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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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
Mitchell and Scott can produce either apples or oranges. The table lists the maximum number of each that they can produce per day. Apples Oranges Mitchell 6 30 Scott 12 24 Which of the following combinations of goods is it possible for Mitchell and Scott to consume if they can trade apples and oranges on the world market at a price of $6/kg for apples and $1/kg for oranges? 15kg of apples and 18kg of oranges 15kg of apples and 20kg of oranges 10kg of apples and 50kg of oranges Okg of apples and 108kg of oranges
Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to: Multiple Choice switch away from growing corn and into growing soy beans. switch away from growing soy beans and into growing corn grow less corn, but not change their production of soy beans. grow more corn, but not change their production of soy beans.
Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first, second, and third choice and then vote on the options. Table 18.2 shows their first, second, and third choice preferences. Explain why they will have a hard time teaching a decision. Does the group prefer mountain biking to canoeing? What about canoeing compared to the beach? What about the beach compared to the original choice of mountain bikings Go to Settings to activate Window
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Your total benefits from spending time with your spouse are shown in the following table. Hours per Day 0 Total Benefit 0 20 38 54 68 80 90 98 104 Alternatively, you have the option of working as many hours as you want, earning $11 per hour. Assume this is the next best use of your time. Use the marginal principle to find your optimal number f hours to spend with your spouse per day. The optimal amount of time for you spend with your spouse is hours per day. (Enter your response as an integer.)
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Solve the attachment.
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Alex lives in Moscow, where tomatoes sell for $2 a kilo, oranges sell for $1 a kilo and mango sell for $3 a kilo. He earns $15 per day. Kate lives in Novosibirsk, where tomatoes sell for $3 a kilo, oranges sell for $6 a kilo and mango sell for $5. She earns $55 a day. Consider two alternative situations: (i) Alex consumes 4 kilos of tomatoes, 4 kilos of oranges and 1 kilo of mango; Kate consumes 6 kilos of tomatoes, 2 kilos of oranges and 5 kilos of mango. (ii) Alex consumes 4 kilos of tomatoes, 4 kilos of oranges and 1 kilo of mango, Kate consumes 1 kilo of tomatoes, 7 kilos of oranges and 2 kilos of mango. Can you determine whether in either of these situations Alex and Kate have different tastes? Explain.
How do I find opportunity cost