5. Answer the questions using the following inform together making iPads and Selfie Sticks. Using the information, answer the questions below. Aaron & Oscar decide to go into businesS Selfie Sticks per hour 25 25 IPads hour per 20 Aaron Oscar 10 a) Who has absolute advantage in making iPads? b) Who has absolute advantage in making Selfie Sticks? c) What is the opportunity cost of making one iPad for Aaron? (SHOW WORK, or you get NO CREDIT!)? d) What is the opportunity cost of making one Selfie Stick for Aaron? e) What is the opportunity cost of making one iPad for Oscar (SHOW WORK, or you get NO CREDIT!)? f) What is the opportunity cost of making one Selfie Stick for Oscar? g) Create a comparative advantage chart for Aaron and Oscar using the opportunity cost figures you found in parts c – f (create a chart like the one from your notes). h) Who has comparative advantage in making iPads? Who has comparative advantage in making Selfie Sticks? How do you know this? Circle the items in which each individual has comparative advantage in the chart created from part g).

5. Answer the questions using the following inform together making iPads and Selfie Sticks. Using the information, answer the questions below. Aaron & Oscar decide to go into businesS Selfie Sticks per hour 25 25 IPads hour per 20 Aaron Oscar 10 a) Who has absolute advantage in making iPads? b) Who has absolute advantage in making Selfie Sticks? c) What is the opportunity cost of making one iPad for Aaron? (SHOW WORK, or you get NO CREDIT!)? d) What is the opportunity cost of making one Selfie Stick for Aaron? e) What is the opportunity cost of making one iPad for Oscar (SHOW WORK, or you get NO CREDIT!)? f) What is the opportunity cost of making one Selfie Stick for Oscar? g) Create a comparative advantage chart for Aaron and Oscar using the opportunity cost figures you found in parts c – f (create a chart like the one from your notes). h) Who has comparative advantage in making iPads? Who has comparative advantage in making Selfie Sticks? How do you know this? Circle the items in which each individual has comparative advantage in the chart created from part g).

Name: 5. Answer the questions using the following information. Aaron & Osca
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Description: 5. Answer the questions using the following information. Aaron & Oscar decide to go into businesstogether making iPads and Selfie Sticks. Using the information, answer the questions below.IPadshourSelfie Stickshourper25per9:41Aaron20Oscar1025a) Who

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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Read the following passage that describes why some consumers clip coupons while others don't. Then answer the question that follows. ▼ THE ECONOMIC RATIONALE BEHIND COUPON CLIPPING, BY THE APLIA ECONOMICS CONTENT TEAM If coupon clipping is so rewarding, why doesn't everyone do it? According to basic economic theory, the number one reason is that coupon clipping isn't actually free. Sure, it doesn't explicitly cost you money out of your pocket, but it does cost you time to scan newspapers, magazines, and the Internet for savings that sometimes seem insignificant. Economists refer to this as the opportunity cost of clipping coupons. For example, an hour spent clipping coupons means an hour less to spend earning income, enjoying leisure time, or sleeping. For those who have fewer high-value alternatives competing for their time, such as stay-at-home parents or retired senior citizens, coupon clipping may be time well spent. ACcording to the Wall Street Journal (Source: "Doing the Math on…
Read the following passage that describes why some consumers clip coupons while others don't. Then answer the question that follows. THE ECONOMIC RATIONALE BEHIND COUPON CLIPPING, BY THE APLIA ECONOMICS CONTENT TEAM If coupon clipping is so rewarding, why doesn't everyone do it? According to basic economic theory, the number one reason is that coupon clipping isn't actually free. Sure, it doesn't explicitly cost you money out of your pocket, but it does cost you time to scan newspapers, magazines, and the Internet for savings that sometimes seem insignificant. Economists refer to this as the opportunity cost of clipping coupons. For example, an hour spent clipping coupons means an hour less to spend earning income, enjoying leisure time, or sleeping. For those who have fewer high-value alternatives competing for their time, such as stay-at-home parents or retired senior citizens, coupon clipping may be time well spent. According to the Wall Street Journal (Source: "Doing the Math on…
Econ 444-02 (Corporate Economics), Fall 2015Problem Set #2Due in class Thursday, September 24Problem 1. Alice and Barbra sell used CDs at music festivals. Each is decidingwhether or not to set up their booth at the last festival of the summer. The festivalis scheduled to take place in Alton, very near where Alice lives. It will cost her only$30 to travel the festival. Barbra is farther away, and it will cost her $100 to travelto Alton. Both Alice and Barbra would prefer to be only CD sellers at the festival,since they would avoid competition. If only one seller is at the festival, she will make$150 during the day (not counting travel costs). If both Barbra and Alice sell CDsat the festival, they will lower their prices and each make $50 during the day. BothAlice and Barbra receive $0 for not attending the festival.1. Draw the Normal Form of the game Alice and Bob are playing, be sure to labelthe game completely.2. Does either player have a dominant strategy? If so, what is it?3. List…
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