3. Study Questions and Problems #3 Indicate whether each item in the following table is scarce, portable, divisible, or uniform. (Check all that apply.) A beer mug A dog Scarce Portable Divisible Uniform
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- What are examples of individual economic agents?4. Derive the Slutsky Equation and demonstrate its Slutsky symmetry. Interpret the symmetry.5. The City Government has been using the police force to evict hawkers from the CentralBusiness District (CBD). Construct a discrete choice economic model that the Governmentcan use to incentivize hawkers to shift voluntarily to a location outside of the CBD.12- Capitalist economies have these features, except __________. a. State control of the factors of production b. Profit motive c. Consumer's freedom d. Private ownership of resources
- 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 company6.8) Indicate whether each of the following statements is true, false, or uncertain. Explain why d. Tom’s workplace provides free access to a fitness room; Jerry’s does not. Horizontal equity requires that Tom be taxed on the value of having access to the fitness roomWhat is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
- The chapter defines private enterprise as a characteristic of market-oriented economies. What would public enterprise be? Hint: It is a characteristic of command economies.What would be another example of a system in the real world serve could serve as a metaphor for micro and macroeconomics?It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
- 13. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is Ivan3. Recycling CanFor the past 10 years, five Colorado cities have held a recycling contest to see which citydoes the best job of recycling plastic, glass, and aluminum. Those participating in thisyear’s contest are Arvada, Centennial, Lakewood, Highlands Ranch, and Parker.To make the contest fair for both large and small cities, the winning city will be the one that recycles the largest number of cans per capita—the number of cans recycled dividedby the number of city residents. 0.02 per can Recycling Can Contest City Population Jan Feb Mar Total Per Capita Arvada 15,855 10,505 24,556 12,567 Centenntial 28,951 24,567 21,777 26,719 Lakewood 142,547 102,376 105,876 121,987 Highlands Ranch 2,801,561 2,714,664 2,503,344 1,999,877 Parker 1,689,908 1,523,665 1,487,660 1,002,545 Total -…Budget Constraints: Sam has an income of $1000 a week from a rental property he owns. Sam also has a job as a legal assistant where he gets paid $50 an hour for the first 50 hours he works. However, he can’t work for more than 50 hours, so for every hour, he works more than 50 he can work as a cashier making 20 an hour. John’s time endowment is 100 hours. a) Draw and label Sam's budget constraint b) What is John’s maximum potential income? c) What is the price/hour of leisure when Sam works fewer than 50 hours, and more than 50 hours/week? Need help for a b c . Thanks
