According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars Motorcycles remains constant. increases. decreases. initially increases, then decreases. Hybrid cars
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- Kim and Abby are sisters who share a room. Their room can easily get messy, and their parents are always telling them to clean it up. Here are the costs and benefits to both Kim and Abby, of taking time to clean their room: If both Kim and Abby clean, they each spend two hours and get a clean room. If Kim decides not to clean and Abby does all the cleaning, then Abby spends 10 hours cleaning (Kim spends 0) but Abby is exhausted. The same would occur for Kim if Abby decided not to clean - Kim spends 10 hours and becomes exhausted. If both girls decide not to clean, they both have a dirty room. a. What is the best outcome for Kim and Abby? What is the worst outcome? (It may help you to construct a prisoner's dilemma table) b. Unfortunately, we know that the optimal outcome will most likely not happen, and that the worst outcome will probably be chosen instead. Explain what it is about Kim's and Abby's reasoning that will lead them both to choose the worst outcome.Are Alarm clocks and automobiles substitute, compliments, or unrelated1. Working with Numbers and Graphs Q1 Suppose the marginal costs of reading are constant at $5 per hour, while the marginal benefits of reading decline (over time) as more reading is performed. In particular, suppose the following table contains the marginal benefit associated with various levels of hours spent reading. Time Spent Reading Marginal Benefits (Hours) (Dollars per hour) 8 3 12 Assume the marginal-benefit curve is a straight line through the two points described in the table. MARGINAL COST, MARGINAL BENEFIT ($ per hour of reading per week) On the following graph, use the blue points (circle symbol) to plot the marginal-benefit curve for reading. Next, use the orange points (square symbol) to plot the marginal-cost curve for reading. Finally, use the black point (plus symbol) to indicate the point corresponding to the efficient amount of reading (that is, the point at which the net benefits of reading are maximized). 00 32 N 0 2 3 + 6 9 12 15 18 21 READING (Hours per week)…
- Please answer and show complete solution. Thank you!Q6 Homework Answered Due Sep 7th, 11:59 PM . After much consideration, you have chosen Ireland over Spain for your Study Abroad program next year. However, the deadline for your final decision is still months away and you may reverse this decision. Which of the following events could prompt you to reverse this decision? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. The marginal benefit of going to Spain increases. b The marginal cost of going to Spain increases. The marginal benefit of going to Ireland increases. The marginal cost of going to Ireland decreases. X Your answerThere are 15 dozen eggs in a case. The case costs $ 22.56. What doe one egg cost?
- It is a beautiful afternoon, and Jose is considering taking a leisurely two-hour stroll through the park. There ar other activities Jose is considering doing instead. The value Jose receives from each of the activities is provide Alternative Activities Value Streaming a movie $5 Taking a nap $8 Chatting with his best friend $13 Reading a new book $15 What is Jose's cost of taking the stroll through the park?the term "prdouct" refers to physical (i.e. tangible) goods rather than services. True or False? Why?Question 3 ( A B C D E Production Point Mountain Bikes a) straight-line; increase Ob) straight-line; decrease Oc) curved; decrease 0 30 50 60 65 d) curved; increase Beer 100 90 70 40 Refer to the table above. if you were to plot the points, then this would be a PPF, so when you try to produce 5 more mountain bikes from 60 to 65, the opportunity cost of beer will at a higher rate. 0
- Alexandra's Production Possibilities Natalia's Production Possibilities Schedule Schedule Number of Scarves Number of Sweaters Number of Scarves Number of Sweaters Knitted per Day Knitted per Day Knitted per Hour Knitted per Hour 4 3. 2 6. 2 4 2 9. 1 6. 12 8. Which of the following is an acceptable term of trade? Multiple Choice 6 sweaters for 10 scarves 4 sweaters for 10 scarves 2 sweaters for 7 scarves 8 sweaters for 15 scarvesStore Travel Time Each Way (minutes) Price of a Skirt (Dollars per skirt) Local Department Store 15 103 Across Town 30 87 Neighboring City 60 64 Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Skirt Total Cost (Dollars) (Dollars per skirt) (Dollars) Local Department Store 103 Across Town 87 Neighboring City 64Give explanation of correct options and explanation of incorrect options don't upload any graph.