Mindtap Economics, 1 Term (6 Months) Printed Access Card For Arnold's Macroeconomics, 13th
13th Edition
ISBN: 9781337621397
Author: Arnold, Roger A.
Publisher: Cengage Learning
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Question
Chapter 1, Problem 1WNG
To determine
Marginal benefit curve and marginal cost curve.
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Think of an economic
decision you made recently
wherein the benefit
outweighed the cost (or
the cost outweighed the
benefit).
Question 5
The economics of obesity. Some economists have been analyzing the question of why people have been gaining weight in the last few decades. According to these economists, like anything else, eating involves two types of costs. First, the explicit cost is the price we pay at the grocery store to buy the stuff. Second, the implicit cost is all the time and effort we expend to prepare the food.
Before 1960s, food was mostly prepared by household members at home. It could take a few hours to put the dinner on the table. After 1960s several things happened that reduced both the explicit and implicit cost of food. Advances in technology in agriculture and elsewhere reduced the explicit cost (the market price) of food. Second, automobile became the dominant mode of transportation making it fast and easy to go out for fast food. This reduced the implicit cost of food. Moreover, the participation of women in labor force doubled (from around 30% of women to around 60%). This meant…
Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?
Chapter 1 Solutions
Mindtap Economics, 1 Term (6 Months) Printed Access Card For Arnold's Macroeconomics, 13th
Ch. 1.2 - Prob. 1STCh. 1.2 - Prob. 2STCh. 1.2 - Prob. 3STCh. 1.3 - Prob. 1STCh. 1.3 - Prob. 2STCh. 1.3 - Prob. 3STCh. 1.4 - Prob. 1STCh. 1.4 - Prob. 2STCh. 1.4 - Prob. 3STCh. 1.4 - Prob. 4ST
Ch. 1 - Prob. 1QPCh. 1 - Prob. 2QPCh. 1 - Prob. 3QPCh. 1 - Prob. 4QPCh. 1 - Prob. 5QPCh. 1 - Prob. 6QPCh. 1 - Prob. 7QPCh. 1 - Prob. 8QPCh. 1 - Prob. 9QPCh. 1 - Prob. 10QPCh. 1 - Prob. 11QPCh. 1 - Prob. 12QPCh. 1 - Prob. 13QPCh. 1 - Prob. 14QPCh. 1 - Prob. 15QPCh. 1 - Prob. 16QPCh. 1 - Prob. 17QPCh. 1 - Prob. 18QPCh. 1 - Prob. 19QPCh. 1 - Prob. 20QPCh. 1 - Prob. 21QPCh. 1 - Prob. 22QPCh. 1 - Prob. 23QPCh. 1 - Prob. 24QPCh. 1 - Prob. 25QPCh. 1 - Prob. 26QPCh. 1 - Prob. 1WNGCh. 1 - Prob. 2WNGCh. 1 - Prob. 3WNG
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