You just got a job in Washington, D.C. You move into an apartment with some acquaintances. All your roommates, however, are slackers and do not clean up after themselves. You, on the other hand, can clean faster than each of them. You determine that you are
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- Tom, Dick, and Harry live in the same apartment building in downtown Los Angeles. Tom and Dick work at local auto parts stores, and each of them has an income of y dollars per week. Harry is less fortunate. He used to have a good job at the LAPD, but his penchant for firing large caliber weapons in crowded public places led to his dismissal. He currently has no income. Tom and Dick (who are originally from Texas) firmly believe in a man’s right to draw his gun in the defence of just about anything, and are happy to financially support Harry. Tom gives Harry zT dollars each week, and Dick gives Harry zD dollars each week Tom’s utility UT depends upon the dollar value of his own weekly consumption, cT , and of Harry’s weekly consumption, cH : Likewise, Dick’s utility UD depends upon the dollar value of his own weekly consumption, cD, and of Harry’s weekly consumption: Harry spends all of the money that he receives from Tom and Dick. Tom and Dick spend…arrow_forwardSuppose Andrea has a job that pays her $50 000 per year (after taxes). She is considering quitting her job and going to university full time for four years. Tuition fees and books will cost $12 000 per year. Living expenses in either situation will cost $20 000 per year. What is the opportunity cost of Andrea's four-year university degree? $200 000 $128 000 $288 000 $240 000 $248 000arrow_forwardYou can spend spring break either working at home for $80 per day for five days or go to Guam for the week. If you stay home, your expenses will total about $100. If you go to Guam, the airfare, hotel, food, and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Guam?arrow_forward
- If Bruce pays $2000 in tuition fees to the college, what does his opportunity cost? $2000 minus the income the student forgoes by attending school rather than working. $2000. the income the student forgoes by attending school rather than working plus his tuition fees. there is no opportunity cost since Bruce chose to study rather than working.arrow_forwardExamine your data from your “Country Organizer 2021” and your map that is now colored in. What patterns do you see? What if there are no patterns? What if your economic data and your social data do not correlate? That’s okay -- explain why you think they don’t correlate. Then examine if your economic data correlates to the wealth or poverty of a country and why? Or you could talk about how your social data correlates to the wealth or poverty of a country and why. You also need to discuss the exception. a) Write 1-2 paragraphs explaining the correlation. Make it a point to reference your data and country (countries) specifically. b) Write 1-2 paragraphs explaining the exceptions. Make it a point to reference your data and country (countries) specifically. Then use outside sources to confirm / support your assertion. No introduction paragraph is needed. Think about part a) and part b) as two separate sets of paragraphs. If we were physically in the building, i’d have you print…arrow_forwardGive a positive and a normative argument about why a business leader would oppose raising the minimum wage. Give a positive and a normative argument about why a labor leader would favor raising the minimum wage.arrow_forward
- A computer systems engineer could paint his house, but it makes more sense for him to hire a painter to do it. Expain why.arrow_forwardIn 2015, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2015 were about $23 per hour, and certain highly skilled professionals, such as doctors and lawyers, earned $100 or more per hour. a. If we assume that wage differences are caused solely by differences in productivity, how many times more productive was the average worker than a worker being paid the federal minimum wage? How many times more productive was a $100-per-hour lawyer compared to a worker earning minimum wage? b. Assume that there are 20 minimum-wage workers in the economy for each $100-per-hour lawyer. Also assume that both lawyers and minimum-wage workers work the same number of hours per week. If everyone works 40 hours per week, how much does a $100-per-hour lawyer earn a week? How much does a minimum-wage worker earn a week? c. Suppose that the government pairs each $100-per-hour lawyer with 20 nearby minimum-wage workers. If the…arrow_forwardWhat is the 'Race to the bottom?' Give an example. How is it related to free trade? How does the phenomenon affect workers, and how does it affect capitalists?arrow_forward
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