If Sasha works for 7 hours she can rent out 6 apartments, and if she works for 8 hours she can rent out 9 apartments. The average benefit from 7 hours of work equals Multiple Choice 1.14 apartments. 0.86 of an apartment. 1.13 apartments. 1.17 apartments
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If Sasha works for 7 hours she can rent out 6 apartments, and if she works for 8 hours she can rent out 9 apartments. The average benefit from 7 hours of work equals
Multiple Choice
1.14 apartments.
0.86 of an apartment.
1.13 apartments.
1.17 apartments.
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- Choices for a.) are -approximately $15 - approximately $6 -approximately $9Drop box one option (firms or households) drop box two options (goods and services or labor and capital)Using a diagram, draw the outcome of optimal choice using an indi↵erence curve and the individual’s lifetime budget constraint.
- Assuming that the price of the good is constant, complete the values in the following table. Units Consumed Total Utility Marginal Utility Marginal utility per peso 0 0 1 10 20 2 18 3 6 4 28 8 5 30Suppose a wedge of cheese is $10, and a loaf ofbread is $5. What is the opportunity cost of purchasing a wedge of cheese (in terms of bread)?Explain what happens to the opportunity cost ofpurchasing a wedge of cheese (in terms of bread)if your income decreases by 20 percent.Q16 Pareto optimality refers to the maximum efficient allocation of economic resources such that there is no way that one's wealth another person worse off: this statement is choices - irrelevant -conditionally true -always true -always false
- You are a University student who must live off-campus in the second year. There are two types of one-bedroom apartment where you prefer to live because it is near the campus. One rents for $400 per month and the other $360. According to the University Students’ Housing Bureau 80 percent of apartments in the area consists of the $400 type while the remaining 20 percent are of the $360 type. You need to visit the apartments to discover the rent. Suppose the first apartment you visit cost $400 and the opportunity cost of your visit is $6 per visit. 1. If you are risk neutral person should you visit another apartment or rent the one you have found.2. Suppose you visit another apartment and find out that it rents for $400, should you visit another apartment?Opportunity cost is the expected benefit from: A) All possible choices sacrificed and is objectively measured. B) An individuals' second best choice and is subjectively measured. C) An individual's second best choice and is objectively measured. D) All possible choices sacrificed and is subjectively measured.John works at Frito-Lay distribution center. He is paid $20 per hour and can choose how many hours he can work a week. However, if he works 30 hours per week he is eligible for health insurance and other benefits worth $100 to him. Which of the graphs below show John’s budget constraint in this scenario?
- Charles is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Because his pool sessions are helping him swim more quickly, Charles plans to reduce by 1 hour per week the time he spends training on the bike and increase by 1 hour the time he spends in the swimming pool; however, his wife says that he should stop doing any biking and running and spend all 20 hours per week in the pool. Which basic principle of individual choice does Charles's plan illustrate that his wife's advice does not? Resources are scarce. All costs are opportunity costs. Many decisions are made on the margin. People usually exploit opportunities to make themselves better off.Auto Bull's-Eye offers a 10-minute oil change and 30-minute brake check. There are two technicians who perform each of these services. Next week, the shop is offering a discounted oil change. How might this affect the production possibilities curve for next week? The shop would decrease the brake-check price to eliminate scarcity. The shop would increase worker pay to make up for the opportunity cost of not doing brake checks. The shop would shift production to oil changes and away from brake checks. The shop would shift production to brake checks and away from oil changes.Auto Bull Eye offers a 10-minute oil change and 30-minute brake check. There are two technicians who perform each of these services. Next week, the shop is offering a discounted oil change. How might this affect the production possibilities curve for next week? The shop would decrease the brake-check price to eliminate scarcity. The shop would increase worker pay to make up for the opportunity cost of not doing brake checks. The shop would shift production to oil changes and away from brake checks. The shop would shift production to brake checks and away from oil changes.
