Whether the administration or the students are correct.

Question

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Answer 1

Question

Chapter 12, Problem 4IP

(a)

To determine

Whether the administration or the students are correct.

(b)

To determine

Explain how (a) differs if this argument was conducted in the planning stage before the dining hall is built.

(c)

To determine

The cost of feeding a guest at the dining hall.

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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically. 2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.

Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically.

Answer 2

Question

Chapter 12, Problem 4IP

(a)

To determine

Whether the administration or the students are correct.

(b)

To determine

Explain how (a) differs if this argument was conducted in the planning stage before the dining hall is built.

(c)

To determine

The cost of feeding a guest at the dining hall.

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Check out a sample textbook solution

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Answer 3

Question

Chapter 12, Problem 4IP

(a)

To determine

Whether the administration or the students are correct.

(b)

To determine

Explain how (a) differs if this argument was conducted in the planning stage before the dining hall is built.

(c)

To determine

The cost of feeding a guest at the dining hall.

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Answer 4

Question

Chapter 12, Problem 4IP

(a)

To determine

Whether the administration or the students are correct.

(b)

To determine

Explain how (a) differs if this argument was conducted in the planning stage before the dining hall is built.

(c)

To determine

The cost of feeding a guest at the dining hall.

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Check out a sample textbook solution

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Answer 5

Chapter 12, Problem 4IP

(a)

To determine

Whether the administration or the students are correct.

(b)

To determine

Explain how (a) differs if this argument was conducted in the planning stage before the dining hall is built.

(c)

To determine

The cost of feeding a guest at the dining hall.

Answer 6

Chapter 12, Problem 4IP

(a)

To determine

Whether the administration or the students are correct.

Answer 7

Chapter 12, Problem 4IP

(a)

To determine

Whether the administration or the students are correct.

Answer 8

(b)

To determine

Explain how (a) differs if this argument was conducted in the planning stage before the dining hall is built.

Answer 9

(b)

To determine

Explain how (a) differs if this argument was conducted in the planning stage before the dining hall is built.

Answer 10

(c)

To determine

The cost of feeding a guest at the dining hall.

Answer 11

(c)

To determine

The cost of feeding a guest at the dining hall.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 12.1 - Prob. 1Q Ch. 12.1 - Prob. 2Q Ch. 12.1 - Prob. 3Q Ch. 12.1 - Prob. 4Q Ch. 12.1 - Prob. 5Q Ch. 12.1 - Prob. 6Q Ch. 12.1 - Prob. 7Q Ch. 12.1 - Prob. 8Q Ch. 12.1 - Prob. 9Q Ch. 12.1 - Prob. 10Q

Whether the administration or the students are correct.

Solution Summary: The author explains that in the short run, the college is right, since labor contracts are fixed and the opportunity cost of college dining halls is minimal.

Whether the administration or the students are correct.

Explain how (a) differs if this argument was conducted in the planning stage before the dining hall is built.

The cost of feeding a guest at the dining hall.

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Chapter 12 Solutions