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 thesame time that the pool is open she can only choose one activity. This illustrates the basic principle thatA.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 productFixedVariableOutputMarginalproductinputinput(quantity)(MP)11110Y13013X10The values for Y and Z are:А.5 and 10В.10 and 10С.10 and 20D. O20 and 30

Answered: Image /qna-images/answer/63810136-21e3-47cd-a669-9ac30d31a673.jpg

Answered: A. rational people think at the margin.…

A. rational people think at the margin. В. people face tradeoffs. с. О improvements in efficiency sometimes come at the expense of equality.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.

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