Nn2 Tommy is a crystal miner where he travels to various places to dig and find crystals for his collection. Currently, Tommy found a total of 200 crystalsof at least 30 different kinds all over the United States.1. Scarcity principle applies in this scenario.2. Crystals are considered a scarce resource.3. This is only considered an economic situation if Tommy sells the crystals rather than collecting them for himself.Which of the above statements are true?Only 1 is true.Only 2 is true.Both 1 and 2 are true.Both 1 and 3 are true.O All three are true.Don is a skilled sculptor who carves old blocks of wood into a range of animal shapes. It costs Don $20 to produce the first sculpture and $10 foreach subsequent sculpture. Don can sell 6 sculptures for $165 and 7 sculptures for $185.Which of the following statements are true:The average cost for producing 8 sculptures is $10 per sculpture.The marginal cost of producing the seventh sculpture is $10.Don should produce the seventh sculpture because the marginal revenue is greater than the marginal cost.The marginal benefit of the seventh sculpture is $30.

For multiple questions, we can provide the solution only for one question as per our Q&A…

Don is a skilled sculptor who carves old blocks of wood into a range of animal shapes. It costs Don $20 to produce the first sculpture and $10 for each subsequent sculpture. Don can sell 6 sculptures for $165 and 7 sculptures for $185. Which of the following statements are true: The average cost for producing 8 sculptures is $10 per sculpture. The marginal cost of producing the seventh sculpture is $10. Don should produce the seventh sculpture because the marginal revenue is greater than the marginal cost. The marginal benefit of the seventh sculpture is $30.

Don is a skilled sculptor who carves old blocks of wood into a range of animal shapes. It costs Don $20 to produce the first sculpture and $10 for each subsequent sculpture. Don can sell 6 sculptures for $165 and 7 sculptures for $185. Which of the following statements are true: The average cost for producing 8 sculptures is $10 per sculpture. The marginal cost of producing the seventh sculpture is $10. Don should produce the seventh sculpture because the marginal revenue is greater than the marginal cost. The marginal benefit of the seventh sculpture is $30.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

An advantage of the Multidimensional Poverty Index (MPI) over the Human Poverty Index (HPI) is that: (a) It adds up separate deprivations for the whole country, then takes averages, and then combines them. (b) It provides the sum of the difference between the poverty line and actual income levels of all people living below that line. (c) It gives the proportion of a country’s population living below the poverty line. (d) It takes into account that there are negative interaction effects when people have multiple deprivations
10 10Can you Do it fast. Please do not post which is already there on chegg need only fnrn format if not answer be devoted 10:-Certainly, it was a A)............ economy with the B).................... of the working population C).................... on the primary sector for occupation
Hhe paypil prbeluces. Drive the first orler Condition of Maximization for lutemediate gad with respect to Pel) Peti -MCtti
None
clai)= A.Q, claz) = Bq A CA, B,a,P) ail positive Q = Dp> all positive
A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Complete the table. Income Quintile Share of Income $15,000 Bottom $20,000 $30,000 2nd $30,000 $35,000 3rd $40,000 $45,000 4th $50,000 $55,000 Top $80,000 If $4000 is taxed from the top earner and transferred to the lowest earner, would that increase or decrease the share of income held by the top quintile? Would this transfer increase or decrease the share of income held by the bottom quintile? Would this have any effect on the 2nd quintile? The 3rd? The 4th? Would this transfer increase, decrease, or have no effect on income inequality in this group? Redistributing income from the highest earner to the lowest one would reduce the utility of the top earner and increase the utility of the lowest earner. But what would happen to the overall utility of the…
at job group(Occupation) was the smallest among immigrants? Why do you think so few people from that group came to the United States?2.) What job group was the largest? Why do you think so many people from that group came to the United States?
12
Consider the lottery that assigns a probability T of obtaining a level of consumption CH and a probability 1-T of obtaining a low level of consumption c, with CH > C1. Consider an individual facing such a lottery with utility function u(c) that has the properties that more is better (that is, a strictly positive marginal utility of consumption at all levels of c) and diminishing marginal utility of consumption, u"(c) < 0. As usual, we are using the shorthand u'(c) consumption and u"(c) = " = dư ( to be the second derivative of the utility function (which is also the derivative of the first derivative of the utility function). du(c) for the first derivative of the utility function with respect to dc du(c) dc2 du' (c) dc
The top 1% of income earners makes 18.8 percent of all income and pays 28.3 percent of all taxes makes 27.6 percent of all income and pays 18.1 percent of all taxes. makes 55.1 percent of all income and pays 68.7 percent of all taxes. makes 68.7 percent of all income and pays 55.1 percent of all taxes. 58
Latest statistics obtained from Board of Engineers Malaysia (BEM) official website states thatthere is currently a total of 14,794 registered Professional Engineers in Malaysia, as shown inFigure 1. This is slightly below 10% of the total Graduate Engineers registered with BEM.Most developed nations have an engineer to population ratio of 1:100, that is 1 engineer forevery 100 persons in the population. This means that there is still a shortage of registeredengineers in Malaysia since our population is approximately 32.7 million. Discuss the impact of a shortage in registered Graduate Engineers and ProfessionalEngineers to the nation. a) You are required to provide at least three (3) different impactsand include any credible references to support your discussion.b) Recommend at least four methods to increase the number of registered ProfessionalEngineers in Malaysia.(Answer must be at least 1500 words)