Suppose you are a discus hurler and your goal is to maximize the distance you achieve. You "produce" discus hurls by practicing. The total benefit of practice is distance achieved, and the input that achieves this distance is hours of practice. Assuming that practice yields diminishing returns, which of the following would most accurately describe the shape of your total benefit curve? O The total benefit curve would slope upward at a diminishing rate. O The total benefit curve would be a straight line until the maximum is reached. O The total benefit curve would slope downward at a diminishing rate. O The total benefit curve would rise quickly and then fall at a diminishing rate until the minimum is reached.

Suppose you are a discus hurler and your goal is to maximize the distance you achieve. You "produce" discus hurls by practicing. The total benefit of practice is distance achieved, and the input that achieves this distance is hours of practice. Assuming that practice yields diminishing returns, which of the following would most accurately describe the shape of your total benefit curve? O The total benefit curve would slope upward at a diminishing rate. O The total benefit curve would be a straight line until the maximum is reached. O The total benefit curve would slope downward at a diminishing rate. O The total benefit curve would rise quickly and then fall at a diminishing rate until the minimum is reached.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 1WNG

See similar textbooks

Similar questions

Studying 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.
Assume that the price per hamburger is $2.50. The incremental value to you of each hamburger is described in the table below. If you are seeking to maximize total net gains from hamburgers, how many hamburgers should you purchase? Pairs of jeans Marginal Benefit 1 $8.00 2 $6.00 3 $4.00 4 $2.00 5 $0.00 Group of answer choices 3 2 4 5 1
Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations: B (Q) = 100 + 36Q -4Q and C (Q) = 80 + 12Q Write out the equationfor the net benefits. What are the net benefits when Q= 1? Q= 5? Write out the equation for the marginal net benefits. What are the marginal net benefits when Q= 1? Q= 5? What level of Q maximizes net benefits? At the value of Qthat maximizes net benefits,what is the value of marginal net benefits?
Each school-week night John can play video games, talk on the phone, or watch a movie. He has a total of five hours tospend on one of these three things.Using the information, fill out the marginal benefit columns below. QUANTITY TOTAL BENEFIT MARGINAL BENEFIT TOTAL BENEFIT MARGINAL BENEFIT TOTAL BENEFIT MARGINAL BENEFIT O 0 0 0 1 20 5 3 2 22 10 6 3 23 12 9 4 23 14 12 5 23 15 15
Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specifific assumptions is this production possibilities curve based?b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Explain how the production possibilities curve reflfl ects the law of increasing opportunity costs.c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 fork lifts, what could you conclude about its use of its available resources?d. What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?
1. In order to maximize profit a producer will always produce at a point where the Marginal Benefit is greater than the Marginal Cost (MB>MC). True or False? Why? 2. The Opportunity Cost (OC) of production shall be also be included in optimal production decision even if these are not ‘out of pocket’ costs of production. True or False? Why? 3. When OC are included in production decisions it is always the case that optimal level of production will be lower compared with a situation where OC are not included. True or False? Why?
Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? Explain.
Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.
1. Explain the link between scarcity, choice and opportunity cost? 2. How can we demonstrate an understanding of cost-benefit analysis and the incentive principles through examples. 3. How can we apply the core principles of scarcity, choice, opportunity cost and cost-benefit analysis to the decision-making processes.
Mr. Adam has recently graduated from NSU and is now thinking of starting an MBA in the USA. How can the cost-benefit model help Mr. Adam in his decision? Discuss in detail how the cost-benefit model can be applied in this case.
John is thinking about going to the movies tonight . A ticket costs $ 9 and he will have to cancel his baby - sitting job that pays $ 20 . The total opportunity cost of seeing the movie is O A ) $9 O B ) $29 O C ) Indeterminate O D ) $ 29 minus the benefit of seeing the movie
Every year the residents of a historical town gatherto determine how much to spend on their park,10 percent or 15 percent of the budget. If everyonevotes for the same percentage, they will spend thatamount, unless the year before everyone voted forthe opposite percentage, in which case they spend theaverage of the two. What characteristic of the idealvoting system is violated in this example?