Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 2, Problem 17CQ
To determine
Explain the
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Economics: Private and Public Choice
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- You have exactly $50 to spend on some music. For the albums you are considering, the followin table lists the value to you, in dollars, as well as the price you must pay to acquire it. Album Price Sign of the Times (Prince) $25 Blood on the Tracks (Bob Dylan) $25 What's Going On (Marvin Gaye) $25 Nevermind (Nirvana) $25 Value $60 $67 $98 $85 What is the cost, in dollars, of paying $50 for an autographed copy of BTS' album Map of the So 7? Round your answer to two decimal places and do not enter the currency sign. If you answer is -$1.275, enter 1.28.arrow_forwardHow does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.arrow_forwardWhy should the economic decision be based on the objective of making the best use of limited resources?arrow_forward
- Raj has to choose between job At restuarant or a clothing store. His pay at restaurant would be $300 per week and his pay at store would be $220 per week. What will be the opportunity cost of raj choosing restaurantarrow_forwardWhen an economist say a resource is free what does it meanarrow_forwardReproduce the diagram for the Robinson Crusoe economy for a firm that has constant returns to scale. Under what conditions will it be ancient for the firm not to produce? What is the consumption level of the consumer in such a case? Provide an interpretation of this possibility.arrow_forward
- Discuss how the concepts in microeconomics can be applied to real-world situations and increase your chances of career or life success?arrow_forwardElliot and Jordy find themselves on a deserted island. The only two activities available are fishing and finding pineapples. In a full day, Elliot can catch 6 fish or find 12 pineapples or some linear combination of the two; in the same time, Jordy can catch 4 fish or find 10 pineapples or some linear combination of the two. What are each individual’s marginal costs of fishing and finding pineapples? (must provide the correct answer for full credit, no additional work is necessary) Who has an absolute advantage in fish production? Who has an absolute advantage in finding pineapples? Briefly explain your reasoning. Who has a comparative advantage in fish production? Who has a comparative advantage in finding pineapples? Briefly explain your reasoning.arrow_forwardCould you please provide an example (article) of the opportunity cost in real life and explain in economic terms why opportunity cost is in that particular situation?arrow_forward
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