Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
8th Edition
ISBN: 9780134641843
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 3, Problem 5SPPA
To determine

Changes in opportunity cost

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Table 1:  ​ James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles.  What is Lucy's opportunity cost of making a wagon?
John Stossel’s Video “GREED,” by ABC News. 45-minute videoGreed (ABC 20/20 - 1998) (with English subtitles) - YouTube 1. If greed in some measure seems to be a rather universal characteristic, is it possible channel or directit to achieve good results or socially acceptable ends? Explain .2. The poet John Donne said “No man is an island, entire of itself; every man is a piece of the continent,a part of the main...” As you recall Mr. Stossel’s steak dinner, explain what would undoubtedly happento your personal standard of living if you were live a completely self-sufficient life-style? What wouldyou spend most of your time doing? 3. Would it ever be logical – be in your best interest to turn down a pay raise? 4. Explain how people respond to incentives and how markets turn self-interested behavior to thebenefit of consumers.
Q.5. Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. Draw Maria’s production possibilities frontier for reading economics and sociology  What is Maria’s opportunity cost of reading 100 pages of sociology?
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