EBK MICROECONOMICS
2nd Edition
ISBN: 9780134458496
Author: List
Publisher: VST
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Question
Chapter 3, Problem 4P
To determine
Time spent studying for different quizzes when a time constraint is given.
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Assume you are pursuing a bachelor’s degree and you have 40 hours to divide between work and school in a week. You choose the amount of time you spend on each based on the classes you take and the hours you request at work. The degree will take you 3 years to complete if you dedicate 40 hours a week and do not take summers off. Obviously, if you devote no time to school, you never get your degree.
You have been going to school full time for two quarters. In the third quarter, you do not receive as much loan money as you anticipate and need. You decide to work 20 hours a week to make up the difference and take fewer classes. What is your opportunity cost? Make sure to include how this change will factor into the length of time it will take you to finish your degree.
Macmillan Learning
Christine and Paul are deciding how to split their time
between writing music and writing lyrics for their new
album. Their PPFs for 72 hours of work are shown in the
accompanying diagram. Christine and Paul have to write
music for 8 songs and lyrics for 12 songs; 4 songs already
I have music. When they are done, they can go to a private
island and relax from all their hard work. It is possible that
they will use more than 72 hours.
Once they start writing lyrics and music, assuming their hired
help packs for them, and their plane is waiting outside their
door, in how many hours can they board the plane to their
relaxing island getaway?
Music written (in # of songs)
9.
8-
2-
Paul's PPF
1-
Christine's PPF
0
1
3
4
5 6 7
8
9.
Lyrics written (in # of songs)
Christine has a comparative advantage in writing
Paul has a comprative advantage in writing
Christine will write music for
songs.
Paul will write music for
songs.
Christine will write lyrics for
songs.
Paul will write…
Assume the market clearing price is $5.00 for deli sandwiches and the amount of exchange that would
take place at that price is 200 deli sandwiches per day. You, however, don't have this information and
have just opened your deli. You decide to price your sandwiches at $9.00 and are willing and able to sell
285 sandwiches per day at that price. When you do this, you notice you sell 100 sandwiches per day.
Draw this situation on a graph and then explain what will happen in this market -- i. e., if there is a
shortage or surplus, show this on the graph and then explain what the shortage or surplus will cause to
happen in the market. Make sure you talk about inventories in your answer.
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