15. What best describes the optimal choice withdivision of time?O a. Sleep the bare minimum, and spend somebut not all other hours of the day on fun.O b. Sleep the bare minimum, and spend nohours of the day on fun.O c. Sleep more than the bare minimum, andspend all other hours of the day on fun.O d. Sleep more than the bare minimum, andspend no hours of the day on fun.O e. Sleep more than the bare minimum, andspend some but not all other hours of the day onfun.O f. Sleep the bare minimum, and spend allother hours of the day on fun. 14. What is the maximised value conditionalon the two constraints? (Round to two decimalpoints.)Your Answer:[--

15. The optimal choice with the division of time is e. Sleep more than the bear minimum, and spend…

5. What best describes the optimal choice with ivision of time? a. Sleep the bare minimum, and spend some ut not all other hours of the day on fun. b. Sleep the bare minimum, and spend no ours of the day on fun. - c. Sleep more than the bare minimum, and pend all other hours of the day on fun. d. Sleep more than the bare minimum, and bend no hours of the day on fun. - e. Sleep more than the bare minimum, and bend some but not all other hours of the day on un.

5. What best describes the optimal choice with ivision of time? a. Sleep the bare minimum, and spend some ut not all other hours of the day on fun. b. Sleep the bare minimum, and spend no ours of the day on fun. - c. Sleep more than the bare minimum, and pend all other hours of the day on fun. d. Sleep more than the bare minimum, and bend no hours of the day on fun. - e. Sleep more than the bare minimum, and bend some but not all other hours of the day on un.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 7SCQ: What is an example of a problem in the world today, not mentioned in the chapter, that has an...

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Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40
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ng Exchange 2021 ON1000- Principles of Economics 1| S1 21/22 Time left 0:34:02 The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. stion 18 yet vered Prices and Quantities ked out of Year Price of Cereal Quantity of Price of Milk Quantity of Cereal Milk Flag estion 2008 $4.00 90 $1.50 150 2009 $4.00 100 $2.00 180 In 2009, this country's Select one: a. real GDP was $660, and the GDP deflator was 115.2 b. real GDP was $670, and the GDP deflator was 115.2 C. real GDP was $670, and the GDP deflator was 113.4 d. real GDP was $660, and the GDP deflator was 113.4 Next page Previous page
An economy produces two goods ,X and Y .lt uses two means of production, labour and capital. A unit of labour can produce either 1unit of X or 4units of Y (or linear combination of the two).A unit of capital can produce either 4units of X or 1unit of Y (or linear combination of the two)there are 100units of each means of production. (i) Draw the production possibility frontier of the economy when the two goods can only be produced by a mixture of both factors. (ii)What will be the opportunity cost of X if the economy produces 50units of X ? (iii) Given that the production technology is linear ,will the opportunity cost of X remain unchanged when we produce 90units of X ? (iv)Briefly explain the difference between the PPC with a constant opportunity cost and the PPC with an increasing opportunity cost as more output of one good is produced. Use a well labeled diagram to explain your answer?
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1. Suppose that the country of Greece has only one factor of production, labour, and can produce at most 1500 units of olives and at most 6000 units of cheese. (a) Draw the PPF of Greece, with cheese on the vertical axis. What is the oppor- tunity cost of producing cheese? What must be the relative price of olives for Greece to specialise in producing olives? To produce both goods? Pc
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