Decision making of an individual in different situations.

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Answer 1

Question

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

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19. (20 points in total) Suppose that the market demand curve is p = 80 - 8Qd, where p is the price per unit and Qd is the number of units demanded per week, and the market supply curve is p = 5+7Qs, where Q5 is the quantity supplied per week. a. b. C. d. e. Calculate the equilibrium price and quantity for a competitive market in which there is no market failure. Draw a diagram that includes the demand and supply curves, the values of the vertical- axis intercepts, and the competitive equilibrium quantity and price. Label the curves, axes and areas. Calculate both the marginal willingness to pay and the total willingness to pay for the equilibrium quantity. Calculate both the marginal cost of the equilibrium quantity and variable cost of producing the equilibrium quantity. Calculate the total surplus. How is the value of total surplus related to your calculations in parts c and d?

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Answer 2

Question

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

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Answer 3

Question

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

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Answer 4

Question

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

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Answer 5

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

Answer 6

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

Answer 7

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Answer 8

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

Answer 12

Ch. 1 - Prob. 1CQ Ch. 1 - Prob. 2CQ Ch. 1 - Prob. 3CQ Ch. 1 - Prob. 4CQ Ch. 1 - Prob. 5CQ Ch. 1 - Prob. 6CQ Ch. 1 - Prob. 7CQ Ch. 1 - Prob. 8CQ Ch. 1 - Prob. 9CQ Ch. 1 - Prob. 10CQ

Decision making of an individual in different situations.

Decision making of an individual in different situations.

Explanation of Solution

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Chapter 1 Solutions