= X Lawns Mowed Gardens Cultivated Assignment George 10 5 Jack 6 4 Table 2-5 shows the output per day of two gardeners, George and Jack. They can either devote their time to mowing lawns or cultivating gardens. Refer to Table 2-5. What is George's opportunity cost of mowing a lawn? (A) one-half of a garden cultivated (B) two lawns mowed C two-thirds of a garden cultivated. (D) one and a half lawns mowed Ⓒ

= X Lawns Mowed Gardens Cultivated Assignment George 10 5 Jack 6 4 Table 2-5 shows the output per day of two gardeners, George and Jack. They can either devote their time to mowing lawns or cultivating gardens. Refer to Table 2-5. What is George's opportunity cost of mowing a lawn? (A) one-half of a garden cultivated (B) two lawns mowed C two-thirds of a garden cultivated. (D) one and a half lawns mowed Ⓒ

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Choice land has 250 workers and produces only two goods, X and Y. Labor is-the only factor of production, but some workers are better suited to producing X than Y (andvice versa). The Table below shows the maximum levels of output of each good possible from various levels of labor input Number of Workers Producing X Annual Production of X Number of Workers Producing Ý Annual Production of Y 250 1300 50 20 200 1200 100 45 150 900 150 60 100 600 200 350 250 75 a) Draw the production possibilities boundary on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis. b) Ifthe economy is producing 40 units of X and 600 units of Y, what is the opportunity cost of producing an extra 100 units of Y. c) Ifthe economy is producing 40 units of X and 600 units of Y, wvhat is the opportunity cost of producing an extra 30 units of X.
4. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus is be classified as a public good. and . Thus, the visual appearance would Suppose the college administrators estimate that the beautification initiative will cost $47,270. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 3,060 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $28. The benefit of the beautification initiative, as suggested by the survey, is $ cost, the college administrators Because the estimated benefit is than the undertake the beautification initiative. The calculation of the benefit of the beautification…
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Imagine you have access to a technology that allows you to instantaneously travel toa McDonald’s in any country in the world. For each of the scenarios below, answerwhether it makes you more or less likely to buy a Big Mac in the United States.5(a) Brazil places tariffs on US products, limiting imports from America.(b) The US becomes a much riskier place to invest because of widespread politicalunrest.(c) Firms in the UK become much more profitable than those in the US.(d) The global economy surges, sparking higher consumption everywhere in the world.(e) Japan’s central bank cuts interest rates in that country.(f) Mexico’s firms do a much better job of marketing their products to the UnitedStates.
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8. 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.
13 C Question 4 of 10 A farmer has developed a new type of fertilizer. This new fertilizer costs 20¹ percent more to produce than the old fertilizer but has better results: The same land now produces 25 percent more crops each year. Which statement best describes one way the farm will be affected by using this new fertilizer? OA. The farm's marginal benefits for each piece of land will increase. B. The farm's opportunity cost for each piece of land will decrease. C. The farm's opportunity cost for each piece of land will increase. OD. The farm's marginal benefits for each piece of land will decrease. SUBMIT PREVIOUS 101 O. E A f10 f11
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4. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus is and Thus, the visual appearance would be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $1,540. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 380 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $14. The benefit of the beautification initiative, as suggested by the survey, is $ Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of the benefit of the beautification initiative…
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Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable unattainable efficient inefficient