(Table: Maximin Data) This table represents four different societies (1, 2, 3, and 4) and the average incomes of the high-, middle-, and low-income groups in each society, as well as the overall average income of each society. Which society is best according to John Rawis's maximin principle? Insert appropriate prompt, input type, and other instructions O A. 1 O B. 2 TIDI Society High $200 S00 150 100 Middle $150 600 125 100 Low $100 70 115 100 Overall Average $150 490 130 100 O c. 3 O D. 4 3. 4.
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- -- 49. Table 11-4 There are four homes along Belmont Circle, which surrounds a small plot of land. The land currently has no trees, and the 4 homeowners - Adams, Benitez, Chen, and Davis -- are considering the idea of contributing to a pool of money that will be used to plant up to 4 trees. The table represents their willingness to pay, that is, the maximum amount that each homeowner is willing to contribute toward each tree. Adams Chen $100 First tree Second tree Third tree Fourth tree A. 3 B. 2 C. 1 50 D. 4 20 10 Benitez $115 110 100 50 $120 110 80 40 Davis $90 Refer to Table 11-4. Suppose the cost to plant each tree is $90. How many trees should be planted to maximize the total surplus of the four homeowners? 50 30 O8. The interaction of individual choices Because eels are highly endangered as a species, many governments enact laws prohibiting fishing along their migration route. Initially, eel fishers complain about this restriction on the locations they can fish, but after a while they notice that the number eels swimming outside regulated areas is much higher than it was before. With the laws in place, eel fishers end up catching a greater quantity of eels than they did prior to the enactment of the laws. Which of the following principles of economic interaction best describes this scenario? O Markets allocate goods effectively. O When markets do not achieve efficiency, government intervention can improve overall welfare. O There is a tradeoff between equality and efficiency. O Markets usually lead to efficiency.Choose the right answers. (A) The infant mortality rate Measures the proportion of children who died between O and 1 year, inclusive. (B) The infant mortality rate Measures the proportion of children who have died and are less than one year old. O C) The infant mortality rate is the percentage of children who have died and are under one year of age (D) The infant mortality rate measures the proportion of children under the age of 5. 2) true or false The gross mortality rate in a country is always consistent with life expectancy in that country.
- 2. Determining opportunity cost Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 Discounted minutes away from where she works, and pay a marked-up Marked-up price price price of $102 for the suit: Juanita's office Original price Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Store Local Department Store 15 102 Across Town 30 88 Neighboring City 60 63 Juanita makes $18 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $18 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing…16. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $595,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Person Ana 530,000 Kevin 750,000 Maria 660,000 Rajiv 620,000 Simone 570,000 Yakov 540,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Ana O Kevin O Maria O Rajiv O Simone O Yakov Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $582,500. This fourth parcel - be sold, because will purchase it from the…Antonio and Caroline are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Antonio 40 8 Caroline 28 7 ___________has an absolute advantage in the production of alfalfa, and __________ has an absolute advantage in the production of barley. Antonio's opportunity cost of producing 1 bushel of barley is ____ bushels of alfalfa, whereas Caroline's opportunity cost of producing 1 bushel of barley is______ bushels of alfalfa. Because Antonio has a ______ opportunity cost of producing barley than Caroline,________ has a comparative advantage in the production of barley and_______ has a comparative advantage in the production of alfalfa.
- 1. The rules regarding economic decision maker behavior are: Group of answer choices A: Consumers behave rationally and maximize utility, but producers do not behave rationally B: Producers behave rationally and maximize profits, but consumers do not behave rationally C: consumers are ratiional and maximize utility, and producers are rational and maximize profits D: Consumers maximize total consumption, and producers maximize productionQuestion 25 One key advantage of social media for entrepreneurs is that it is usually easy to track conversion (customers taking a desired action, such as a purchase) and sales numbers. O True O False Question 26 Companies building better products for their best customers are pursuing what type of strategy? O Disruptive innovation O Low Cost Leader O Sustaining innovation O A and B Question 27 Wal-Mart is an example of what type of innovation? O Low Cost Leader O Low-Cost Disruption O Sustaining O Critical path Question 28. Apple's iPhone is a: O Sustaining innovation O Low Cost Disruption O New Market Disruption O Really Cool Innovation Question 29 Why did Blackberry lose market share? O Because it deviated from the job its customers wanted to hire O Because the iPhone was cooler O Because it tried to introduce its touch screen technology before all the bugs were worked out O Because its phones don't work well Question 30 In the Milkshake Sales and Profits scenario, what jobs were the…2. (All right, this one IS tricky. Use the hints and do the best you can!) Suppose there are 2 brothers - Cain and Abel. Cain has a utility function U(L,R) 2min {L,R}, where L and R are left and right shoes respectively. Abel's utility function for shoes is U(L,R)-3L+3R. Further, suppose Cain's endowment is (4 left, 8 right) while Abel's endowment is (7 left, 2 right). a. b. C. d. e. Carefully construct the Edgeworth Box for this exchange economy being careful to label everything and to indicate the box's dimensions. Label the endowment point as well as the initial indifference curves for both Cain and Abel. Label the Contract Curve. (Hint: they cannot trade ½ a shoe.) What are the possible equilibria in this economy? Describe how those equilibria would occur.
- ECN 210 Dr. M. Di Liberto Principles of Economics I: Microeconomics Worksheet - Chapter 2 Problem 1 Suppose there are three techniques for producing 1 wool blanket (Techniques 1, 2, and 3), as shown in the table above. а. Given the resource prices shown, which production technique would the firm use? Why? b. Suppose the firm can sell blankets for $26 each. Would the firm be profitable? c. Assume a new technique is developed that economizes on the relatively expensive labor. It requires 2 units of land, one unit of labor, 3 units of capital, and 1 unit of entrepreneurial ability. Would the firm adopt this new technique? d. Suppose the firm's cost of capital rises to $5, all other values being the same. Which technique would the firm now choose? Price per Unit of Resource Resources Required Resource Technique 1 Technique 2 Technique 3 Technique 4 Units Costs Units Costs Units Costs Units Costs Land $2 2 3 Labor $4 2 1 Capital Entrepreneurship $3 $5 1 2 3 1 1 1 1 Total Price per Unit of…Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…(Table: Customer Valuations for Lawn Services I) The table shows customer valuations for different lawn services. Consumer Valuations per Season Lawn Cutting Fertilizing $ 800 $400 1,000 250 Consumer Ben Ethan The marginal cost of lawn cutting is $400, and the marginal cost of fertilizing is $200. Suppose the lawn service prices its services separately. In this case, the company should charge $ for fertilizing. O 250 800 600 Bundle $1,200 1,250 400