The figure shows Alexei's feasible frontier and indifference curves. 100 90 Feasible frontier IC, 24 Hours of free time per day Which of the following is correct? O a. The student is indifferent between B, D and E because they are on the same feasible frontier. O b. The slope of the feasible frontier shows the trade-off between final grade and free time that the student is willing to make. O c. Alexei is indifferent between A and B. O d. The student's optimal decision is G because it represents the highest level of utility. O e. Alexei prefers D to C. Final grade

The figure shows Alexei's feasible frontier and indifference curves. 100 90 Feasible frontier IC, 24 Hours of free time per day Which of the following is correct? O a. The student is indifferent between B, D and E because they are on the same feasible frontier. O b. The slope of the feasible frontier shows the trade-off between final grade and free time that the student is willing to make. O c. Alexei is indifferent between A and B. O d. The student's optimal decision is G because it represents the highest level of utility. O e. Alexei prefers D to C. Final grade

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

4 the options for the first blank are raise, lower, or not change. the opetions for the second blank are lower than, higher than, or the same as. thank you!
The table below contains 5 points on an economist's production possibilities frontier. What is the opportunity cost of moving from 14 lectures produced to 15 lectures produced? Combination Lectures A B C D E F 3 Publications 0 5 10 Publications 9 12 14 15 Publications 10 9 O 1 Lecture O The Time Spent Giving the 15th Lecture 3 0
Point A B C D E Production of X Production of Y 0 40 3 36 6 28 9 16 12 0 The above table shows production combinations on a country's production possibilities curve. What is the opportunity cost of decreasing the production of good Y from 28 to 16 units? O 12 units of good X O 6 units of good X There is no opportunity cost when moving from one point to another along a production possibilities curve. O 3 units of good X
Suppose a bakery has 20 employees to be designed as bread bakers (B) and cake bakers (C), so that B+C=20.asap thanks
6. Scarcity, opportunity cost, and marginal analysis Bob is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: In order to ski for one hour, Bob must take that time off of work, where he earns an hourly wage of $19. Additionally, there is a $8 entrance fee to the skiing facility. Which basic principle of individual choice do these statements best illustrate? O People usually exploit opportunities to make themselves better off. O The cost of something is what you give up to get it. O Markets are usually a good way to organize economic activity. O Trade can make everyone better off.
Potatoes 120- (a) 10 units of potatoes. (b) 20 units of potatoes. (c) 30 units of potatoes. (d) 40 units of potatoes. 100 90 70 40 20 D 10 20 30 40 Wine 7. From FIGURE 1, if the economy is operating at point C, the opportunity cost of producing an additional 10 units of oranges will be Oranges 8. From FIGURE 1, the production possibilities curve might shift outward to include G if (a) the economy put all unemployed resources to work. (b) the economy experienced more rapid price inflation. (e) improved training increased the productivity of workers such that there is economic growth. (d) the nation's population declined Bread FIGURE 1 D FIGURE 2 9. Refer to FIGURE 2. An economy is operating at full employment, and then workers in the bread industry are laid off. This change is portrayed in the movement from: (a) A to B (b) B to E (c) C to F (d) G to F
The world in which we live is complex and to understand it, human beings make use of some orother simplification process. A theory can accordingly be seen as an attempt to simplify things.Such an observation may come as a surprise to those who have often heard remarks to the effectthat such and such a theory is difficult, or at the least terribly complicated. We should neverthelessremind ourselves that a theory involves an attempt to simplify things – it is the world out there thatis the complicated entity. A particular theory (or model) is merely trying to reduce it to manageableproportions, at least as far as understanding our environment is concerned.”In economics, theory is presented in a simple form by making the…1.23a) Post hoc assumptionb) Fallacy of compositionc) Ceteris paribus assumptiond) Blinkered approach
Which of the following is one of the four economic principles of individual decision making? O Rational people make decisions based on average costs and benefits. O Rational people respond to incentives in predictable ways. The cost of something is the amount of money you pay to get it. O Both b and care correct. O a, b, and c are all correct.
Tell me why each point deserves to be where it is
Which of the following statements is consistent with how changes in opportunity cost are expected to affect behavior? O a. The lower the opportunity cost of doing X, the more likely X will be done. b. The higher the opportunity cost of doing X, the more likely X will be done. O c. There is no relationship between opportunity cost and behavior. d. The lower the opportunity cost of doing X, the less likely X will be done.
I need the answer as soon as possible
D E B 04 What does point D on this graph represent? O An optimal choice O A choice on the budget constraint O An impossible choice given the income O A choice that would result in income left over