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- Consider Angela who currently works as a data scientist with machine learning expertise. Recently,she was offered a job by Bruno’s firm. The job offer includes a higher salary than her current job andthe freedom to choose the number of work hours per day. But Angela is also an amateur musicianwho desperately dreams of becoming a professional one day. This motivates her to practice musicas much as possible, which makes her value her free time very much.Using the model of individual choice, and assuming Angela accepts the job offer, graphicallyillustrate the impact on her choice of free time and consumption. Fully label your diagram. Notethat there are no actual numbers given in this question: you may make them up or simply useappropriate notations. Explain specifically its impact on the following:• Angela’s choice of free time• Angela’s consumption level• Angela’s utility levelCombinations of goods outside the productionpossibilities curve (PPC) have which of the followingcharacteristics?a. They are attainable today only if weemploy all unemployed or underemployedresources.b. They are not attainable given our existingstock of resources and technology.c. They imply that some resources, such aslabor, are unemployed or underemployed.d. None of the answers is correct.In what ways is your standard of living differentfrom that of your parents or grandparents when theywere your age? Why have these changes occurred?
- what are the major differences between he econmic model of social responsibilty and the socioeconomic modelWhen using the social ecological model, which of the following would be considered part of the "exosystem" of influence on an individual's physical activity? O Personal factors O public policy O Institutional factors O Exosystem does not exist in the social ecological model If you have a client who wants to work out on his own, which of the following method of prescribing exercise intensity you should recommend to be more accurate? O Rating of perceived exertion (RPE) O Talk test O % Age predicted HRmax O % Heart rate reserve (measured)MULTIPLE CHOICE (identify the one best answer and provide explanations): Consider an economy inwhich each worker has one machine and one unit of natural resources. Assume these inputs are fixed,and so is the worker’s human capital. But there has been an improvement in technology. We can surelyconclude that productivity has increased if:a. the amount of goods and services produced from each hour of the worker’s time increases.b. the amount of goods and services produced by the worker increases relative to a worker inanother country.c. if the amount of goods and services produced by the worker in a given year increases.d. all of the above.e. none of the above
- Pls answer in simple words : Are extremes of wealth and poverty desirable ?explain what socio-economic theory assumes about people’s behavior. What are some of the social consequences of assuming the universality of socio-economic theory? What explanation for human behavior would make more sense?xt:Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she could follow is, "Choose the activity with the highest value" (A). Another rule she could follow is, "Choose the activity with the lowest opportunity cost" (B). Do you think Bong-Cha's choice if she follows rule (A) will be the same as the choice she would make if she followed rule (B)? [another way to think about it, "Is rule (A) identical to rule (B) in a sense that they would both induce the same choice?"].
- Need help with this homework thinking question (about opportunity costs) Sigmund Freud, in his 1930 essay Civilization and Its Discontents, argues that thesublimation of sexual desire leads to the mental energy required for advances in civiliza-tion: science, art, politics, etc. He writes,“Sublimation of instinct [such as sexual instinct] is an especially conspicu-ous feature of cultural development; it is what makes it possible for higherpsychical activities, scientific, artistic, or ideological, to play such an impor-tant part in civilized life... it is impossible to overlook the extent to whichcivilization is built up upon a renunciation of instinct...” How would an economist phrase Freud’s argument, in terms of opportunity costs? Might this explain the development of monogamous marriage as an institution?Consider a worker who earns $20/hour in the labor market and receives $50 per week innon-labor income. Assume the total number of hours available for work (h) and leisure(L) is 168 hours per week (i.e., ? = 168 = ℎ + ?). a. Draw the budget constraint for this individual. Label the endowment point. b. What is the maximum value of consumption that this individual could achieve ina week? c. In the United States, the Fair Labor Standards Act requires workers to be paid 1.5times their usual hourly wage for “overtime” work, defined as work in excess of40 hours in a week. If this law applies to the worker described above, how does itchange the budget constraint? d. Now suppose Congress passes an income tax. The income tax applies to labor andnon-labor income. The Fair Labor Standard Act is still in effect. The first $1,000in weekly income is exempt from the tax. However, every dollar above $1,000 istaxed at a rate of 10%. (To be clear: the tax on $1,000 in income is 0, the tax on$1,001 is…why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphically
