Angela's biological survival constraint 12 Feasible frontier: Angela and Bruno combined 2.5 24 Angela's hours of free time The diagram shows that: Select one or more: O a. If Angela works 24 hours a day she can still survive. O b. There is a technically feasible allocation where Angela does not work. O c. A new technology that produced more grain would give a larger technically feasible set. O d. If Angela needed less grain to survive the technically feasible set would be smaller. Bushels of grain

Angela's biological survival constraint 12 Feasible frontier: Angela and Bruno combined 2.5 24 Angela's hours of free time The diagram shows that: Select one or more: O a. If Angela works 24 hours a day she can still survive. O b. There is a technically feasible allocation where Angela does not work. O c. A new technology that produced more grain would give a larger technically feasible set. O d. If Angela needed less grain to survive the technically feasible set would be smaller. Bushels of grain

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You are given the following different technologies for producing 100 metres of cloth. Tonnes of coal 10 9 8 7 65 2 1 D 2 3 4 5 6 7 Number of workers Select one: O a. Technology B dominates technology D. O b. O C. E 8 9 10 Technology D is more energy-intensive than technology C. Technology A is the cost-minimising technology at all prices of coal and wages. O d. Technology C can sometimes be a cheaper technology than A CLEAR MY CHOICE
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The figure below shows Angela and Bruno's feasible frontier, Angela's biological survival constraint, and her reservation indifference curve. The total amount of grain produced is 9 bushels if Angela works for 8 hours, and 10 bushels if she works for 11 hours. Angela's biological survival constraint Angela's reservation indifference curve 12 4.5 Feasible frontier Angela and Bruno combined 13 16 24 Angela's hours of free time 6. Technically feasible Economically feasible (joint surplus) 4.5 13 16 24 Angela's hours of free time From this information, we can conclude that: O Under Bruno's best voluntary exchange outcome, he can claim an economic rent of 5 out of the total surplus of 6. O Bruno can increase his share by 2 bushels if he could coerce Angela to work 11 hours, compared to under the voluntary exchange outcome. O Under voluntary exchange, Angela will choose not to work if she is offered 2 bushels of grain for 16 hours of free time. Bruno can devise a take-it-or-leave-it offer…
ITMG 1B Econ 2100 mic E Homework: Basic... Question 15, 1.1 Questio... Consider the figure at the right, which represents the production possibilities boundary for pizzas and guns. The combination(s) of pizzas and guns at O A. points A and C are attainable and efficient. O B. point B is efficient and attainable. O C. points A and C are less efficient than at point B. O D. points A and C require more resources than at point B. O E. point A is more efficient than at point C.
question 3 multiple choice 3 Question 6 multiple choice 6
16. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $595,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Person Ana 530,000 Kevin 750,000 Maria 660,000 Rajiv 620,000 Simone 570,000 Yakov 540,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Ana O Kevin O Maria O Rajiv O Simone O Yakov Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $582,500. This fourth parcel - be sold, because will purchase it from the…
1 20 3. 4 9. 100 110 12 13 14 15 160 17C 18 19 20 31 21 22 23G 24 25 u. DOI (a) ana (C). O e. Both (b) and (c). O f. None of the above. QUESTION 4 Which of the following is true about exchange economies? O a. All core allocations are efficient. O b.In 2-person exchange economies, the core is equal to the set of efficient allocations that is also mutually beneficial relative to initial endowments. O c. In n-person exchange economies (with n>2), the core is smaller than the set of efficient allocations that is also mutually beneficial relative to initial endowments. O d. (a) and (b) are true. O e. (a) and (c) are true. O f. (b) and (c) are true. O g. All of the above are true. O h. None of the above are true. QUESTION 5 Which of the following is true about competitive equilibria in environments where the conditions of the first welfare theorem are satisfied? O a. We have to be able to represent the demand side of the economy by a representative consumer. O b.Consumer surplus is smaller…
11. Angela works farmland owned by Bruno. The diagram below illustrates their joint feasible frontier. Angela's indifference curves are all assumed to have an identical slope, for any given amount of free time, and at point D the slope of Angela's indifference curve is identical to the slope of the feasible frontier at point C. Angela's reservation indifference curve, IC, 12 8. IC2 F: Feasible frontier: Angela and Bruno combined 16 20 24 Angela's hours of free time a) Assume that Angela's reservation option is point F. Use the framework above and a test for Pareto efficiency to establish that point F is not Pareto-efficient while points on the line CD are. b) How might Angela and Bruno achieve a Pareto-efficient outcome? Show diagrammatically where this will be on the diagram. Bushels of grain
Use the diagram below, which indicates maximum combinations of good X and good Y that can be produced with available resources, to answer the question. On production possibility curve AC Good Y B A 0 OF E Good X C O A. output combination A and C represents less efficient resource use than either D or E. O B. output combination D represents the most efficient use of resources. O C. output combinations A, D, E and C all represent full and efficient resource use. O D. output combinations D and E represent full and efficient use of resources, but A, C and F represent inefficient resource use.
Angela's biological survival constraint 12 Feasible frontier. Angela and Bruno combined 2.5 24 Angela's hours of free time The diagram shows that: Select one or more: If Angela works 24 hours a day she can still survive. O a. O b. There is a technically feasible allocation where Angela does not work. O c. A new technology that produced more grain would give a larger technically feasible set. O d. If Angela needed less grain to survive the technically feasible set would be smaller. Bushels of grain