Diego, Emi, and Finn are available to work as tutorsfor the semester. The opportunity cost of tutoring is$100 for Diego, $200 for Emi, and $400 for Finn.The university is hiring tutors at a price of $300.Producer surplus equalsa. $100.b. $200.c. $300.d. $400.

Diego, Emi, and Finn are available to work as tutorsfor the semester. The opportunity cost of tutoring is$100 for Diego, $200 for Emi, and $400 for Finn.The university is hiring tutors at a price of $300.Producer surplus equalsa. $100.b. $200.c. $300.d. $400.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter22: Economies In Transition

Section: Chapter Questions

Problem 4SQ

See similar textbooks

Similar questions

MCQS with reason 5 . In a mixed economy which sector(s) is/ are found (a) Private Only ; (b) Public sector only ; (c) None ; (d) Both a and b 6. In economic theory the term “means” refers to (a)Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None 7. Market equilibrium of a commodity is determined by (a)Balancing of demand and supply position ; (b) Aggregate demand ; (c) Aggregate supply; (d) Government intervention 8. Economic resources are (a) Unlimited ; (b) Limited in supply and use ; (c) Limited in supply but have alternative uses; (d) Unproductive 9. Which of the following is/ are not an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d)Air 10. Which of the following is/ are an economic
What is marginalism? a.the cost per extra unit b.the additional income stream from getting MA vs BA c. The grade improvement you get by studying an extra hour. d. All of the above
In a labor market, supply is composed of which of the following groups? a. Households b. Firms c. Government d. Animal Assume the following: price ceiling < equilibrium price Which term corresponds to the inequality above? a. surplus b. insufficient funds c. shortage d. utopia Assume that there is a shortage in a market that is not eliminated through the price mechanism. What will happen to this shortage in the long run? a. It will become smaller b. It will remain constant size c. It will become larger d. It will disappear because the market will cease to exist Assume that there is a shortage in a market that is not eliminated through the price mechanism, instead, people decide how the shortage is addressed. The outcome is likely to be a. unfair, but efficient b. fair, but inefficient c. fair and efficient d.…
Who’s in the flow? By understanding the following image ans the following question: the role of the person: buyer OR seller; the market: resource OR product the sector: household OR firm the sector receiving the money payment: household OR firm
“The Prime Minister claims that funding the increase in NHS and social care spending by national insurance [paying higher NICs] is preferable, because firms pay part of the cost. This is a fiction. In the long run the burden of payroll taxes, even those paid by companies, falls on workers, whose wages fall as their employers’ tax bills rise.” The Economist 11-09-202. Is “The Economist” right in its counter-claim? (Hint: use a market equilibrium model of demand and supply for labour)
Multiple choice questions and write its reason . 1. Micro economics theory deals with (a) Economic behavior of individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society 2. Which of the following is a central problem of every economy (a) Abundance of resources ; (b) Scarcity of economic resources ; (c) Poverty; (d) Moral and ethical values 3. Equilibrium relates to which of these (a) Market condition which oscillate ; (b) Market state of falling price; (c) Market condition of rising price ; (d) Market conditions which once achieved tends to persist 4. Normative economic theory deals with (a) What is or how the economic problem facing the society are solved; (b) How the problem should be solved ; (c) What to Produce ; (d) How to produce 5. In a mixed economy which sector(s) is/ are found (a) Private Only ; (b) Public sector only ; (c) None ; (d) Both a and b 6. In economic theory the term “means” refers to (a)Resources…
Economics: Labor Economics Question: 1 A cobweb model of a labor market explains why: A. Workers accurately predict future wages B. Wages and employment levels experience systematic changes (both good and bad) as the market slowly approaches equilibrium C. Wages vary substantially across different industries and occupations as well as over time D. College graduates earn more than high school graduates Question: 2 Refer to the following table: Labor Output Price 0 |0 |$7.00 | 1 | 15 | $7.00 | 2 | 29 | $7.00 | 3 | 42 | $7.00 | 4 | 54 | $7.00 | 5 | 66 | $7.00 | 6 | 76 | $7.00 | Assume that the labor market is perfectly competitive. Suppose the price of the good is $7. The value of the marginal product of the fourth worker is a. $117 b. $84 c. $378 d. $12 Question: 3 At any capital-labor combination, the marginal rate of technical substitution is equal to a. the slope of the isoquant b. the average product of labor relative to the average product of capital c. the wage…
Modern farming methods require more inputs which are manufactured inIndustry.Do you agree.? No 2 How is food security ensured in India?No 3 What happened to the supply of food when there is is a disaster of a CalamityNo 4, Write a note on.a,Minimum support price b,Buffer stock ,c,Issue price d,Fair price shops No 5, What are the problems of the functioning of ration shops No 6,Write a note on the role of cooperatives in providing food and related items No 7, why buffer stock is created by the government? No 8,What has our government done to provide food security to the poor? Discuss No 9,which states are more food insecure in India No 10, Modern farming methods require more inputs which are manufactured in industry .Did you agree?.No 11, How did the spread of electricity help farmers in Palampur? No 12,Describe the work of a farmer with 1 hectare of land No 13, How do the medium and large farmers obtain capital for farming? How is it different from the small farmers?No…
Fill in the Blank Question Suppose that when the price of apples is 25 cents each, there are to formers who each supply 600 apples per day, and 2 famers who each suppy 1,000 apples per day. Thus, when the price of apples is 25 cents, the market supply of apples it per doy. Need help? Review these concept resources. [I. Read About the Concept Rate your confidence to submit your answer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
If we assume that a cafe owner wants to increase the number of people she can serve lunch to and is considering whether to put in more tables or hire another server. Which two resources is the owner considering as substitutes in production? (A) Labor and land (B) Labor and entrepreneurial ability (C) Labor and capital (D) Capital and entrepreneurial ability (E) Capital and land
Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.
A visiting American executive finds that a foreign subsidiary inBangladesh has hired a 12-year-old girl to work on a factoryfloor, in violation of the company's prohibition on child labour.He tells the local manager to replace the child and tell her to goback to school. The local manager tells the American executivethat the child is an orphan with no other means of support, andshe will probably become a street child if she is denied work. explain Cultural Relativist based on the statement given