Wilma can prepare 12 meals or wash 36 shirts in a day. Fred can prepare 9 meals or wash 18 shirts in a day. ___________ should specialize in preparing meals and ___________ should specialize in washing shirts.

Wilma can prepare 12 meals or wash 36 shirts in a day. Fred can prepare 9 meals or wash 18 shirts in a day. _ should specialize in preparing meals and _ should specialize in washing shirts.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Mention any examples of unlimited wants from daily life.
Stan Moneymaker needs 15 gallons of gasoline to top off his automobile’s gas tank. If he drives an extra eight miles (round trip) to a gas station on the outskirts of town, Stan can save $0.10 per gallon on the price of gasoline. Suppose gasoline costs $3.90 per gallon and Stan’s car gets 25 mpg for in-town driving. Should Stan make the trip to get less expensive gasoline? Each mile that Stan drives creates one pound of carbon dioxide. Each pound of CO2 has a cost impact of $0.02 on the environment. What other factors (cost and otherwise) should Stan consider in his decision making?
What is the effect of an increase in the number of people working at home on the market for deodorant, all else equal? Show and explain the impact on Dx, Sx, P, Qdx, and/or Qsx assuming a competitive market for deodorant.
What is the current price of gasoline and how many gallons of gasoline do you currently buy per month? How many gallons would you buy next month and how would your behavior change if the price fell by $1.25 per gallon? Also, based on that information, what is your price elasticity of demand for gasoline? Be sure to show how you calculated your price elasticity of demand. current price of gas = $2.53 gallons of gas per month = 72 gallons no change for next month On the average I fill my tank up 3 times a month each time I go I spend $60-$65
_______ Refers To an upper limit on the amount of a commodity that can be purchased by an individual unit?
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.
Mike is pondering what to do for a few free hours on Saturday evening. This is the set of activities he's considering, along with their respective utility levels: activity build a LEGO set go stargazing south of Dexter Lake play a tabletop game with his kids watch a movie with his family prepare Mini-Exam 2 for EC 201 utility 6 utils 9 utils 7 utils 10 utils 2 utils Unfortunately, Mike has only enough time to do at most one of these activities. What is Mike's opportunity cost of deciding to watch a movie with his family?
Stan Moneymaker needs 15 gallons of gasoline to top off his automobile’s gas tank. If he drives an extra eight miles (round trip) to a gas station on the outskirts of town, Stan can save $0.10 per gallon on the price of gasoline. Suppose gasoline costs $3.90 per gallon and Stan’s car gets 25 mpg for in-town driving. Should Stan make the trip to get less expensive gasoline? Each mile that Stan drives creates one pound of carbon dioxide. Each pound of CO2 has a cost impact of $0.02 on the environment. What other factors (cost and otherwise) should Stan consider in his decision making?
. Jenna and Walter are on a road trip across the country. They both say that they get 25 utils from peanut butter sandwiches and 25 utils from trail mix. Knowing this, we can conclude that Jenna a. gets the same satisfaction from peanut butter sandwiches that Walter does. b. gets more satisfaction from trail mix than Walter does. c. gets more satisfaction from trail mix than from peanut butter sandwiches. d. and Walter are both indifferent between other food than peanut butter sandwiches or trail mix. e. and Walter will consume the same amount of peanut butter sandwiches and trail mix on the road trip.
We have determined that Jenny's satisfaction from eating a Snickers bar is 30 utils, whereas Sarah's satisfaction from eating a Snickers bar is 15 utils. We also know that Jenny prefers Snickers bars over Milky Way bars. Which of the following statements can we say for sure are true? Drag the true statements to the box. Items (7 items) (Drag and drop into the appropriate area below) Jenny likes Snickers bars twice as much as Sarah does. Sarah likes Snickers bars more than Jenny likes Milky Way bars. Sarah likes Snickers bars more than Jenny does. Jenny likes Snickers bars more than Sarah does. Jenny's satisfaction from consuming a Milky Way bar must be less than 30 utils. There is not enough information to determine who likes Snickers bars the most. The price of the Snickers bar is needed in order to find out who likes it the most.
QUESTION 10 Assume you have some hogs on feed and would like to have them gain another 130 pounds before they are sold. You would like to feed a combination of com and soybean oil meal. The following table shows various combinations of corn and soybean oil meal that will produce 130 pounds of gain. Assume corn costs $0.05 per pound and soybean oil meal costs $0.35 per pound. At these prices, which ration below is the least cost combination of these two feeds? Ration Number a. Ration 5 Ob. Ration 3 c. Ration 6 d. Ration 7 1 2 3 4 5 6 7 8 9 10 Corn (lbs) 440 400 365 335 310 290 275 265 260 260 Soybean Oil Meal (lbs) 40 45 50 55 60 65 70 75 80 85