economic product (soap, car, shirts, tools, machines, etc) that contributes directly or indirectly to the satisfaction of human wants. a) Goods or commodity c) Goods and services b) Engineering Economy d) None of the above _____4. Are those products or services that are directly used by people to satisfy their wants. a) Goods or commodity c) Consumers Goods and services b) Engineering Economy d) None of the above _____5. It also satisfy human wants but indirectly in as much as, they are used to produce the consumer goods and services a) Producer goods and services c) Consumers Goods and…4-Identify the scarcity definition of economics from the following. a. the choices we make because of shortage of resources. b. the distribution of surplus goods to those in need. c. None of these d. ways to reduce wants to remove the problem of scarcity.
- 2. Compare and Contrast. Identify two modes of doing the same thing where one involves a more technologically advanced method. Example would be snail mail vs. e-mail. List down as many examples. Brainstorm with a partner if a less technologically sophisticated mechanism can actually turn out to be better in terms of reaching for the good life. Is the more technologically advanced always better?11 A trader has an absolute advantage in orange production if his unit-labor requirement in oranges is _____ and his labor productivity is _____ A. lower; higher B. higher; lower C. lower; lower D. higher; higher E. moderate; moderatePractice Question 9 Table 1 James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is James's opportunity cost of making a tricycle? Group of answer choices 1. 3/4 of a wagon 2. 2 tricycles 3. 1/2 of a tricycle 4. 1/2 of a wagon