3. Because people are purposeful and self-interested, voluntary exchanges:A) must be mutually beneficial.B) are basically random.C) usually benefit one person and harm the other.D) should be viewed with suspicion.4. Which of the following is in the CORRECT chronological order?A) A change in demand, a change in quantity supplied, a change in priceB) A change in demand, a change in price, a change in quantity suppliedC) A change in price, a change in quantity supplied, a change in demanD) A change in price, a change in demand, a change in quantity supplied5. What would happen in the market for bicycles if the price of electric scooterfor bicycles) fell?A) Equilibrium price and equilibrium quantity would both riseB) Equilibrium price and equilibrium quantity would both fallC) Equilibrium price would rise and equilibrium quantity would fallD) Equilibrium price would fall and equilibrium quantity would risequestion 1:question 2

Change in Demand:A change in demand refers to a shift in the entire demand curve for a particular…

3. Because people are purposeful A) must be mutually beneficial. B) are basically random. C) usually benefit one person an D) should be viewed with suspici 4. Which of the following is in A) A change in demand, a change B) A change in demand, a change. C) A change in price, a change i D) A change in price, a change i 5. What would happen in the marke for bicycles) fell? A) Equilibrium price and equilibs B) Equilibrium price and equilibr C) Equilibrium price would rise D) Equilibrium price would fall a question 1: +

3. Because people are purposeful A) must be mutually beneficial. B) are basically random. C) usually benefit one person an D) should be viewed with suspici 4. Which of the following is in A) A change in demand, a change B) A change in demand, a change. C) A change in price, a change i D) A change in price, a change i 5. What would happen in the marke for bicycles) fell? A) Equilibrium price and equilibs B) Equilibrium price and equilibr C) Equilibrium price would rise D) Equilibrium price would fall a question 1: +

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Determining opportunity cost Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, Discounted price located 15 minutes away from where she works, and pay a Marked-up price marked-up price of $122 for the skirt: Juanita's office Original price Travel Time Each Way Price of a Skirt Store (Minutes) (Dollars per skirt) Local Department Store 15 122 Across Town 30 90 Neighboring City 60 78 Juanita makes $60 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $60 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by…
2. Determining opportunity cost Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 Discounted minutes away from where she works, and pay a marked-up Marked-up price price price of $102 for the suit: Juanita's office Original price Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Store Local Department Store 15 102 Across Town 30 88 Neighboring City 60 63 Juanita makes $18 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $18 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing…
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13_Economics