Harry enjoys tennis but wants a high grade in his economics course. Figure 1shows Harry's PPF. Figure 2 shows Harry's marginal benefit curve for tennis.hours of tennisIf Harry uses his time to achieve allocative efficiency, he playsa week and his economics grade is percent.70-60-Figure 1Grade in economics (percent)PRE10 12Tennis (hours per week)Q5AXREY1210-8-6-Figure 2Willingness to pay (percentage points per 1HATennis (hours per week)MB10 12

Every individual experiences a finite number of resources based on which they have to manage the…

Harry enjoys tennis but wants a high grade in his economics course. Figure 1 shows Harry's PPF. Figure 2 shows Harry's marginal benefit curve for tennis. If Harry uses his time to achieve allocative efficiency, he plays hours of tennis a week and his economics grade is percent. 70- 60- Figure 1 Grade in economics (percent) PPF 10 12 Tennis (hours per week) Q 5 CO ***** 12 10- Figure 2 Willingness to pay (percentage points per 1 Q 8+ 10 Tennis (hours per week) MB 12

Harry enjoys tennis but wants a high grade in his economics course. Figure 1 shows Harry's PPF. Figure 2 shows Harry's marginal benefit curve for tennis. If Harry uses his time to achieve allocative efficiency, he plays hours of tennis a week and his economics grade is percent. 70- 60- Figure 1 Grade in economics (percent) PPF 10 12 Tennis (hours per week) Q 5 CO ***** 12 10- Figure 2 Willingness to pay (percentage points per 1 Q 8+ 10 Tennis (hours per week) MB 12

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 have the option to play tennis or a round of golf (but not both). The tennis match requires you to take 2 hours off from work and the round of golf requires you to take 4 hours off from work. Playing tennis has value to you equal to $70, while golf has value to you equal to $105. Tennis courts are publicly available at no cost, but golf costs $20 per round. Suppose your wage from working is $12 per hour. Part 2 The net benefit from playing tennis is $ enter your response here and the net benefit from playing golf is $ enter your response here. (Enter your responses as integers.)
8. Andrew and Vladimir are neighbours who enjoy consuming caviar. The demand curve for caviar for Andrew and Vlad are given as follows: Andrew: Vladimir: p = 40-q. p = 80 - 4q. If Andrew and Vladimir are the only two consumers of caviar the market demand curve is kink at the price equals to: a. p = 40 b. p = 20 c. p = 10 d. p = 25
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