PRINCIPLES OF MICROECONOMICS-CONNECT ACC
7th Edition
ISBN: 9781264198603
Author: Frank
Publisher: MCG
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Question
Chapter 1, Problem 1RQ
To determine
Explain the statement ‘the private classes are better than the group classes’.
Expert Solution & Answer
Explanation of Solution
In general, the benefits from private lessons are greater than attending group lessons. People those who do not care about the time of learning tennis will attend group lessons and spend what they save on other things. Thus, the private lessons are more costly than group lessons.
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Students have asked these similar questions
Rajiv is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting.
Consider the following scenario: Rajiv has only 15 hours available to devote to his training this week. Each hour he spends skiing is one hour that cannot be spent working onhis shooting.
Which basic principle of individual choice do these statements best illustrate?
People face trade-offs.
Rajiv has an incentive to spend more time on skiing than on shooting.
People usually exploit opportunities to make themselves better off.
Rajiv can use time most efficiently by spending the same amounts of time on skiing and shooting.
Please provide an explanation as to why each choices is either correct or wrong.
What can be used to determine if a choice is worth the cost?
cost-benefit analysis
choice-benefit analysis
risk-benefit analysis
trade-benefit analysis
Chapter 1 Solutions
PRINCIPLES OF MICROECONOMICS-CONNECT ACC
Ch. 1.A - Prob. 1CCCh. 1.A - Prob. 2CCCh. 1.A - Prob. 3CCCh. 1.A - Prob. 4CCCh. 1.A - Prob. 5CCCh. 1.A - Prob. 6CCCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQ
Ch. 1 - Prob. 5RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Residents of your city are charged a fixed weekly...Ch. 1 - Prob. 8PCh. 1 - For each long-distance call anywhere in the...Ch. 1 - Prob. 10PCh. 1 - Prob. 1.1CCCh. 1 - Prob. 1.2CCCh. 1 - Prob. 1.3CCCh. 1 - Prob. 1.4CCCh. 1 - Prob. 1.5CC
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- How does cost-benefit analysis differ from cost-effectiveness analysis?arrow_forwardWhich of the following best demonstrates the influence of economic factors on consumer decision-making? a. A consumer buys a Lexus after her neighbors and garden club pals each buy one. b. A married couple with three young children purchase a minivan. c. A blue collar worker holds off on buying a new truck, pending potential layoffs at work. d. A young professional buys a utility vehicle for off-road exploring.arrow_forwardEric is training to run a marathon. Consider the following sentence: Eric has only 20 hours per week that he can devote to training for his race. Which basic concept of individual choice does this sentence best illustrate? People usually exploit opportunities to make themselves better off. A. Resources are scarce. B. All costs are opportunity costs. C. Many decisions are made on the margin.arrow_forward
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