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- 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.10 - You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose that you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? (Answer the question according to the definition of opportunity cost.) (5 points)
- 10. Which one the following represents a theory for the long-term?a. Theory of factor endowmentsb. A theory of comparative advantagec. A theory based on the product cycled. An overlapping demand theory4 The conventional view that economics takes on cheating is that one decides to cheat when there is a positive economic rent to reap from cheating. Choose an action that is identified as ‘not okay’ from the Academic Integrity Module you completed on iLearn. Do the following: • Analyse the economic cost and benefit of knowingly taking the academically dishonest action of your choice.A) What is Maria’s opportunity cost to obtain 20 cartons of Blueberries (Use Figure 3 above)? B) What is Maria’s opportunity cost for 10 cartons of Strawberries (Use Figure 3 above)? C) What is Maria’s opportunity cost for 1 carton of Strawberries (Use Figure 3 above)? Hint: Review Problems 10-19 (Session 1 Practice Problems)
- 1. What are the characteristics of a good theory? What makes a theory practical? How can an entrepreneur use the resource-based theory for his or her advantage? 2. Explain the problems we would have if there was a “law of entrepreneurship.” 3. How does each of the four attributes of resources contribute to SCA?Decision Making by Individuals and Firms — End of Chapter Problem 10. Assume De Beers is the sole producer of diamonds. When it wants to sell more diamonds, it must lower its price in order to induce shoppers to buy more. Furthermore, each additional diamond that is produced costs more than the previous one due to the difficulty of mining for diamonds. De Beers’s total benefit schedule is given in the accompanying table, along with its total cost schedule. Quantity of diamonds Total benefit Total cost 0 $0 $0 1 1,100 50 2 1,900 100 3 2,700 200 4 3,400 400 5 4,000 800 6 4,500 1,500 7 4,900 2,500 8 5,200 3,800 a. What is the optimal quantity of diamonds to produce? Optimal output: diamonds b. Calculate the total profit to De Beers from producing each quantity of diamonds. Which quantity gives De Beers the highest total profit? Profit-maximizing output: diamondsDescribe some of the trade-offs faced by each of the following:d. a professor deciding how much to prepare for classe. a recent college graduate deciding whether to go to graduate school
- 21. When you make a choice, whatever you give up as a consequence is called a/an a) priduction cost b) rationing method c) opportunity cost d) explicit cost1. 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.19. One research is being conducted about how gold prices change due to the changing preferences of individual consumers. Research such as these belong to the study of ______________. a. International economics b. Microeconomics c. Public economics d. Macroeconomics