EBK ECONOMICS
21st Edition
ISBN: 8220106637173
Author: McConnell
Publisher: YUZU
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Question
Chapter 1, Problem 4RQ
To determine
The opportunity cost of buying a stapler.
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3. Suppose you won $15 on a lotto ticket at the local 7-Eleven
and decided to spend all the winnings on candy bars and
bags of peanuts. Candy bars cost $0.75 each while bags of
peanuts cost $1.50 each. LO1.5
a. Construct a table showing the alternative combinations
of the two products that are available.
b. Plot the data in your table as a budget line in a graph.
What is the slope of the budget line? What is the oppor-
tunity cost of one more candy bar? Of one more bag of
14..
Owen is looking to sell his guitar for nothing less than $60. Suppose Shannon offers him
$100, although she was willing to pay up to $130 for it. How much total value is created if
Owen accepts this trade?
O Total value created is $70
Total value created is $40
Total value created is $160
O Total value created is $30
O Total value created is $230
Chapter 1 Solutions
EBK ECONOMICS
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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- Caci, un he would spend a dollar buying a first cup of coffee? LO7.2 4. Columns 1 through 4 in the following table show the marginal utility, measured in utils, that Ricardo would get by purchasing various amounts of products A, B, C, and D. Column 5 shows the marginal utility Ricardo gets from saving. Assume that the prices of A, B, C, and D are, respectively, $18, $6, $4, and $24 and that Ricardo has an income of $106. LO7.2 a. What quantities of A, B, C, and D will Ricardo purchase in maximizing his utility? b. How many dollars will Ricardo choose to save? c. Check your answers by substituting them into the algebraic statement of the utility-maximizing rule. nuts, coffee, or both. How big would that buuget nave LU DC DCIUIUarrow_forwardents Question 5 If your tuition is $2,000 this semester, your books cost $400, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $12 per hour, and your room and board is $4,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is O $2,760. O $7,800. O $11,800. $2.100arrow_forward1. Improvements in technology. 2. Increases in the supply (stock) of capital goods 3. Purchases of expanding output. 4. Obtaining the optimal combination of goods, each at least-cost production. 5. Increases in the quantity and quality of natural resources. 6. Increases in the quantity and quality of human resources. Multiple Choice Which set of items in the accompanying list would move an economy from a point inside its production possibilities curve to a point on its production possibilities curve? O 12.5, and 6 only Help 3 and 4 only Save & Exitarrow_forward
- Solve it now I upvotearrow_forwardA farmer produces both beans and corn on her farm. If she must give up 16 bushels of corn to be able to get 4 bushels of beans, then her opportunity cost of 1 bushel of beans is 0.25 bushels of corn. 16.00 bushels of corn. 4 bushels of corn. O 2.99 bushels of corn.arrow_forward2arrow_forward
- Danièle has 40 hours a week she can use for work or leisure. She earns 16 euros an hour and has no other income. Her utility function is U(c,I) = c'l , where is consumption in dollars and is leisure in hours. How many hours a week will Danièle work? O 10 O None of the other answers is correct O 15 O 30 O 20arrow_forward6arrow_forward2arrow_forward
- Question 4 of 18 > A farmer produces both beans and corn on her farm. If she must give up 16 bushels of corn to be able to get 6 bushels of beans, then her opportunity cost of 1 bushel of beans is 0.38 bushels of corn. O 16.00 bushels of corn. O 2.67 bushels of corn. O 2.99 bushels of corn.arrow_forwardBased on the production possibilities frontier shown below, if this economy decides to shift its resources from only producing books in order to produce 8,000 pairs of sneakers, what is the opportunity cost of producing one pair of sneakers? Books (in thousands) 12 10 8 O 2 pairs of sneakers 2 books 6 0.25 pairs of sneakers O 0.25 books Pairs of Sneakers (in thousands) 10 12arrow_forward1arrow_forward
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