Macroeconomics 20th Edition
15th Edition
ISBN: 9781308227689
Author: McConnell
Publisher: Mcgraw-Hill/Create
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Chapter 1, Problem 1RQ
To determine
Match the correct answer.
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Students have asked these similar questions
match each term with the correct definition
;economics
opportunity cost
marginal analysis utility
a. the next best thing that must be forgone in order to produce one more unit of a given product
b. the pleasure happiness or satisfction obtained from consuming a good or service.
c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity
d. making choices based on comparing marginal benefits with marginal cost
Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.
a. According to economic theory, society makes an important tradeoff between scarcity,
choice and opportunity costs. Carefully discuss this tradeoff with relevance to health
economics.
b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books.
i. What is his opportunity cost of opening the NGO? (Show working)
ii. What core economic principles are considered in the doctor’s decision making?
Chapter 1 Solutions
Macroeconomics 20th Edition
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Briefly explain the use of graphs as a way to...Ch. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 2ARQ
Ch. 1.A - Prob. 1APCh. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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