CONNECT CODE FOR PRINCIPLES OF MACROECO
6th Edition
ISBN: 9781260397437
Author: Frank
Publisher: MCG
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Chapter 1, Problem 8P
To determine
Explain why the cola lasts much longer at an individual ‘J’ houses than at individual ‘S’ house.
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Two roommates John and Joe are playing a simultaneous game of cleaning the apartment. If neither of them clean, the apartment gets filthy and both get a utility of 2. If John cleans and Joe doesn't, John gets a utility of 1 and Joe gets a utility of 4. If Joe cleans and John doesn't, Joe gets a utility of 1 and John gets a utility of 4 and if both clean up the apartment, they each get a utility of 3.
Is the equilibrium efficient?
Assume two moms live next to each other and both have one preschooler. They meet each other for the first time and discover that both of them work part-time twice a week. It turns out that both of them have their children attend a child care facility close to home. Furthermore, they each learn that when one mom is working the other is at home and vice versa. One of the moms has an idea and proposes to the other mom that each take care of the other's child while they work. That way they can save money on child care. If they do this, what will happen to the official GDP reported by the government and why? Is society necessarily worse off as a result of this arrangement?
Suppose that there are three beachfront parcels of land available for sale in Astoria, and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the selling price of each is $745,000. The following table states each person's willingness and ability to purchase a parcel.
Willingness and Ability to Purchase
(Dollars)
Alyssa
720,000
Brian
690,000
Crystal
680,000
Nick
900,000
Rosa
810,000
Tim
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Which of these people will buy one of the three beachfront parcels? Check all that apply.
Alyssa
Brian
Crystal
Nick
Rosa
Tim
Assume that the three beachfront parcels are sold to the people you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a price of $732,500. This fourth parcel _____________be sold…
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CONNECT CODE FOR PRINCIPLES OF MACROECO
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