Refer to the above diagram for athletic shoes.MarginalCostMarginalBenefitQuantity of shoesIf the current output of shoes is Q3, then:society would consider additional units of shoes to be less valuable thanO 1)alternative products.2) resources are being allocated efficiently to the production of shoes.society would consider additional units of shoes to be more valuable thanO 3)alternative products.4) society would experience a net gain by producing more shoes.Marginal benefitand marginal cost(dollars)

Economics is a study that analyzes human behavior for its unlimited desires in terms of limited…

If the current output of shoes is Q3, then: society would consider additional units of shoes to be less valuable than O 1) alternative products. O 2) resources are being allocated efficiently to the production of shoes. society would consider additional units of shoes to be more valuable than 3) alternative products. 4) society would experience a net gain by producing more shoes.

If the current output of shoes is Q3, then: society would consider additional units of shoes to be less valuable than O 1) alternative products. O 2) resources are being allocated efficiently to the production of shoes. society would consider additional units of shoes to be more valuable than 3) alternative products. 4) society would experience a net gain by producing more shoes.

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

2. Refer to the data provided in the Table below to answer the following questions. Units of Variable Inputs Required K 2 1 Production 1 unit of output 2 units of output 3 units of output Using Technique A B A B A B 3 2 L 2 3 3 6 Assume the price of labor is $5 and the price of capital is $10. What production technique will be used to produce the one unit of output? Two? Three?
Question 16 ) Listen Refer to the production possibilities curves. Curve (a) is the current curve for the economy. Focusing on curve (a), point N suggests that the economy currently produces: (a) (b) Capital Goods O a) A combination of output that is less than its potential O b) Less goods for the future than at point P O c) Less goods for the present than at point P O d) More goods for the future than at point P Question 17 ) Listen Consider an economy that is producing inside its production possibilities curve. This economy could move closer towards its production possibilities curve by: a) Distributing incomes more equally b) Acquiring additional resources c) Employing more of its available resources d) Increasing the levels of wages and prices Consumer Goods
I need the answer as soon as possible
Please explain correct option clearly. I will upvote.
If a decrease in the price of capital results in increased demand for capital and a proportional increase in the demand for labour, then capital and labour are best described as O A perfect substitutes. O B. gross complements. O C. complements in production. O D. gross substitutes.
1. Assume you must choose between two mutually exclusive alternatives: A or B. The explicit benefit you receive from alternative A, bª, is equal to $100. And, the explicit cost of choosing alternative A, c*, is $80. Also, the explicit benefit to choosing alternative B, b", is $120. What is the accounting return for choosing alternative A, r^? Given r and b", what is the explicit cost that you are willingness to pay (WTP) for alternative B, WTP"? Please include the formulas from class in your answer. How would WTPB change ifr^ increased by $5? Explain. your Using the original set of values for explicit costs and benefits, what would be your economic return to choosing alternative How does this relate to the concept of consumer surplus? if the price that you were charged was $95? Please interpret.
QUESTION 3 Which of the following relationship is correct? O When marginal product (MP) starts to increase; marginal cost (MC) starts to increase O When marginal product (MP) starts to decrease, marginal cost (MC) starts to decrease O When marginal product (MP)starts to decrease, marginal cost (MC) starts to increase O When marginal cost (MC) starts to increase; average variable cost (AVC) starts to decrease
Surplus refers to the amount of Select one: O a. All of the options. O b. amount of utilization. O c. amount of exceed from minimum requirement. O d. amount of underutilization
Suppose that the following Cobb-Douglas utility function is given U(X,Y) = X³y/2, Which of the following is correct? O Law of diminishing Marginal Utility holds for good Y but not for good X while Law of Diminishing Marginal Rate of Substitution holds. Law of diminishing Marginal Utility holds for good X but not for good Y while Law of Diminishing Marginal Rate of Substitution holds. Law of diminishing Marginal Utility holds for good Y but not for good X while Law of Diminishing Marginal Rate of Substitution fails to hold. Law of diminishing Marginal Utility holds for both goods and Law of Diminishing Marginal Rate of Substitution holds as well
Eddie Guitars 32 28 24 20 16 12 8 4 0 Tubas 0 1 2 3 4 5 6 7 8 Dave Guitars 25 20 15 10 5 0 Tubas 0 1 2 3 4 5 35 30 25 20 15 10 5 0 30 25 20 15 10 5 0 0 0 2 1 2 4 3 6 4 8 5 10 6 Eddie and Dave both produce guitars and tubas. They produce a given amount of each per month as seen in the tables above. Given the production possibilities curves of each individual above, answer the following: Who has the comparative advantage in the production of guitars? Eddie, because he is able to produce a greater number of guitars compared to Dave Dave, because his opportunity cost of producing a guitar is 5 tubas compared to Eddie's opportunity cost of producing a guitar of 4 tubas Eddie, because his opportunity cost of producing a guitar is 0.25 tubas compared to Dave's opportunity cost of producing a guitar of 0.20 tubas Dave, because he is able to produce a lower number of guitars compared to Eddie Dave, because he is able to produce a greater number of guitars compared to Eddie Dave, because his…
Kindly provide the correct option attached
Coffee D₁ ed Refer to the above. What would cause the change illustrated by the shift from D to D2, if D is the original curve? O A decrease in the price of sugar An increase in consumer incomes O An improvement in the production of coffee O A new study showing caffeine greatly increases one's blood pressure