PRINCIPLES OF MACROECONOMICS LL
6th Edition
ISBN: 9781260819038
Author: Frank
Publisher: MCG CUSTOM
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Chapter 1, Problem 1.4CC
To determine
Explain how many shuttle should NASA have launch if the marginal benefit is $9.
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PRINCIPLES OF MACROECONOMICS LL
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- The US space budget is $24billion. Why do countries spend so much money on space research?arrow_forwardThe average price of gasoline in your neighborhood is $2.99 per gallon. Your neighbor, Diana tells you that you can "save a lot" by frequenting a gas station 20 miles outside your neighborhood where the price of gasoline is $2.43 per gallon However, she cautions you that there are usually long lines at that station. Is her suggestion beneficial to you? Yes, since gasoline is a necessity for car owners, the total cost savings would be relatively substantial. No, if one factors in the non-monetary opportunity costs (driving time and waiting in line), it could prove more costly to go to the lower-priced gasoline station. Yes, the lower price of gasoline at the rivalarrow_forwardSuppose you are part of an economic analysis team charged with recommending a policy response to pesticide risks. Explain the steps your team should take and why.arrow_forward
- You have just woken up and are trying to decide whether to attend an upcoming lecture. The following are the costs and benefits you are considering. Tuition is $7,000 per semester; Books are $500 per semester; Driving to class is $10; Wages earned if you went to work instead are $35; How much you value an extra hour of sleep = $25; The cost of tuition and books ___________ be included in your calculations because they are an example of ________________ costs. Group of answer choices A)should not; sunk B)should; sunK C)should; marginal D)should not; marginal E)should; opportunityarrow_forwardA student has only a few hours to prepare for two different exams this afternoon. This table above shows alternative possible exam scores with three alternative uses of the student’s time. The opportunity cost of raising their economic score from an 87 to 94 is: A. 8 points on the history exam B. 11 points on the history exam C. 7 points on the economic exam D. 10 points on the economics examarrow_forwardIf your marginal benefit (MB) from going to a Johnny Cayer musical concert is $50, it means that ___________arrow_forward
- Suppose a giant snowstorm leaves you snowed in. If your snowblower owning neighbour comes over to help you dig out, this is worse for economic wellbeing than if you had hired a snow removal company to do the same thing. True or False?arrow_forwardTrue or False Opportunity costs are roughly the same for everyone who attends college.arrow_forwardA student stops studying before the point at which his marginal benefits of studying equal his marginal costs. Is the student forfeiting any net benefits? Explain your answer.arrow_forward
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