Q10 **Graph of TB & TC from Hours Working:** The graph below measures the benefits and costs from working, from the perspective of a worker. The variable $ Q $ stands for the number of hours the worker works, such that the horizontal axis measures the hours of work per week. On the assumption that they can choose their hours, the worker estimates a total benefit (TB) from working according to the equation, $ TB = 1.335Q $. (The value "1.335" might be interpreted as the hourly wage paid to the worker.) The worker estimates their total cost from working with the equation, $ TC = Q(0.463) + Q^2(0.027) $. (The TC of each $ Q $ might be interpreted as including the displeasure of effort and exertion from working $ Q $ hours.) It can be assumed that $ TC > TB $ for all hours beyond point B (32.3).In the graph:- The vertical axis represents TB and TC (Total Benefit and Total Cost).- The horizontal axis represents the number of hours worked, $ Q $.- The blue curve represents the Total Benefit (TB).- The red curve represents the Total Cost (TC).- Point A is marked, corresponding to 32.3 hours, where the curves intersect.- Beyond point B (32.3 hours), TC exceeds TB.According to the graph, point A corresponds to 32.3 hours. Based on the worker's estimation of the costs and benefits, the Net Benefit (NB) from working for a certain number of hours can be analyzed. The multiple-choice options provided ask about the number of hours where NB from working certain hours is greater than the NB from another count of hours. Point A is a key reference in these calculations.**Options:**- A. $ 16.148; 32.296 $- B. $ 32.296; 16.148 $- C. $ 40; 32.296 $- D. $ 40; 20 $

Blue line is TB (i.e., Total benefit) Red line is TC (i.e., Total cost) Net benefit (NB) is TB minus…

Graph of TB & TC from Hours Working: The graph below measures the benefits and costs from working, from the perspective of a worker. The variable Q stands for the number of hours the worker works, such that th horizontal axis measures the hours of work per week. On the assumption that they can choose their hours, the worker estimates a total benefit ( TB) from working according to the equation, TB = 1.335Q. (The value 1.335" might be interpreted as the hourly wage paid to the worker.) The worker estimates their total cost from working with the equation, TC Q(0.463)+Q°(0.027).(The TC of each Q might be interpreted as includir he displeasure of effort and exertion from working Q hours.) It can be assumed that TC > TB for all hours beyond point B (32.3). TB, TC 40 H 30 20 10-

Graph of TB & TC from Hours Working: The graph below measures the benefits and costs from working, from the perspective of a worker. The variable Q stands for the number of hours the worker works, such that th horizontal axis measures the hours of work per week. On the assumption that they can choose their hours, the worker estimates a total benefit ( TB) from working according to the equation, TB = 1.335Q. (The value 1.335" might be interpreted as the hourly wage paid to the worker.) The worker estimates their total cost from working with the equation, TC Q(0.463)+Q°(0.027).(The TC of each Q might be interpreted as includir he displeasure of effort and exertion from working Q hours.) It can be assumed that TC > TB for all hours beyond point B (32.3). TB, TC 40 H 30 20 10-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Q10

**Graph of TB & TC from Hours Working:**

The graph below measures the benefits and costs from working, from the perspective of a worker. The variable $ Q $ stands for the number of hours the worker works, such that the horizontal axis measures the hours of work per week. On the assumption that they can choose their hours, the worker estimates a total benefit (TB) from working according to the equation, $ TB = 1.335Q $. (The value "1.335" might be interpreted as the hourly wage paid to the worker.) The worker estimates their total cost from working with the equation, $ TC = Q(0.463) + Q^2(0.027) $. (The TC of each $ Q $ might be interpreted as including the displeasure of effort and exertion from working $ Q $ hours.) It can be assumed that $ TC > TB $ for all hours beyond point B (32.3).

In the graph:

- The vertical axis represents TB and TC (Total Benefit and Total Cost).
- The horizontal axis represents the number of hours worked, $ Q $.
- The blue curve represents the Total Benefit (TB).
- The red curve represents the Total Cost (TC).
- Point A is marked, corresponding to 32.3 hours, where the curves intersect.
- Beyond point B (32.3 hours), TC exceeds TB.

According to the graph, point A corresponds to 32.3 hours. Based on the worker's estimation of the costs and benefits, the Net Benefit (NB) from working for a certain number of hours can be analyzed. The multiple-choice options provided ask about the number of hours where NB from working certain hours is greater than the NB from another count of hours. Point A is a key reference in these calculations.

**Options:**

- A. $ 16.148; 32.296 $
- B. $ 32.296; 16.148 $
- C. $ 40; 32.296 $
- D. $ 40; 20 $

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