1. Consider a society with three people (A, B, and C) and four feasible allocations (r1; 12; 13; x4)The utilities for each of the three people from each allocation are displayed in the followingtable:21I233IAUA0888UB28928Uc12110(a) (3 points) Which allocation(s) would be chosen by a Utilitarian planner?(b) (3 points) Which allocation(s) would be chosen by a Rawlsian planner?

1-a. Utilitarian planner: x1A Utilitarian planner will choose the allocation that maximizes total…

Answered: 1. Consider a society with three people…

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 18SQ

See similar textbooks

Similar questions

2. Aaron and his friends Britney, Carlos, Diana, Emily, Frank, Gwen, Hugo, Isabela, and Juliana have two choices for weekend activities. They can either go to the neighborhood park or get together in Aaron's hot tub. The park isn't much fun, which means that the benefits from being there are low on the friends' common utility scale. In fact, each of the friends receives a benefit equal to 6 "utils" from being at the park. This benefit doesn't depend on how many of the friends go to the park. Aaron's hot tub, on the other hand, can be fun, but the benefits of using it depend on how many of the friends are present. When the tub isn't too crowded, it's quite enjoyable. When lots of people show up, however, the tub is decidedly less pleasant. The relationship between benefit per person (measured in utils) and the number of people in the hot tub (denoted by T) is where AB denotes "average benefit." a) Using the above formula, compute AB for T = 1,2,3,...,10. Next compute total benefit from…
Joab and his friends used to play a game where they put on a dog's electric fence collar and tried to stand over the electric fence line because, after careful consideration of the costs and benefits, they decided that the benefits of watching their friends get shocked outweighed the costs of being shocked themselves. According to the economic way of thinking, by playing this game, Joab and his friends were O not responding to the incentives they faced. making an irrational choice. making a rational choice. not fully considering the costs and benefits of their decision since this is obviously a mistake for anybody to do.
Q15.) Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12. 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is m? 6 magazines 2.) If she buys 1 pie the number of magazines she can buy in a week is? 3 magazines 3.) What is her S opportunity cost of purchasing a pie? $4 What is question 4 answer? 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___
Option Baseball Bats Tennis Racquets A 20 2 19 C 4 18 6. 16 8 10 F 10 The table above shows the production possibilities frontier for a company producing only 2 goods: baseball bats and tennis racquets. Suppose the company is currently producing 4 bats and 10 racquets all of which have been ordered by customers. If customer John puts in an order for 4 bats, so that the total number of bats to produce would then be 8, what is be the opportunity cost of filling John's order? 8 racquets 10 racquets nothing 18 racquets
3. Efficiency in the production possibilities model Suppose the fictional country of Olympia produces only two goods: millet and microprocessors. The following graph plots Olympia's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. MICROPROCESSORS (Millions) 100 80 40 20 O 0 PPF +T 20 +< A 40 + E B * D 60 MILLET (Millions of bushels) хс 80 100 (?)
6
9
2. You are offered the opportunity to work as a tutor in Introductory Microeconomics. You estimate your total opportunity cost from doing different numbers of hours of tutorials to be the amounts shown in the Table below. Payment for tutorials is $100 for the first hour each week, and $75 for every subsequent hour. How many hours of tutoring would you choose to do each week if you are a rational decision-maker? Hours of tutoring per week 0 1 2 3 4 5 Total Opportunity cost 0 $40 $90 $150 $220 $300
12
The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.
Please no written by hand and no image
Question 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. a) State whether 9units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. (State all that applies) b) Person 2, can produce3 units of Good B or 4 units of Good A per hour who has the absolute advantage in the production of Good B? c) who has the absolute advantage in the production of Good A? d) Calculate the opportunity cost for Good B for Person 2 e) Calculate the opportunity cost for Good A for person 1 f) who has the comparative advantage in the production of Good B? g) who has the comparative advantage in the production of Good A?

SEE MORE QUESTIONS

Recommended textbooks for you

MACROECONOMICS FOR TODAY

Economics

ISBN:

9781337613057

Author:

Tucker

Publisher:

CENGAGE L

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

MACROECONOMICS FOR TODAY

Economics

ISBN:

9781337613057

Author:

Tucker

Publisher:

CENGAGE L

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Microeconomic Theory

Economics

ISBN:

9781337517942

Author:

NICHOLSON

Publisher:

Cengage

Economics (MindTap Course List)

Economics

ISBN:

9781337617383

Author:

Roger A. Arnold

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS