Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Sophia is planning her activities for a hot summer day. She would like to go to the local swimming pool and see the latest blockbuster movie, but because she can only get tickets to the movie for the
same time that the pool is open she can only choose one activity. This illustrates the basic principle that
A.
rational people think at the margin.
В.
people face tradeoffs.
C.
improvements in efficiency sometimes come at the expense of equality.
D.
people respond to incentives.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbe59aab9-d846-45e4-9c85-48d1701af51d%2F63810136-21e3-47cd-a669-9ac30d31a673%2Fogjmoik_processed.png&w=3840&q=75)
Transcribed Image Text:Sophia is planning her activities for a hot summer day. She would like to go to the local swimming pool and see the latest blockbuster movie, but because she can only get tickets to the movie for the
same time that the pool is open she can only choose one activity. This illustrates the basic principle that
A.
rational people think at the margin.
В.
people face tradeoffs.
C.
improvements in efficiency sometimes come at the expense of equality.
D.
people respond to incentives.
![The following question is referred to the table Q27 below:
Table Q27: Fixed and Variable Input, Output and Marginal product
Fixed
Variable
Output
Marginal
product
input
input
(quantity)
(MP)
1
1
1
10
Y
1
30
1
3
X
10
The values for Y and Z are:
А.
5 and 10
В.
10 and 10
С.
10 and 20
D. O
20 and 30](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbe59aab9-d846-45e4-9c85-48d1701af51d%2F63810136-21e3-47cd-a669-9ac30d31a673%2F9fw5y2f_processed.png&w=3840&q=75)
Transcribed Image Text:The following question is referred to the table Q27 below:
Table Q27: Fixed and Variable Input, Output and Marginal product
Fixed
Variable
Output
Marginal
product
input
input
(quantity)
(MP)
1
1
1
10
Y
1
30
1
3
X
10
The values for Y and Z are:
А.
5 and 10
В.
10 and 10
С.
10 and 20
D. O
20 and 30
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