Chapter 1&2 Activity Questions

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Toni Sargeant Professor Kessio Principles of Microeconomics 17 May 2020 Chapter 1&2 Activity Critical Thinking Questions 20. Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert. Specialization in a certain skill or job allows workers to focus on the parts where they have an advantage. Everybody has different talents and interests some might be better at some things than others. When a worker focuses on a specific task they often learn how to produce more quickly and at a higher quality. They might even be able to suggest ways for work to get done more efficiently. For example, the baker specializes in baked goods such as breads, desserts and other pastries. They might take 20 minutes to make a dessert because they are familiar with the task. The chef will be familiar with preparing entrees and can quickly execute a recipe. When faced with something new, people take extra time to adapt and learn that can be eliminated with practice.

Problems Use this information to answer the following 4 questions: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. 23. If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week? Marie would be able to buy a maximum of 6 magazines a week for $4 each. 24. If the price of a pie is $12, what is the maximum number of pies she could buy in a week? Marie would be able to buy a maximum of 2 pies a week at $12 each. 25. Draw Marie’s budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint? The slope of the budget constraint is -3. 26. What is Marie’s opportunity cost of purchasing a pie? Marie’s opportunity cost of purchasing a pie is the decrease in funds to purchase magazines. If she bought one pie for $12, she would have $12 left to buy magazines. She would only be able to buy 3 magazines for $4 each. 0 1 2 3 4 5 6 0 1 2 3 4 5 6 Budget Pies Magazines

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