Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (9th Edition) (Pearson Series in Economics)
9th Edition
ISBN: 9780134643175
Author: Robert Pindyck, Daniel Rubinfeld
Publisher: PEARSON
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Chapter 1, Problem 4RQ
To determine
Economic force behind the changes in consumer choice against the consumption of egg and college education.
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7
Discuss the impact of rational self-interest on each of the following decisions:
a. Whether to attend college full time or enter the workforce full time.
b. Whether to buy a new textbook or a used one.
c. Whether to attend a local college or out of town college.
Suppose you are scheduled to work at your job for
4 hours Friday night, where you make $10.00 per
hour. However, once Friday arrives you decide to
"call in sick" so you can go to the movies with your
friends. At the movies, you spend $10 on a ticket
and $15 on refreshments. How much did the night
at the movies cost you?
Chapter 1 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (9th Edition) (Pearson Series in Economics)
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- Should grades in an economics class be rationed according to the dollar price instead of how well students do on exams? If they write and prospective employers heard of it, what effect might this have on the value of your college degree?arrow_forward3.arrow_forwardWhich is a true statement about marginal benefit? It is the difference (or change) in cost of a different choice. To an individual, one good may have a larger marginal benefit than than another. The amount of benefit a person receives from a good or service remains constant.arrow_forward
- What price do you put on your own leisure? Do you feel like the price/value of your leisure time changed over time? Why, or why not?arrow_forwardMarginal Analysis 5. Suppose you choose to eat 3 slices of pizza for dinner. An economist who is using marginal thinking to analyze your decision would be most interested in the answer to which of the following questions? A) Why did you eat 3 slices of pizza instead of 4 B) Why did you eat more than 1 slice of pizza? C) Why didn't you eat 5 slices of pizza? D) Why did you have pizza instead of a salad? 6. The additional benefits you would get if you had taken 1 more credit this semester is the: A total beneit of college credits B) marginal cest of a college credit total cost of college credits D) marginal benefit of a college credit/ 7. Which of these gives the best definition of "the margin" as economists use the term? A The value of the next best choice that you give up when you make a decision E The limit to an individual's ability to do complex mathematical calculations C) The dividing line between an action that is taken and an action that is not taker ) The difference between the…arrow_forwardDiscuss how the concepts in microeconomics can be applied to real-world situations and increase your chances of career or life success?arrow_forward
- In many areas, the cost of real estate is increasing at an increasing rate. Many homes are being sold at prices higher than the asking price. Using your economic lens, why is this happening? Will this trend continue?arrow_forwardClassify the following as microeconomics or macroeconomics and provide a justification for your choice.(a) Research into why the growth rate of total production increased.(b) A theory of how consumers decide what to buy.(c) An analysis of IBM's share of the personal computer market.(d) Research on why interest rates in a country were unusually high.arrow_forward16. A universal assumption in economic theories is that a) people are motivated by self-interest b) what is true for one person must be true for everyone c) whatever goes up must come down d) as price increase, quantity demanded decreasesarrow_forward
- Give typing answer with explanation and conclusionarrow_forwardOne of the lessons of economics is that “there is no such thing as a free lunch.” This means that businesses, consumers, and whole societies face trade-offs whenever they make a decision. Please draw on your own experiences to discuss the following three items. Make sure you use economic concepts in your main contribution. Explain a decision that you have made at work, or one concerning your career, or any major life decision that you have made. Identify and explain the trade-offs that you faced. List the alternatives you had, identify the highest valued alternative, and explain your final decision to the class.arrow_forward1) What's the opportunity cost of a typical college education? What's your personal opportunity cost? 2) Compare earning potentials between high school and college graduates through lifetime active careers. 3) What's your opinion about staying or dropping out from college? Will the possible forgiveness of student loans affect your decision on staying in college? 4) Since the future will be highly technology-oriented, will higher education be very necessary? Because the robot with artificial intelligence can replace many jobs of human labor in the future. 5) On the other hand, suppose you are a brilliant, successful value investor of young Warren Buffett who is a founder of Birkshire Hathaway(BRK.A). You think that a college education is unnecessary because the opportunity cost of staying at a college is too expensive. The reason is that the financial gain of investing in one company with your college tuition will be far greater than the earning potential with a college degree for the…arrow_forward
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