Principles Of Economics 2e
2nd Edition
ISBN: 9781680920864
Author: Timothy Taylor, Steven A. Greenlaw, David Shapiro
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Textbook Question
Chapter 2, Problem 25P
If the
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2. Truck or Train? They both move, right?
Your uncle and aunt operate a food truck near a busy train station. Their primary customers are commuters who work in another town. They told you that it costs them about $1,000 daily to run the food truck from 7:00 a.m. until 5:00 p.m. (on average $100 per hour). They average $1,500 in revenue per day. They want to make more money, and they have the idea of extending their hours until 9:00 p.m. daily. They want your opinion, so they ask you the following questions:
If we extend our hours from 5:00 p.m. to either 7:00 pm or 9:00 p.m., how do we know it’s worth it? How do we know that it is beneficial to close later knowing that every additional hour of operation costs us $100?
Do you think it is a good idea to raise our prices to increase our revenues? How do we know if raising prices is beneficial to us?
What should we do if our costs exceed our revenues over time? Should we stay in business or shut down? Why?
NAFTA (North American Free Trade Agreement) is an agreement that does what?
Allows the free migration of people between countries in North America
Limits tariffs and trade restrictions
Ensures that all countries have strong environmental and workers rights regulations
All of the above
The percentage of people employed in the primary sector in North America has ________ over the last 100 years.
Increased
Decreased
Stayed at about the same level
Fluctuated
Chapter 2 Solutions
Principles Of Economics 2e
Ch. 2 - Suppose Alphonsos town raised the price of bus...Ch. 2 - Return to the example in Figure 2.4. Suppose there...Ch. 2 - Could a nation be producing in a way that is...Ch. 2 - What are the similarities between a consumers...Ch. 2 - Individuals may not act in the rational,...Ch. 2 - Would an op-ed piece in a newspaper urging the...Ch. 2 - Would a research study on the effects of soft...Ch. 2 - Explain why scarcity leads to tradeoffs.Ch. 2 - Explain why individuals make Choices that are...Ch. 2 - What is comparative advantage?
Ch. 2 - What does a production possibilities frontier...Ch. 2 - Why is a production possibilities frontier...Ch. 2 - Explain why societies cannot make a choice above...Ch. 2 - What are diminishing marginal returns?Ch. 2 - What is productive efficiency? Allocative...Ch. 2 - What is the difference between a positive and a...Ch. 2 - Is the economic model of decision-making intended...Ch. 2 - What are four responses to the claim that people...Ch. 2 - Suppose Alphonsos town raises the price of bus...Ch. 2 - During the Second World War, Germanys factories...Ch. 2 - It is clear that productive inefficiency is a...Ch. 2 - What assumptions about the economy must he true...Ch. 2 - Do economists have any particular expertise at...Ch. 2 - If the price of a magazine is 4 each, what is the...Ch. 2 - If the price of a pie is 12, what is the maximum...Ch. 2 - Draw Maries budget constraint with pies on the...Ch. 2 - What is Maries opportunity cost of purchasing a...
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