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- John spends $10,000 on on-year's college tuition instead of working full-time at McDonald's (his next best alternative). The opportunity cost of spending one year in college for John would be which of the following? * O $10,000 O 1 year's of McDonald's salary O 1 year's worth of McDonald's salary + $10,000 2 year's worth of McDonald's salary all of the above16. How prices allocate resources Suppose that there are three plots of mountain resort land available for sale in Niseko and six potential buyers, each interested in purchasing one plot. Assume that all of the plots are basically indistinguishable and that the minimum selling price of each is $400,000. The following table lists each potential buyer's willingness and ability to purchase a plot of land. Person Willingness and Ability to Purchase (Dollars) Felix 550,000 Janet 480,000 Larry 420,000 Megan 380,000 Raphael 340,000 Susan 330,000 Which of these people will purchase one of the three mountain resort plots? Check all that apply. Felix Janet Larry Megan Raphael Susan Now, assume that the three mountain plots have been sold to the people that you Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.Q3. The table below depicts the maximum buying prices and minimum selling prices that potential buyers and sellers have for a horse. Assume that a horse is considered to be a good of the first order. Potential Buyer $300 $280 $260 $240 $220 $210 $200 $180 $170 $150 Al A2 A3 A4 AS A6 A7 A8 A9 A10 Potential Seller $100 $110 $150 $170 $200 $215 $250 $260 Bl B2 B3 B4 B5 B6 B7 B8 (a). Based on the original valuations of potential buyers and sellers in the table above, identify the market clearing price that will bring this market to a state of rest. Provide a description of the important properties of this price. (b). Distinguish between the original valuations with which the market participants enter the market and the momentary valuations that prevail when they engage in exchange. Focusing on the potential sellers, explain why each of them would try to align their momentary valuations with the market clearing price? (c). Assume now that trade takes place at a price that is not the market…
- R Imagine that it costs $40 in the United States to produce one ton of soybeans and transport them to market, while it costs $30 in Brazil to produce one ton of soybeans and transport them to market Imagine that it costs $20,000 in the United States to produce one automobile and transport it to maket, while costs $10,000 in Brazil to produce one automobile and transport it to market. Which of the following four arrangements would be most efficient? (Hint: Derived OC from PPF (production) = 1/OC derived from costs to make ) a. The United States should produce everything, since it can produce both soybeans and automobiles better than Brazil can produce them. Ob. Brazil should specialize and produce only automobiles. The United States should specialize and produce only soybeans. Then the two countries should trade with each other. Brazil will send automobiles to the United States, while the United States sends soybeans to the Brazil. Oc. The United States should specialize and produce…do part dYour neighborhood pizza restaurant has a deal: Pay $3 at the door, and eat as much pizza as you want for lunch. What is the marginal cost of eating your second slice of pizza? O $1.5 O Impossible to say if we don't know how many slices you eat in total. O so O $3
- Suppose the graph below shows Gilligan's daily production possibilities curve for coconuts and fish. Which points on the graph are efficient? Coconuts (lbs/day) 8 7 6 0 0 O Multiple Choice O O O 1 2 3 4 5 Point A A Fish (lbs/day) Point B C Point C B Both points A and B 6Eric and Kyle are fishermen with different equipment and, as a result, different costs for catching fish. Eric’s costs for catching fish are $1,000 per ton for the first five tons and then $2,500 per ton for any additional tons. Kyle can harvest fish at a cost of $3,000 for the first 15 tons and then $1,400 for any additional tons. a. If society wants 30 tons of fish and for some reason will only allow one of the two guys to do all the fishing, which one should society choose if it wants to minimize the cost of catching those 30 tons of fish? How much will the total cost of catching the fish be? What will the average cost per ton be for the 30 tons? b. If society wants 30 tons of fish and wants them for the least cost regardless of who catches them, how much should Eric and Kyle each catch? How much will the total cost of catching 30 tons be? What will the average cost per ton be for the 30 tons? c. Suppose that Eric and Kyle can both sell whatever amount of fish they catch for $3,000…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…
- Pls help with this homework.The graph given below indicates Marshall's marginal utility for two products, A and B. Marginal utility 24 20 16 12 8 4 0 (1) Quantity 1 2 3 4 5 6 2 (2) Product A MU 4 Quantity of A: Quantity of B: 6 8 Quantity per period (3) Product A (4) MU per $ Product B (at $2) MU 10 Product A Product B 12 a) From the graph above, complete columns 2 and 4 of the table above. Round your answers to whole numbers. b) If the price of both products is $1, what quantity of each good would Marshall purchase if his budget was $8? Quantity of A: Quantity of B: c) Suppose that the price of product A increases to $2. Complete column 3 of table above. d) If Marshall's budget remained the same, what quantities of each good would he now purchase?Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…