3) a) Discuss the phrase there ain't no such thing as a free lunch (TANSTAAFL) in the context of opportunity costs. b) Discuss the cliché if something is worth doing, it is worth doing well in the context of marginal benefits and marginal costs.
Q: Indicating consumption sider an agent who want to maximize her duty function, 6₁, 62) - ₁2 subject…
A: We have given welll behaved utility function for C1 and C2
Q: The unemployment associated with an economic downturn like those associated with the COVID pandemic,…
A: There are different types of unemployment resulting from different labor market conditions.
Q: Initial project set-up costs are estimated to be SEK15m (year 0 - 2023). Further estimated operating…
A: Taking into consideration the increase in costs at their respective rates we get - YEAR OC…
Q: 25. Which of the following is NOT a non-price method that a supplier could use to allocate a good…
A: Non price tools is a showcasing technique that normally incorporates limited time consumptions, for…
Q: If I have a simple discount note for 75 days (ordinary interest), a discount of $150, and have…
A: Given information: Discount note for 75 days, The discount is $150 and the proceeds are $11850…
Q: An operation with a learning rate of 0.2 takes 5 hours for the first iteration. How long will it…
A: Given:- Learning rate=0.2 Time for first iteration=5 hours To know:- Time to complete task for 2nd…
Q: When customers search online for information on cars from multiple sources such as Edmunds.com and…
A: Channel conflict happens when makers disintermediate their channel accomplices, like wholesalers,…
Q: How does Offshore Oil Drilling affect the environment of Belize?
A:
Q: (A). Figure 1: equilibrium exchange rate is at point 1 where expected dollar returns on dollar and…
A: Exchange rate The exchange rate is the rate at which two nations' currents are changed in the…
Q: Suppose an economy begins in steady state. By what proportion does per capita GDP change in the long…
A: Gross Domestic Product and How It Changes GDP is in a steady state when it normally has reached a…
Q: Which of the following economic conditions is most difficult to identify: recovery expansion…
A: Economic condition: It refers to the financial circumstances that allude to the condition of an…
Q: A subway ride is than a car because a. more price elastic: it is a smaller part of one's income. b.…
A: Savings is defined as the difference between income and consumption. Therefore, if the level of…
Q: Let CPI, represent CPI in period t and let CPI₁+1 represent the CPI in period t + 1. CPI inflation…
A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…
Q: 5. 'Suppose the taxi fare for the first two kilometres increases from $18 to $30, holding other…
A: A simple intuition of the Law of Demand does not work in such a scenario.
Q: Question 8MCQ Which of the following statements is true? Select one alternative: O. Monopolies,…
A: Depending upon market we could have different level of consumer surplus and dead weight loss.
Q: 1. Which of the following best describes a fiscal policy tool? A. government spending B. bank…
A: Fiscal policy instruments are utilized by legislatures that impact the economy. These essentially…
Q: .Explain the common features of the istorical reasons for the emergence Nordic economics? Explain
A: Concept of Nordic economics The Nordics of Norwegian, Icelandic, Swedish, Finland, and Denmark…
Q: Answer the following questions on the basis of the following three sets of data for the country of…
A: During the immediate short-run, the aggregate supply curve is horizontal, which implies the price…
Q: Which of the following events will cause the smallest change in the real exchange rate? A 7%…
A: In the foreign exchange market, any change in exchange rate will have significant impact on the…
Q: Suppose a competitive firm has the following short run cost function: C(q) = q³-8q² + 30q + 5. a. р…
A: The MC above the minimum point of AVC is called supply.
Q: In a two-period model, suppose that a consumer's utility function is: U(C₁, C₂) = log(c₁) + log(c₂)…
A: Given information U(C1,C2)=log C1+LogC2 It is intertemporal model of 2 period C1= consumption in…
Q: describe new changes to kiwisaver
A: A number of modifications to KiwiSaver will be finalized immediately by the government. KiwiSaver…
Q: Consider an economy with three people and two goods: private good (x) and public good (y). Suppose…
A: Answer - Public Goods :- Public goods which are non-rivalious and non-exhaustive in nature and…
Q: First cost, $ Annual operating cost, $ per year Life, years Salvage value, $ Machine R -250,000…
A: Annual Worth (AW) Analysis is defined as the equivalent uniform annual worth of all estimated…
Q: Part 4 : Identify and match each good below depending on the type of good (private, public, common…
A: The term rivalrous means goods for which the sellers compete against each other and excludable goods…
Q: A friend lends you $280 for a week, which you agree to repay with 5% one-time interest. How much…
A: Given Question is related to interest rate
Q: Suppose consumer consume two goods. Can both goods be inferior? Can one of the goods be inferior?…
A:
Q: Consider the following data for a particular economy: GDPmp = 950 Private consumption = 750 Gross…
A: According to the question, it is given that : GDP at market price = 950 Private consumption = 750…
Q: A friend lends you $280 for a week, which you agree to repay with 5% one-time interest. How much…
A: Given question related to.the topic interest rate
Q: The central bank decided to raise interest rates when it wanted to reduce aggregate demand to fight…
A: Introduction Central bank is the head bank of the country all the commercial bank and public sector…
Q: u (x1, x2) = x1x2 What is the value of MRS(4, 20)? (Don't forget to include a minus sign in your…
A: Given Utility function:u(x1,x2)=x1x2 .... (1) We have to calculate the marginal rate of…
Q: Using the theory of liquidity preference what effect does an increase in the money supply has on the…
A: Equilibrium interest rate is determined by the demand and supply of money.
Q: Suppose that government imposed a binding price ceiling on some good and subsequently demand for the…
A: Price ceiling is the maximum price that can be paid. It is imposed to protect buyers against high…
Q: Suppose that the demand for platinum is given by Q = 80 - 0.5P,where Q is in grams of platinum per…
A: Profit maximization is the short- or long-run process through which a company determines the…
Q: Using the supply and demand analysis of the market for reserves, indicate how the following…
A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…
Q: u (x₁, x2) = min { } If the price of good 1 is $5/unit, the price of good 2 is $2/unit, and income…
A: "The utility function in the form of 'min' represents the perfect complement case. Two goods when…
Q: Sarah likes basketball games and going to movies. Every month he has $480 to spend on the two…
A: In financial matters, a budget constraints addresses every one of the mixes of labor and products…
Q: Up Down Player 1 in the game above, what is/are the sub-game perfect Nash equilibrium? (up,up)…
A: A Nash Equilibrium is a collection of strategies, one for each player in a social game, that are…
Q: Title Value Gross Private Domestic Investment $3,134.201 billion Private Nonresidential Fixed…
A: Gross private domestic investment is the degree of physical funding utilized in computing GDP…
Q: Select one: O a. An increase in productivity and an increase in the number of employed persons O b.…
A: Introduction GDP of a country is defined as the final monetary value of GOODS and Services Produced…
Q: Discuss Okun's law and Philip's Curve
A: Okun law in a economics states that there exist a statistical relationship between unemployment rate…
Q: using economic concepts , discuss the impact of the following events on the equilibriumprice level…
A: Contractionary monetary policy is used by a central bank in order to slow down the economy, with the…
Q: The use of GDP per head as an indicator of the standard of living and its problems e.g., inequality…
A: The value associated with all the final goods and services produced in an economy over a period is…
Q: 17- Assume that 12t = 0.15% and that 11t = 0. If the one-year interest rate is 5% and the two-year…
A: A lender will charge a borrower an interest rate in addition to the principle amount for the use of…
Q: 4. A decision at the margin Edison is a hard-working college sophomore. One Tuesday, he decides to…
A: Marginal gain the additional number of problems solved by employing an additional hour to problem…
Q: Smithson Cutting is opening a new line of scissors for supermarket distribution. It estimates its…
A: Given information is: Fixed cost: $500 Variable cost: $0.65 per unit Selling price: $0.85 per unit…
Q: a, calculate the amount of the monetary base: illion antity of the money supply: h io of reserves to…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If you…
Q: Consider the Harris-Todaro (HT) model of dual economy. In the following diagram, labour unit is…
A: Harris - Todaro Model is two sector model (Modern , rural ) where modern sector employs for…
Q: Suppose wearing face masks during the coronavirus pandemic leads to positive externalities, given…
A: Here, it is given that wearing face mask will lead to generate positive externality.
Q: Is this statement true or false? And why? The resource-based view (RBV) as an HR strategy…
A: According to resource-based theory, an organization's strategic resources offer it with a great…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Which of the core principles (1) Scarcity, Choice and Opportunity Cost, 2) Cost-benefit, 3) Incentive principle, 4) Diminishing returns) is represented by the statements below? Provide a justification for your choice. (a) "There is no such thing as a free lunch" (b) Suppose the state of Illinois passes a law that bans smoking in restaurants. As a result, residents of Wisconsin who do not like breathing second-hand smoke begin driving across the border to Illinois to eat at restaurants there. (c) A cafe may wish to serve more customers during the busy summer months. However, employing extra workers may be difficult because of a lack of space in the cafe. Question 2 (a) Catherine buys and sells real estate. Two weeks ago, she paid $300,000 for a house on Pine Street, intending to spend $50,000 on repairs and then sell the house for $400,000. Last week, the city government announced a plan to build a new landfill on Pine Street just down the street from the house Catherine purchased.…6. Scarcity, opportunity cost, and marginal analysis Cho is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Cho must take time away from work, where she earns $10 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? A-The cost of something is what you give up to get it. B-People usually exploit opportunities to make themselves better off. C-Trade can make everyone better off. D-Markets are usually a good way to organize economic activity.1. Scarcity, opportunity cost, and marginal analysis Musashi is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: Because his ski training sessions are helping him quickly improve at skiing, Musashi plans to reduce the time he spends training at the shooting range by an hour, and increase the time he spends skiing by an hour. However, his training partner says that he should pause all shooting practice and spend the entire 15 hours this week in the pool. Which basic principle of individual choice does Musashi's plan illustrate that his training partner's advice does not? Many decisions are made on the margin. People usually exploit opportunities to make themselves better off. Resources are scarce. All costs are opportunity costs.
- Time is an important resource in our everyday life. Each day has 24 hours within which all activities must be accomplished. Using your notion of the concepts of scarcity, choice, scale of preference and opportunity cost, illustrate a typical daily routine and explain how time may be allocated among competing alternativesWhat is an opportunity cost? How does the idea relate to the defifinition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain.Question 1 Which of the core principles (1) Scarcity, Choice and Opportunity Cost, 2) Cost-benefit, 3) Incentive principle, 4) Diminishing returns) is represented by the statements below? Provide a justification for your choice. (a) "There is no such thing as a free lunch" (b) Suppose the state of Illinois passes a law that bans smoking in restaurants. As a result, residents of Wisconsin who do not like breathing second-hand smoke begin driving across the border to Illinois to eat at restaurants there. (c) A cafe may wish to serve more customers during the busy summer months. However, employing extra workers may be difficult because of a lack of space in the cafe. Question 2 (a) Catherine buys and sells real estate. Two weeks ago, she paid $300,000 for a house on Pine Street, intending to spend $50,000 on repairs and then sell the house for $400,000. Last week, the city government announced a plan to build a new landfill on Pine Street just down the street from the house Catherine…
- Question 1 Which of the core principles (1) Scarcity, Choice and Opportunity Cost, 2) Cost-benefit, 3) Incentive principle, 4) Diminishing returns) is represented by the statements below? Provide a justification for your choice. a) "There is no such thing as a free lunch" b) Suppose the state of Illinois passes a law that bans smoking in restaurants. As a result, residents of Wisconsin who do not like breathing second-hand smoke begin driving across the border to Illinois to eat at restaurants there. (c) A cafe may wish to serve more customers during the busy summer months. However, employing extra workers may be difficult because of a lack of space in the cafe.Marginal Analysis is an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity. This table displays a marginal analysis of buying an extra slice of pizza. The Marginal Benefit column represents the willingness to pay for each slice. Use the table to determine which of the following statements is most true? A) You will purchase 1 slice of pizza because the Marginal Benefit of the second slice exceeds the marginal Cost. B) You will purchase 2 slices of pizza because the Marginal Benefit of the third slice exceeds the marginal Cost. C) You will purchase 3 slices of pizzas because the Marginal cost of the fourth slice exceeds the Marginal Cost. D) You will purchase 2 slices of pizza because the marginal Cost of the third slice exceeds the marginal Benefit.match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal cost
- 1. Explain the link between scarcity, choice and opportunity cost? 2. How can we demonstrate an understanding of cost-benefit analysis and the incentive principles through examples. 3. How can we apply the core principles of scarcity, choice, opportunity cost and cost-benefit analysis to the decision-making processes.explains that the two most important assumptions of economics are scarcity and cost. Please explain each in your own words and give one example each, one from the film and one of your own that helps clarify the meaning and relevance of these two assumptions.a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?
