Microeconomics (2nd Edition) (Pearson Series in Economics)
2nd Edition
ISBN: 9780134492049
Author: Daron Acemoglu, David Laibson, John List
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 9P
(a)
To determine
The Optimal score earned on the test.
(b)
To determine
The Optimal number of study hours.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Consider your decision to read this textbook on economics. Identify which of the four core principles of economics (the cost benefit principle, the opportunity cost principle, the marginal principle, or the interdependence principle) is most relevant for the following aspects of that decision.
Reading this textbook will help establish a solid foundation for understanding concepts you will learn in more advanced economics courses.
Reading this textbook will require time and effort, but doing so will help you improve your grade in this course.
The time you will spend reading this textbook could instead be used to study for your chemistry exam.
Each extra page that you read and each practice problem that you complete will help you increase your understanding of the material.
You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? Explain.
Imagine that you are trying to decide whether to cross a street without using the designated crosswalk at the traffic signal. What are the expected marginal benefits of crossing? The expected marginal costs? How would the following conditions change your benefit–cost equation?
Chapter 1 Solutions
Microeconomics (2nd Edition) (Pearson Series in Economics)
Knowledge Booster
Similar questions
- Can you explain this? I thought that it would be options C: when all resources are being used. arrow_forwardMichael owns a strawberry farm in central California and is deciding how many strawberries to supply this month. Which question appropriately applies the cost-benefit principle to the supply decision? Is the price Michael gets for the extra bushel of strawberries at least as large as the marginal cost? What is the fixed cost of production for Michael's strawberries? If Michael was not producing strawberries, how else could he use his resources? Is Michael "holding all else constant" when making this decision?arrow_forwardMalaria Eradication Back on the Table In response to the Gates Malaria Forum in October 2007, countries are debating the pros and cons of eradication. Dr. Arata Kochi of the World Health Organization believes that with enough money malaria cases could be cut by 90 percent, but it would be very expensive to eliminate the remaining 10 percent of cases, so countries should not strive to eradicate malaria. Make a graph with the percentage of malaria cases eliminated on the x -axis and the marginal cost and marginal benefit of driving down malaria cases on the y -axis. On your graph: (i) Draw a marginal cost curve and marginal benefit curve that are consistent with Dr. Kochi’s opinion. (ii) Identify the quantity of malaria eradicated that achieves allocative efficiency.arrow_forward
- Based on the information in the above table, the opportunity cost of producing the fourth movie isarrow_forwardSuppose your friend ask you to go watching a movie while you are studying for an examination. what would be the opportunity cost of watching the movie? Explain your answer.arrow_forwardIn the attached figure, if 2 million computers are produced per year, then:a. The marginal cost of one computer exceeds the marginal benefit of one computer, so more computers must be produced.b. The marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.c. The marginal benefit of a computer exceeds the marginal cost of a computer, so more computers must be produced.d. The marginal benefit of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.FOR EACH ALTERNATIVE, PLEASE EXPLAIN WHY IS TRUE, FALSE OR UNCERTAIN.arrow_forward
- Which of the following statements is most true? You will purchase 2 slices of pizza because the Marginal Cost of the third slice exceeds the Marginal Benefit. You will purchase 2 slices of pizza because the Marginal Cost of the third slice exceeds the Marginal Benefit. You will purchase 3 slices of pizza because the Marginal Cost of the fourth slice exceeds the Marginal Cost. You will purchase 3 slices of pizza because the Marginal Cost of the fourth slice exceeds the Marginal Cost. You will purchase 2 slices of pizza because the Marginal Benefit of the third slice exceeds the Marginal Cost. You will purchase 2 slices of pizza because the Marginal Benefit of the third slice exceeds the Marginal Cost. You will purchase 1 slice of pizza because the Marginal Benefit of the second slice exceeds the Marginal Costarrow_forwardAt any quantity, when the marginal benefit equals the marginal cost, that quantity is said to bearrow_forwardColin gives away 2 marbles each time he makes a pokemon card construct a graph that represents constant opportunity costarrow_forward
- .. Imagine that you are trying to decide whether to cross a street without using the designated crosswalk at the traffic signal. What are the expected marginal benefits of crossing? What are the expected marginal costs? How would the following conditions change your benefit cost equation? The street was busy. The street was empty, and it was 3:00 A.m. you were in a huge hurry. There was a police officer 10 metres away. The closest crosswalk was 1 kilometre away. The closest crosswalk was 5 metres away.arrow_forwardYou are planning to spend Saturday working at your part- time job, but a friend asks you to go skiing. What is the true cost of going to skiing?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning