Macroeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859477
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 14E
To determine
(a)
The time spend by Chris on making the shirt, if he makes a shirt himself.
To determine
(b)
The number of hours of work that will be required by Chris to earn the money to buy the shirt.
To determine
(c)
The term that denotes the three hours that Chris saved by working at his job and trading his money for a shirt instead of making it himself.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
In this week’s discussion, we focus on how the market changes when there are changes to the supply or demand of goods and services.
(a) “This year the weather smiled on us, and we made a good crop,” said a wheat farmer in Manitoba. “But just as we made a good crop, the economic situation changed.” This quotation brings to mind the saying, “If you are a farmer, the weather is always bad.” How would use economic theory to explain that this saying might be true and what would you suggest the farmer do to make the best of the situation despite good or bad weather? (one paragraph)
(b) Along with your textbook reading, review the related videos and article for a background on Canada’s marijuana legalization, then respond to the following questions:Do you see any economic effects not mentioned that might occur in the longer period? What major changes do you see happening with the supply and demand sides of the cannabis market in the long run? (1-2 paragraphs; no mini essay).
Tony and Patty produce skis and snowboards.
The tables show their production possibilities.
Each week, Tony produces 5 snowboards and 40 skis and Patty produces 10 snowboards and 5 skis.
Tony's opportunity cost of producing a snowboard is
skis.
Patty's opportunity cost of producing a snowboard is skis,
t More Heln
4. A decision at the margin
Larry is a hard-working college senior. One Tuesday, he decides to work nonstop until he has answered 100 practice problems for his economics
course, He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him
longer to solve each problem.
Time
Total Problems Answered
8:00 AM
9:00 AM
40
10:00 AM
70
11:00 AM
90
Noon
100
Lise the table to answer the following questions.
The marginal, or additional, gain from Larry's second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Larry's fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant in Larry's economics course gives him some advice. "Based on past expenience," the teaching assistant says, "working on
15 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always
cover the same number of pages…
Chapter 2 Solutions
Macroeconomics (MindTap Course List)
Knowledge Booster
Similar questions
- Typed plzzz And Asap Thanksarrow_forwardTyped answer.arrow_forwardNori is debating on a phone and where to get it. Several places have the same phone, but it's easier for her to get to some stores than others. Store Travel Time Each Way (Minutes) Price of phone (Dollars per phone) Local Phone Store 10 100 Across Town 25 85 Neighboring City 40 55 Nori makes $50 an hour at her job. Assume that returning to work takes Nori the same amount of time as getting to a store and that it takes her 40 minutes to shop. You can ignore the cost of gasoline and depreciation of her car when traveling. Assume she takes opportunity costs and the price into consideration when she shops. Nori will minimize the cost of the suit if she buys it from the a. local phone store Ob. store across town C. store in the neighboring city Od. not enough information givenarrow_forward
- Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940arrow_forwardTeresa works mowing lawns and babysitting. She earns 8.40 an hour for mowing and 6.90 an hour for babysitting. How much will she earn for 5 hours of mowing and 1 hour of babysitting?arrow_forwardecoarrow_forward
- Felicity is studying economics and political science. She can read 30 pages of political science per hour but only 5 pages of economics per hour. This week she has a 50-page assignment in economics and a 150- page assignment in political science. Because of sorority rush, she cannot devote more than 10 hours to studying these subjects this week. She realizes she cannot complete all of her assignments but is determined to complete at least 30 pages of her economics reading. Draw a graph with pages of economics on the horizontal axis and pages of political science on the vertical axis. On this graph, show the possibilities that are consistent with the constraints that Felicity has imposed on herself, i.e. show her choice set. (She is NOT allowed to read ahead in either subject.) Label key points on your graph with their numerical values.arrow_forwardFelicity is studying economics and political science. She can read 30 pages of political science per hour but only 5 pages of economics per hour. This week she has a 50 -page assignment in economics and a 150 -page assignment in political science. Because of sorority rush, she cannot devote more than 10 hours to studying these subjects this week. She realizes she cannot complete all of her assignments but is determined to complete at least 30 pages of her economics reading. Draw a graph with pages of economics on the horizontal axis and pages of political science on the vertical axis. On this graph, show the possibilities that are consistent with the constraints that Felicity has imposed on berself, i.e, show her choice set. (She is NOT allowed to read abead in either subject.) Label key points on your graph with their numerical values. Belinda loves chocolate and always thinks that more is better than less. Belinda thinks that a few piano lessons would be worse than none at all, but…arrow_forwardThe person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits . because it has been proven that cigarette smoking increases one's chances of getting lung cancer.do agree or disagree with the statement that reads the person who smokes cigarettes cannot possibly be thinking in terms of costs and benefitsarrow_forward
- 4arrow_forward"DIFFERENCE BETWEEN NEEDS AND WANTS" It is very important to find the difference between want & need. The money that would be spent on things that you may want in that moment could instead be saved or put into things that are more important. By doing this you may see that you can save a lot of money, by not buying things that are not needed and even and that most of your money is not even being spent *Make a response,question, or clarification for that opinionarrow_forwardAdam picked 240 oranges from his orchard. He packed them equally in 12 bags and sent them to the farmer's market. How many oranges does each bag contain?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax