Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
expand_more
expand_more
format_list_bulleted
Textbook Question
thumb_up100%
Chapter 1, Problem 2SCQ
Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount ham the residents can consume in a month?
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
When goods are called homogenous. What does this actually means?
Given the following graph, calculate how many cakes we would need to give up to produce one cookie (Round your answer to 2 decimal places):
Cakes
50
40
Cookies
30
20
In the economy, is there only one efficient combination of goods?
Chapter 1 Solutions
Principles of Economics 2e
Ch. 1 - What is scarcity? Can you think of two causes of...Ch. 1 - Residents of the town of Smithfield like to...Ch. 1 - A consultant works for 200 per hour. She likes to...Ch. 1 - A computer systems engineer could paint his house,...Ch. 1 - What would be another example of a system in the...Ch. 1 - Suppose we extend the circular flow model to add...Ch. 1 - What is an example of a problem in the world...Ch. 1 - The chapter defines private enterprise as a...Ch. 1 - Why might Belgium, France, Italy, and Sweden have...Ch. 1 - Give the three reasons that explain why the...
Ch. 1 - What are three reasons to study economics?Ch. 1 - What is the difference between microeconomics and...Ch. 1 - What are examples of individual economic agents?Ch. 1 - What are the three main goals of macroeconomics?Ch. 1 - How did John Mayhem Keynes define economics?Ch. 1 - Are households primarily buyers or sellers in the...Ch. 1 - Are firms primarily buyers or sellers in the goods...Ch. 1 - What are the three ways that societies can...Ch. 1 - What is globalization? How do you think it might...Ch. 1 - Suppose you have a team of two workers: one is a...Ch. 1 - Why would division of labor without trade not...Ch. 1 - Can you think of any examples of free goods, that...Ch. 1 - A balanced federal budget and a balance of trade...Ch. 1 - Macroeconomics is an aggregate of what happens at...Ch. 1 - Why is it unfair or meaningless to criticize a...Ch. 1 - Suppose, as an economist, you are asked to analyze...Ch. 1 - Why do you think that most modern countries...Ch. 1 - Can you think of ways that globalization has...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Prepare a production cost report and journal entries (Learning Objectives 4 5) Vintage Accessories manufacture...
Managerial Accounting (5th Edition)
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (4th Edition)
What are some of the problems with using the CPI?
Construction Accounting And Financial Management (4th Edition)
Prepare journal entries for the following transactions from Barrels Warehouse.
Principles of Accounting Volume 1
Why is leadership important for ethical conduct in corporations?
Principles of Management
Fixed manufacturing overhead variance analysis (continuation of 8-23). The Sourdough Bread Company also allocat...
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Knowledge Booster
Similar questions
- What is equilibriumarrow_forwardDo you think that it is better to be efficient or to have a choice about prices, color, size, etc.? Why or why not? Do you feel that choices about a good help to offset the inefficiencies?arrow_forwardu work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, flopsicles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies increases by 4%, the quantity of flopsicles sold increases by 1% and the quantity of mookies sold decreases by 5%. Your job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the…arrow_forward
- In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an eight-hour day, Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. At what price will trade happen?arrow_forwardThe difference between the price a consumer is willing to pay for a product and the price the consumer eventually pays is called?arrow_forwardCS 25 Economicsarrow_forward
- Can you explain donut economicsarrow_forwardQUESTION 37 What is the relationship between scarcity and shortage, as economists use the terms? Scarcity creates shortages in the long run. Scarcity is unavoidable but shortages are not. Shortages are the basic cause of scarcity. Scarcity is relative while shortages are absolute. Scarcity and shortage cannot exist simultaneously. QUESTION 38 If the quantity of gasoline supplied currently exceeds the quantity demanded, O gasoline is no longer a scarce good. Othere is a surplus of gasoline. the price of gasoline would tend to remain unchanged. all of the above are true. none of the above is true.arrow_forwardREAD THEN ANSWER THE QUESTION : In January 2020, Starbucks raised their beverage prices by an average of1% across the U.S, a move that represented the company’s firstsignificant price increase in 18 months. I failed to notice because the pricechange didn’t affect grande or venti (medium and large) brewed coffeesand I don’t mess with smaller sizes, but anyone who purchases tall size(small) brews saw as much as a 10 cent increase. The company’s thirdquarter revenue rose 25% to $417.8 million from $333.1 million a yearearlier, and green coffee prices have plummeted, so what gives?Starbucks claims the price increase is due to rising labor and non-coffeecommodity costs, but with the significantly lower coffee costs alreadyimproving their profit margins, it seems unlikely this justification is the truereason for the hike in prices. In addition, the price hike was applied to lessthan a third of their beverages and only targets certain regions. Implementingsuch a specific and minor price…arrow_forward
- READ THEN ANSWER THE QUESTION : In January 2020, Starbucks raised their beverage prices by an average of1% across the U.S, a move that represented the company’s firstsignificant price increase in 18 months. I failed to notice because the pricechange didn’t affect grande or venti (medium and large) brewed coffeesand I don’t mess with smaller sizes, but anyone who purchases tall size(small) brews saw as much as a 10 cent increase. The company’s thirdquarter revenue rose 25% to $417.8 million from $333.1 million a yearearlier, and green coffee prices have plummeted, so what gives?Starbucks claims the price increase is due to rising labor and non-coffeecommodity costs, but with the significantly lower coffee costs alreadyimproving their profit margins, it seems unlikely this justification is the truereason for the hike in prices. In addition, the price hike was applied to lessthan a third of their beverages and only targets certain regions. Implementingsuch a specific and minor price…arrow_forwardREAD THEN ANSWER THE QUESTION : In January 2020, Starbucks raised their beverage prices by an average of1% across the U.S, a move that represented the company’s firstsignificant price increase in 18 months. I failed to notice because the pricechange didn’t affect grande or venti (medium and large) brewed coffeesand I don’t mess with smaller sizes, but anyone who purchases tall size(small) brews saw as much as a 10 cent increase. The company’s thirdquarter revenue rose 25% to $417.8 million from $333.1 million a yearearlier, and green coffee prices have plummeted, so what gives?Starbucks claims the price increase is due to rising labor and non-coffeecommodity costs, but with the significantly lower coffee costs alreadyimproving their profit margins, it seems unlikely this justification is the truereason for the hike in prices. In addition, the price hike was applied to lessthan a third of their beverages and only targets certain regions. Implementingsuch a specific and minor price…arrow_forwardWhen households plant trees in their front yards they reduce pollution and air conditioning costs for both themselves and their neighbors. Will households plant the efficient number of trees? Explain why or not and draw a graph to show your point. The graph should be clearly labeled.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning