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.
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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.
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- Suppose that Verania and Josimar are roommates that need to complete some household chores. Vacuuming and washing dishes need to be done. They know from the last time they did these chores that it takes Verania 2 hours to vacuum and 1 hour to wash dishes. It takes Josimar 3 hours to vacuum and 2 hours to wash dishes. Josimar says it does not matter which task each of them performs because Verania is faster at both tasks. Josimar’s reasoning a. is wrong. Because Verania has a comparative advantage in washing dishes, she should wash dishes, and Josimar should vacuum. b. is correct. Because Verania is faster at both tasks, there is no benefit in each volunteer specializing in one task or the other. c. is wrong. Because Verania has an absolute advantage in both tasks, she should perform both tasks herself. d. is wrong. Because Josimar has a comparative advantage in washing dishes, he should wash dishes, and Verania should vacuum.4. please state which goes whereHelena earns $2000 this year and will earn $1500 the next year. The interest rate between each year is 10%. She wants to consume the same quantity each year. She wants to have spent all her money by the end of year 2. Warning: each question does build on each other How much would she save? How much would she consume? If she wins the lottery during the first year, raising her earnings to $10000 this year, how much would she save, how much would she consume? If she now wants to consume twice as much in year 1 as she does in year 2, how much would she save, how much would she consume? If she now has no preferences about her consumption, but she wants to save $5000 in year 1 (to buy a new car in year 2), how much would she consume in year 1 and year2?
- #12 ch. 13 Can you explain what the correct one is and why? Can you also explain why the other ones are incorrect?There was once a tree on the Campus of Benedict College that students labeled the “Dummy Tree.” This was done because students that were often seen under the tree were considered to be wasting their very valuable time. Therefore, this tree was attributed with contributing to the bad grades of those students that were constantly under the tree. Let’s say that a student spent 4 hours a week under the tree and was supposed to spend 15 hours a week in class. Further suppose that this particular student made some new friends through out the semester that are bad influences. They were able to convince him to hang out longer under the tree. So now he is under the tree 7 hours a week. What happened to his class time? Show a production possibilities model that may have demonstrated this student’s behavior. Do not forget to include opportunity costs in your analysis.macroeconomics Q2: Three students have each saved $1,000. Each has an investment opportunity in which he or she can invest up to $2,000. Here are the rates of return on the students’ investment projects: Harry 5 percent Ron 8 percent Hermione 20 percent If borrowing and lending is prohibited, so each student uses only his or her saving to finance his or her own investment project, how much will each student have a year later when the project pays its return? Now suppose their school opens up a market for loanable funds in which students can borrow and lend among themselves at an interest rate r. What would determine whether a student would choose to be a borrower or lender in this market? Among these three students, what would be the quantity of loanable funds supplied and quantity demanded at an interest rate of 7 percent? At 10 percent? At what interest rate would the loanable funds market among these three students be in equilibrium? At this interest rate, which…
- One type of systematic error arises because people tend to think of benefits in percentage terms rather than in absolute dollar amounts. As an example, Samir is willing to drive 20 minutes out of his way to save $4 on a grocery item that costs $10 at a local market. But he is unwilling to drive 20 minutes out of his way to save $10 on a laptop that costs $400 at a local store. In percentage terms, how big is the savings on the grocery item? On the laptop? In absolute terms, how big is the savings on the grocery item? On the laptop? If Samir is willing to sacrifice 20 minutes of his time to save $4 in one case, shouldn’t he also be willing to sacrifice 20 minutes of his time to save $10?Daniel Jones thought he was getting his girlfriend the best surprise Valentine’s Day gift ever. He bought two airline tickets for the couple to fly from their home in Cambridge, England to Belfast, Northern Ireland to see her favorite band, the Red Hot Chili Peppers. With over 80 million records sold worldwide, Red Hot Chili Peppers are one of the best-selling bands of all time. Jones’ girlfriend had always wanted to see the band perform live, and Jones thought nothing could be better than a romantic trip to see the band play live on Valentine’s Day. Jones managed to keep the concert tickets a surprise until they landed in Belfast – in their hotel room she opened the envelope in which he had placed the concert tickets for her favorite band. Jones was surprised when his girlfriend, rather than jumping for joy, simply turned to him with a puzzled look on her face. It was then that Jones looked more carefully at the tickets, to realize that he had purchased two seats for a performance by…5. Canada’s prime minister, Justin Trudeau has declared that 60% of car sales will be electric by 2030 (8 years from now) and 100% of car sales by 2035. In 2018, only 8% of car sales were of electric cars. What information (benefits, costs) would you require to know if Trudeau’s goals are reasonable or desirable?
- Becky and Sarah are sisters 1who share a room. Their room can easily get messy, and their parents am always telling them to tidy it. Here are the costs and benefits to both Becky and Sarah, of taking the time to clean their room: If both Becky and Sarah clean, they each spends two hours and get a clean room. If Becky decides not to clean and Sarah does all the cleaning, then Sarah spends 10 hours cleaning (Becky spends 0) but Sarah is exhausted. The same would occur for Becky if Sarah decided not to clean—Becky spends 10 hours and becomes exhausted. If both girls decide not to clean, they both have a dirty room. What is the best outcome for Becky and Sarah? What is the worst outcome? (It would help you to construct a prisoners dilemma table.) Unfortunately, we know that the optimal outcome will most liker not happen, and that the sisters probably will choose the worst one instead. Explain what it is about Beckys and Sarahs reasoning that will lead them both to choose the worst outcome.#11 help me to solve this in last stepOne word Which economics is concerned with the evaluation of the alternative economic situations from the point of view of the society well being