While individuals face trade-offs in consumption, as shown by the budget constraint. there is no such trade-off for society in terms of production or consumption True False
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- Describe three ways in which human decision making differ from the rational individual conventional economic thoeryCombinations 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.The consumer choice is not restricted to the choice of consumptiongoods. In fact, it can apply to all our decisions that involve trade-offs. Suppose Mary has awage per hour of 10 euros. With her earned income she consumes. That isC=wH per day.She also decides how many hours to work of take leisure time each day.H=24-N, whereHis work and N is leisure. Her utility is given by (picture) Solve for the optimal decision of labor/leisure. Plot the budget constraint and the indif-ferent curve. What is the labor supply function?
- Consider Justin who makes $1,400 per week and just won a ‘set for life’ lottery ticket whichinvolves a fortnightly payment of $10,000 for 20 years. Currently he works 35 hours per week. Nowdo the following: • Illustrate the effect of the lottery win on Justins budget constraint using a fully labelleddiagram where i) the horizontal axis represents the hours of free time per week, and ii) thevertical axis represents Justins weekly consumption. • Illustrate on the same diagram Justins optimal decisions before and after the lottery winalong with his indifference curves. • Based on your diagram, discuss whether Justin will quit his job.When 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)Using a diagram, draw the outcome of optimal choice using an indi↵erence curve and the individual’s lifetime budget constraint.
- If an economy can produce various combinationsof food and shelter along a productionpossibilities curve (PPC), then if we increase theproduction of shelter along the PPC, which ofthe following is true?a. We also increase the production of food.b. We must decrease the production of food.This forgone food production representsthe opportunity cost of the increase inshelter.c. We cannot change the production of food.d. The concept of opportunity cost does notapply along PPC.Pareto eliminated psychology from economics:a. by defining utility as ordinal, not cardinal utilityb. searching for secondary qualities of thingsc. defined rationality as consumer behavior only after they have bought something several timesd. by accepting revealed preference.please only do: if you can teach explain steps of how to solve each part what is the optimizatio formula to use for foc? please solve
- EXERCISE 1Below is a production possibilities table for consumer goods (Food) and capital goods(Robots):A B C D EFood 0 1 2 3 4Robots 10 9 7 4 01. Show these data graphically. Upon what specific assumptions is this productionpossibilities curve based?2. If the economy is at point C, what is the cost of one more food? Of one morerobot? Explain how the production possibilities curve reflects the law ofincreasing opportunity costs.3. If the economy characterized by this production possibilities table and curvewere producing 3 food and 2 robots, what could you conclude about its use ofavailable resources?4. What would production at a point outside the production possibilities curveindicate? What must occur before the economy can attain such a level ofproduction?EXERCISE 2Explain how (if at all) each of the following affects the location of a country’s productionpossibilities curve:1. The quality of education increases.2. The number of unemployed workers increases.3. A new technique…After Frank and Ruby engage in trade, each of thema. consumes at a point inside his or her productionpossibilities frontier.b. consumes at a point on his or her productionpossibilities frontier.c. consumes at a point outside his or her productionpossibilities frontier.d. consumes the same amounts of meat andpotatoes as the other.“Study of economics starts by acknowledging life’s trade- offs”. Discuss the statement incontext of principles of economics about individual decision making.