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Explain all resources that economic relies on.
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- Compare and contrast decision making in general and decision making when there is a resource constraintLane and Riley are the only two residents in a neighborhood, and they share the same driveway. They would like to have the driveway paved. The value of the paved driveway is $1,500 to Lane and $900 to Riley. Regardless of who pays for the paving both people will benefit from it. If the cost of paving the driveway is $2,000 and Lane proposes that they each pay 50 percent of this cost, then Riley ______ agree to Lane’s proposal because ______. A. will; repaving the driveway would increase total economic surplus B. will not; repaving the driveway would lower total economic surplus C. will; if they split the cost, then Riley’s economic surplus would increase D. will not; if they split the cost, then Riley’s economic surplus would decreaseSuppose you would have to pay Alicia at least $150 to get her to part with a ticket she just bought to see her favorite band play next Friday. Loss aversion implies that if Alicia had not yet bought the ticket, she would: Multiple Choice no longer be interested in purchasing it. be willing to pay more than $150 for it. be willing to pay exactly $150 for it. be willing to pay less than $150 for it.
- Give typed explanation of the each option givenStudying has both costs and benefits. If you continue tostudy (e.g., for a test) for as long as the marginal benefitsof studying are greater than the marginal costs, and youstop studying when the two are equal, will your actionbe consistent with having maximized the net benefits ofstudying? Explain your answer.Nora's marginal benefit exceeds her marginal cost by the greatest amount when she is consuming 10 units of product Y. To maximize her net benefit, Norah should: Select one: a. consume more than 10 units of the product. b. have stopped consuming the product before he reached 10 units. c. give up more of good Y for another good d. stop consuming at 10 units. e. not enough information to answer the question.
- at equilibrium Select one: O a. all of the options O b. Y=C + I+ G O c. Y=AE O d. S+T = |+ GDescribe three ways in which human decision making differ from the rational individual conventional economic thoeryYou’ve been put in charge of a bake sale for a localcharity, at which you are planning to sell cookiesand cupcakes. What would a production possibilities graph of this situation show?
- Because one’s productivity in the workplace is likely to be affected by one’s health, investment in health could increase earnings to the extent that one might spend money on health care without reducing his or her consumption of other goods.True or false: keeping his maximum willingness to pay for a yacht in mind, Tim will buy the yacht because it will be worth more to him than its market price of $350,000d) Another classmate cares more about good grades: She gets 50 units of happiness for a B and 80 units of happiness for an A. If this classmate were your partner (but your preferences remained the same), how would your answers to parts (a) and (b) change? Which of the two classmates would you prefer as a partner? Would she also want you as a partner?