As a principal trying to determine whether to spend $20 per student for access to an online textbook program, all I need to know is whether the marginal benefit for each student is greater than $20. Explain.
Q: 6) Explain how marginal analysis can be used to determine the "correct" amount of time to spend…
A: In the marginal analysis, the marginal benefit is compared with the marginal cost to make an optimal…
Q: 3. A layperson says that a proposed government project simply costs too much and therefore shouldn’t…
A: Answer - "Thank you for submitting the question.But, we are authorized to solve one question at a…
Q: 4 Principles of Microeconomics Please discuss the graph and curve using in Economics.
A: Microeconomics is a branch of traditional economics that studies how individuals and businesses make…
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Q: 7. How does economic conditions effect consumer behavior?
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Q: . A cost benefit analysis is a good example of a______approach to making decisions
A: A cost benefit analysis is a good example of a Utilitarianism approach to making decisions.
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A: Answer is given below
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A: The consumption of any good or service provides satisfaction which is counted in utils.
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A: Marginal Utility:- Marginal Utility refers to utility that consumer get with every additional unit…
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Q: 35. The process of consumers making choices is easy; because resources are plentiful. True or False
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A: Given:
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As a principal trying to determine whether to spend $20 per student for access to an online textbook program, all I need to know is whether the marginal benefit for each student is greater than $20. Explain.
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- 1-4 Suppose the price of a sweater is $25. Matthew’s total benefit from purchasing each additional sweater is given in the table below. If Matthew is behaving rationally, how many sweaters will he purchase? Draw a graph of the total benefit and marginal benefit schedule.?1. Describe economics as the study of "choice" and "scarcity".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 Ivan
- Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal benefit of consuming each cup of coffee? How many cups should he consume each day? Quantity of Coffee Total Benefits Marginal Benefit 1 $8 2 $14 3 $18 4 $20 5 $211. Does microeconomics have a greater impact than macroeconomics on the farm manager?6 Assume that you are a rational person and that you visit a grocery store to buy bananas. Use the marginal benefit and marginal cost (utils) principle, described in Unit 1, to explain how many bananas you will ultimately buy.
- Question 7 Cindy is planning to sell her house. She is considering making two upgrades for the house before selling it. Painting the whole house will cost $15,000. Replacing the old windows will cost $25,000. Cindy’s real estate agent told her that the new painting will increase the value of the house by $12,000 and the new windows will increase the value of the house by $28,000. What is the marginal cost and marginal benefit of painting the whole house? Marginal cost Marginal benefit A: $12,000 $15,000 B: $15,000 $12,000 C: $3,000 $3,000 D: $3,000 -$3,0001. 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.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 Use the equations given below and calculate total benefit, total cost, marginal benefit, and marginal cost for values of Q ranging from 35 to 45 Total Benefits: P = 314Q – 16Q Marginal Benefits: P = 314 – 32Q Total Cost: P = 50Q + 17Q Marginal Cost: P = 50 + 34Q 1) Graph total benefit and total cost on one graph, and marginal benefit and marginal cost on the other graph 2) Find the optimal value of Q and P 3) Calculate the total benefit, total cost, and net benefit at the equilibriumAssume that the price per hamburger is $2.50. The incremental value to you of each hamburger is described in the table below. If you are seeking to maximize total net gains from hamburgers, how many hamburgers should you purchase? Pairs of jeans Marginal Benefit 1 $8.00 2 $6.00 3 $4.00 4 $2.00 5 $0.00 Group of answer choices 3 2 4 5 14 Principles of Microeconomics Please discuss the graph and curve using in Economics.
