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- Suppose your Chaffey college tuition per semester is $4,000 and your extra expenses with the college during the year (books, ather materiais, gas, meals, etc) sum $3,000. If you were not attending college, you could work at firm X and get an annual salary of $ 5,000. What is your opportunity cost of attending college in one year? In your calculations assume that you are taking 2 semesters in a yearple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…(a) Can we determine if point F is allocatively efficient? If so, is it allocatively efficient?
- MICROECONOMICS ( ALL OF IT IS ONE QUESTION!!!) For the article write the number of the graph that best describes what happened. King Size Beds For some couples, the solution for too much pandemic togetherness is saying good night on Valentine’s Day in a bigger bed where they don’t need to touch. After nearly two years of working from home and sharing close quarters with spouses, kids and pets, people are tossing out their full- and queen-size beds in favor of more spacious kings. After nearly two years of working from home and sharing close quarters with spouses, kids and pets, people are tossing out their full- and queen-size beds in favor of more spacious kings. Robert Pagano and his girlfriend, Tracy Jones, weighed the pros and cons of switching to a king from a queen last year. The couple, who live in Las Vegas, had been getting on each other’s nerves when they were stuck working from home. “We hoped a bigger bed would help us avoid arguments,” Mr. Pagano said. “But we were…. What is the difference between micro and macro economics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one. 2. Go to the internet and find a recent article that you find that is relevant for this section. Provide the link, and a summary of the article and discuss, in a few words, why you found the article interesting 3. Provide an example of a sunk cost. How does this differ from a marginal cost? Explain a time you did (or should have) used marginal analysis to solve a problem.2. Indicate whether the following statement(s) applies to microeconomics (Micro) or macroeconomics (Macro): a) A U.S. automobile manufacturing firm announced to hire 500 workers last month. (. b) The unemployment rate in the United States was 13.3 percent in March 2020. c) In 2011 an unexpected late spring frost after planting in southwestern Minnesota incurred additional costs to farmers as they replanted, although replanting payments are covered by insurance. (
- 3 2. A decision at the margin Jake is a hard-working college sophomore. One Tuesday, he decides to work nonstop until he has answered 110 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 50 10:00 AM 80 11:00 AM 100 Noon 110 Use the table to answer the following questions. The marginal, or additional, gain from Jake’s first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Jake’s third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant for Jake’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 25 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For…What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. b. a. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. Opportunity cost is a cost associated with the allocation of abundant resources arnong alternative uses. Opportunity cost is a monetary measure of cost that takes into C. d. е. account only explicit costs, or costs that can be counted. + vi 6:58 9In economics, what is the term for the highest-valued alternative that must be sacrificed when making a decision? A. Marginal cost B. Opportunity cost C. Sunk cost D. Average cost
- I need help with my homework. The Principle of Opportunity Cost Arrow up or down: An increase in the wage for high school graduates..................the opportunity cost of college. I'll attach a picture with explanation about high school graduates. my textbook macroeconomics by o'sullivan 10th edition 978 013 519 6434 thank you!Question 4 Jesse works as a research assistant and is currently surveying participants in a study. In a typical work week Jesse can complete 24 surveys if he only works on surveys and works efficiently. Jesse's professor also wants him to read research papers. In the time it takes Jesse to read 1 research paper he can complete 3 surveys. If Jesse works efficiently, which of the following combinations of surveys and papers can he complete in a typical work week? Read 4 papers and complete 12 surveys Read 72 papers and complete O surveys Read 3 papers and complete 18 surveys Read 12 papers and complete 4 surveys Question 5 Omar and Max are TAs for ECN 104, they have to grade assignments and write exam questions. In an hour, Omar can either grade 15 assignments or write 10 exam questions, Max can either grade 20 assignments or write 11 exam questions. Which of the following statements is TRUE? Max exchanging 10 assignments he has graded for 6 exam questions Omar has written is a mutually…