Cindy is a baker and runs a large cupcake shop. She has already hired 11 employees and is thinking of hiring a 12th. Cindy estimates that a 12th worker would cost her $100 per day in wages and benefits while increasing her total revenue from $2,600 per day to $2,750 per day. Should Cindy hire a 12th worker?
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- Arlene quits her $125,000-a-year job to take care of her ailing parents. What is the opportunity cost of her decision? A. the value she attributes to the satisfaction she receives from taking care of her parents B. zero, since she will no longer be earning a salary C. It depends on the "going rate" for home-care providers. D. at least $125,000The table below shows Tim's and Al's willingnesses-to-pay (marginal benefit) for each firefighter hired by their community. For example, Tim would pay $200 for 1 firefighter, and an additional $160 for a 2nd firefighter. Number ofFirefighters Tim'sWillingness to Pay Al'sWillingness to Pay 1 $200 $120 2 160 40 3 100 20 The (marginal) cost of hiring each firefighter is $120. If Tim and Al are the only two people in the society, what is the socially efficient number of firefighters?Hint: What is the total societal willingness-to-pay (marginal benefit) for each firefighter? Question 6Answer a. 1 b. 2 c. 3 d. None of the answers are correct e. Cannot be determined from the given informationThe company that you manage has invested$5 million in developing a new product, butthe development is not quite finished. At arecent meeting, your salespeople report that theintroduction of competing products has reduced theexpected sales of your new product to $3 million. Ifit would cost $1 million to finish development andmake the product, should you go ahead and do so?What is the most that you should pay to completedevelopment?
- Sara Lee just graduated from college with a degree in accounting. She hadfive job offers: Bean Counters CPA, $35,000; Assets R Us, $27,000; TheDebit Store, $30,000; J & J’s CPAs, $33,000; and The Double Entry Shop,$40,000. What was her opportunity cost if she accepted the job with TheDouble Entry Shop?Among full-time U.S. workers, white women earnabout _________ percent less than white men, andblack men earn about _________ percent less thanwhite men.a. 5; 20b. 5; 40c. 20; 20d. 20; 40Hi! Can you help me with the question below? Todd has a job that presents zero risk of death or injury, but has always craved something more exciting. His current annual salary is $50,000. He has been offered a job on an Alaskan fishing boat that will pay$55,000 annually. This new job offer, however, comes with a 10% risk of severe injury that will cause Todd to have no income. Which of the following is true? (Assume the severe injury has no relevant implications besides reducing Todd’s income) A) Todd will definitely take the new job if he’s risk averse.B) Todd will definitely take the new job if he’s risk neutral.C) Todd will definitely decline the new job if he’s risk averse or risk neutral.D) Todd will definitely accept the new job if he’s risk seeking.E) Not enough information to determine.
- 1. Suppose a new drug was discovered that slowed the deterioration of health that accompanies aging. (All the graphs you draw should include labels, down and right arrows to indicate the changes before and after the new drug were discovered) a. What's the effect on the available time for work Tw and play Tz? Draw its labor–leisure graph including both budget constraints and indifference curve. b. What's the effect on optimal health H* ? Draw its marginal efficiency of capital (MEC) curve. c. Draw the production possibilities frontier. Explain it.Suppose a new drug was discovered that slowed the deterioration of health that accompanies aging. (All the graphs you draw should include labels, down and right arrows to indicate the changes before and after the new drug were discovered). a.) What's the effect on optimal health H* ? Draw its marginal efficiency of capital (MEC) curve. b.) What's the effect on the available time for work Tw and play Tz ? Draw its labor–leisure graph including both budget constraints and indifference curve. c.) Draw the production possibilities frontier. Explain it.1. Second Fundamental Theorem of Welfare Economicsa. Describe the theorem, making sure that you define clearly the terms used in thedescription (e.g. if you use the term “efficient” you have to describe what this means).b. Explain why the theorem implies that there is no intrinsic trade-off between efficiencyand interpersonal equity. c. Demonstrate your argument using an Edgeworth box, making sure that you describe allthe elements of the box appropriately.
- What is the relevance opportunity cost of a worker whether to accept a new job?a. On a graph with the probability of injury on the x-axis and the wage level on the y-axis plot two indifference curves, labeled UA and UB, so that the person associated with UA is less willing to take on risk relative to the person associated with UB. Explain what it is about the indifference curves that reveals person A is less willing to take on risk relative to person B. b. Consider a third person who doesn’t care about the risk associated with the job. That is, he doesn’t seek to limit risk or to expose himself to risk. On a new graph, draw several of this person’s indifference curves. Include an arrow on the graph showing which direction is associated with higher levels of utility. c. Consider a wage-risk equilibrium that is characterized by an upward-sloping hedonic wage function. Now suppose there is a government campaign that successfully alters people’s perception of risk. In particular, each worker adjusts her preferences so that she now needs to be more highly compensated…Describe what benefits may come from a reproductive policysuch as China’s. Now describe several problems that mayresult.Do you think a government should be able to enforcestrict penalties for citizens who fail to abide by such a policy?Why or why not? What alternatives to China’s policy can yousuggest for dealing with the resource demands of a rapidlygrowing population?