Principles Of Microeconomics
7th Edition
ISBN: 9781260111088
Author: Robert H. Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz
Publisher: McGraw-Hill Education
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Question
Chapter 1, Problem 3P
To determine
Explain the decision of attending the game.
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On your way home from Super Groceries, your car breaks
down. It is a hot summer day and you have nobody to call.
With little time before the food spoils, you decide to
prioritize what to carry on the walk home. You choose to take
three items with you. Since you will need all five items today,
you will replace the two abandoned items at the corner store
near your house, Convenient Grocers.
The table contains the prices you paid for each good at Super
Groceries and the prices you will need to pay at Convenient
Grocers to replace the goods.
Which three items should you save?
OOOOO
vegetables
fruits
eggs
ham
milk
Item
milk
eggs
ham
vegetables
fruits
Price at Super
Groceries
$3.75
$3.80
$2.95
$3.80
$2.50
Price at Convenient
Grocers
$4.25
$2.95
$5.25
$3.05
$3.80
Ming lives in Seattle and recently bought a $125 ticket to attend a Seattle Seahawks game. He is a huge fan, so even though the ticket is pricey it is well below his
willingness to pay of $250 However, as game day approaches, Ming receives an invitation from his friend, Cassandra, to spend the day at the Museum of Pop Culture
touring a big exhibit on Marvel superheroes. The museum visit would only cost $75, but Ming (being a big Marvel fan too) would be willing to pay $150. What is his
opportunity cost of going to the Seattle Seahawks game?
Ming's total opportunity cost of going to the Seattle Seahawks game is $
(Enter a numeric response using an integer)
Catherine wins a non-transferable, non-refudnable ticket to attend Saturday's baseball game. Taylor plans to attend the same game, but she knows from experience she can purchase a $40 ticket the day of the game. On the day of the game, it is cold with off-and-on rain showers, weather that both Catherine and Taylor equally dislike, making the prospect of attending the game less attractive than before. If both Catherine and Taylor have the same tastes and rational:
a. Is one of them more likely to attend the baseball game than the other?
b. Instead of winning a ticket, assume that last week Catherine paid $40 for the non-trasnferable, non-refundable ticket to Saturday's game. Would this change whether or not one of them is more likely to attend the baseball game?
Chapter 1 Solutions
Principles Of Microeconomics
Ch. 1.A - Prob. 1CCCh. 1.A - Prob. 2CCCh. 1.A - Prob. 3CCCh. 1.A - Prob. 4CCCh. 1.A - Prob. 5CCCh. 1.A - Prob. 6CCCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQ
Ch. 1 - Prob. 5RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Residents of your city are charged a fixed weekly...Ch. 1 - Prob. 8PCh. 1 - For each long-distance call anywhere in the...Ch. 1 - Prob. 10PCh. 1 - Prob. 1.1CCCh. 1 - Prob. 1.2CCCh. 1 - Prob. 1.3CCCh. 1 - Prob. 1.4CCCh. 1 - Prob. 1.5CC
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