specialize in producing radios? Compasses?Problem 2Gary and Diane must prepare a presentation for their economics class. As part of their presentation, theymust do a series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours to do therequired calculation and 10 hours to prepare the slides. It would take Diane 12 hours to do thecalculations and 20 hours to prepare the slides.How much time would it take the two to complete the project if they divide thecalculations equally and the slides equally?a.How much time would it take the two to complete the project if they use comparativeadvantage and specialize in calculating or preparing slides?b.If Diane and Gary have the same opportunity cost of $5 per hour, is there a bettersolution than for each to specialize in calculating or preparing slides? Briefly discuss.C.1

a. Gary will take 10 hours to calculation and 10 hours to prepare the slides. Time taken by Gary…

Answered: specialize in producing radios?…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume two moms live next to each other and both have one preschooler. They meet each other for the first time and discover that both of them work part-time twice a week. It turns out that both of them have their children attend a child care facility close to home. Furthermore, they each learn that when one mom is working the other is at home and vice versa. One of the moms has an idea and proposes to the other mom that each take care of the other's child while they work. That way they can save money on child care. If they do this, what will happen to the official GDP reported by the government and why? Is society necessarily worse off as a result of this arrangement?
Your business produces two products: graphics and writing assessments. However, time is finite and your business must allocate its time between the two products. If your business is producing one service, it cannot produce the other service at the same time. Based on previous experience, you know that your firm can produce 11 graphics and 20 assessments per day. Your firm could also produce 7 graphics and 40 assessments per day. Given these production possibilities, what is the tradeoff between your two services? Make sure you estimate your tradeoff (opportunity cost) in terms of how much you receive for each unit of graphics services that you give up, that is, for 1 unit of graphics given up, how many units of assessments do you gain? Make sure to express your answer to the first decimal point.
Later, the teaching assistant in Clancy’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 15 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading? 1 hour working on problems, 3 hours reading 2 hours working on problems, 2 hours reading 3 hours working on problems, 1 hour reading 4 hours working on problems, 0 hours reading
while taking decisions there are different kinds of constraints related to resources, time,rules,physical realityetc leads to the matter of choice.how will you explain the whole situation in terms of cost
Question 30 Link and Zelda each have 12 hours a week they can spend making costumes and accessories for their cosplay group. Link has been doing this for years and can make a costume piece in 2 hours and an accessory item in 1 hour. Zelda is still learning and can make a costume piece in 3 hours and an accessory item in 2 hours. The opportunity cost of 1 costume piece for Link in terms of accessory items (i.e. accessory items per costume piece):
Use the following table to ccalculate TVC - keep your calculation for follow up questions: Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. Total Output Total Cost TVC 0 $20 $0 10 $40 $20 20 $60 $40 30 $90 $70 40 $120 $100 50 $180 $160 60 $280 $260 b. Total Output Total Cost TVC 0 $20 $20 10 $40 $20 20 $60 $40 30 $90 $70 40 $120 $100 50 $180 $160 60 $280 $260 c. Total Output Total Cost TVC 0 $20 $0 10 $40 $40 20 $60 $60 30 $90 $90 40 $120 $120 50 $180 $180 60 $280 $280 d.…
You’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?
3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanation
The Boswell Fruit Farm produces only oranges and papaya. Table 1 below shows the maximum possible output combinations of the two fruits using all resources and currently available technology. Answer the questions below and show calculations where appropriate. Table 1 Boswell Fruit Farm Possible Output Combinations Oranges Papayas (thousands of kilos) (thousands of kilos) A 140 0 B 120 20 C 100 38 D 80 52 E 60 64 F 40 74 G 20 80 H 0 82 Which of the possible output combinations represent the lowest opportunity cost for one thousand kilo of papayas? Show your calculation to support your answer.
Use the following table to calculate AVC - use previous calculations and keep your calculation for follow up questions: Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. Total Output Total Cost AVC 0 $20 $20 10 $40 $2 20 $60 $2 30 $90 $2.33 40 $120 $2.5 50 $180 $3.20 60 $280 $4.33 b. Total Output Total Cost AVC 0 $20 $10 10 $40 $20 20 $60 $20 30 $90 $23.33 40 $120 $25.5 50 $180 $32 60 $280 $43.33 c. Total Output Total Cost AVC 0 $20 $2 10 $40 $2 20 $60 $2.33 30 $90 $2.5 40 $120 $3.20 50 $180…
Use the following table to ccalculate TFC - keep your calculation for follow up questions: Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. Total Output Total Cost TFC 0 $20 $20 10 $40 $20 20 $60 $20 30 $90 $20 40 $120 $20 50 $180 $20 60 $280 $200 b. Total Output Total Cost TFC 0 $20 $0 10 $40 $10 20 $60 $20 30 $90 $30 40 $120 $40 50 $180 $50 60 $280 $60 c. Total Output Total Cost TFC 0 $20 $0 10 $40 $20 20 $60 $20 30 $90 $20 40 $120 $20 50 $180 $20 60 $280 $20 d. Total…
Assume you are pursuing a bachelor’s degree and you have 40 hours to divide between work and school in a week. You choose the amount of time you spend on each based on the classes you take and the hours you request at work. The degree will take you 3 years to complete if you dedicate 40 hours a week and do not take summers off. Obviously, if you devote no time to school, you never get your degree. You have been going to school full time for two quarters. In the third quarter, you do not receive as much loan money as you anticipate and need. You decide to work 20 hours a week to make up the difference and take fewer classes. What is your opportunity cost? Make sure to include how this change will factor into the length of time it will take you to finish your degree.

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