Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

Question

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Answer 1

Question

Chapter 3, Problem 1.1P

A

To determine

Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

A

Expert Solution

Explanation of Solution

The opportunity cost for a mother who chooses/decides not to work outside the home will be high if there are higher levels of education for women. This is because higher levels of education will ensure higher earnings for the women, thus the amount of earnings forgone by staying at home will increase for mothers, thus increased opportunity costs.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

B

To determine

Whether higher unemployment rates for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

B

Expert Solution

Explanation of Solution

If the unemployment rates are higher, then there will be a decline in the opportunity costs for staying at home. Higher unemployment rates will mean lesser opportunity of getting a job, and therefore lower opportunity cost.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

C

To determine

Whether higher average pay levels for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

C

Expert Solution

Explanation of Solution

The opportunity cost for forgoing job opportunities for staying at home will be higher if the average earnings of the women are higher as they will have to forgo higher amount of money.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

D

To determine

Whether lower demand for labor in industries that traditionally employ women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

D

Expert Solution

Explanation of Solution

Lower demand for labor in industries that traditionally employ women will imply lower chances for women to get a job in the industry. Since they will not be able to get a job, the opportunity cost for staying at home is decreases in comparison to working.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

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A firm operates with the production function Q = K2 L. Q is the number of units of output per day when the firm rents K units of capital and employs L workers each day. The manager has been given a production target: to produce 8,000 units per day. She knows that the daily rental price of capital is $400 per unit and the wage rate is $200 day. a. What is the returns to scale of this production function? Show mathematically. b. Currently the firm employs 80 workers per day. What is the firm’s daily total cost if it rents just enough capital to produce at its target? c. Compare the marginal product per dollar spent on K and on L when the firm operates at the input choice in part (b). What does this suggest about the way the firm might change its choice of K and L if it wants to reduce the total cost in meeting its target? Explain your answer very clearly. d. In the long run, how much K and L should the firm choose if it wants to minimize the cost of producing 8,000 units of output a day?…

Answer 2

Question

Chapter 3, Problem 1.1P

A

To determine

Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

A

Expert Solution

Explanation of Solution

The opportunity cost for a mother who chooses/decides not to work outside the home will be high if there are higher levels of education for women. This is because higher levels of education will ensure higher earnings for the women, thus the amount of earnings forgone by staying at home will increase for mothers, thus increased opportunity costs.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

B

To determine

Whether higher unemployment rates for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

B

Expert Solution

Explanation of Solution

If the unemployment rates are higher, then there will be a decline in the opportunity costs for staying at home. Higher unemployment rates will mean lesser opportunity of getting a job, and therefore lower opportunity cost.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

C

To determine

Whether higher average pay levels for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

C

Expert Solution

Explanation of Solution

The opportunity cost for forgoing job opportunities for staying at home will be higher if the average earnings of the women are higher as they will have to forgo higher amount of money.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

D

To determine

Whether lower demand for labor in industries that traditionally employ women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

D

Expert Solution

Explanation of Solution

Lower demand for labor in industries that traditionally employ women will imply lower chances for women to get a job in the industry. Since they will not be able to get a job, the opportunity cost for staying at home is decreases in comparison to working.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 3, Problem 1.1P

A

To determine

Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

A

Expert Solution

Explanation of Solution

The opportunity cost for a mother who chooses/decides not to work outside the home will be high if there are higher levels of education for women. This is because higher levels of education will ensure higher earnings for the women, thus the amount of earnings forgone by staying at home will increase for mothers, thus increased opportunity costs.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

B

To determine

Whether higher unemployment rates for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

B

Expert Solution

Explanation of Solution

If the unemployment rates are higher, then there will be a decline in the opportunity costs for staying at home. Higher unemployment rates will mean lesser opportunity of getting a job, and therefore lower opportunity cost.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

C

To determine

Whether higher average pay levels for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

C

Expert Solution

Explanation of Solution

The opportunity cost for forgoing job opportunities for staying at home will be higher if the average earnings of the women are higher as they will have to forgo higher amount of money.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

D

To determine

Whether lower demand for labor in industries that traditionally employ women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

D

Expert Solution

Explanation of Solution

Lower demand for labor in industries that traditionally employ women will imply lower chances for women to get a job in the industry. Since they will not be able to get a job, the opportunity cost for staying at home is decreases in comparison to working.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

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Answer 4

Question

Chapter 3, Problem 1.1P

A

To determine

Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

A

Expert Solution

Explanation of Solution

The opportunity cost for a mother who chooses/decides not to work outside the home will be high if there are higher levels of education for women. This is because higher levels of education will ensure higher earnings for the women, thus the amount of earnings forgone by staying at home will increase for mothers, thus increased opportunity costs.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

B

To determine

Whether higher unemployment rates for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

B

Expert Solution

Explanation of Solution

If the unemployment rates are higher, then there will be a decline in the opportunity costs for staying at home. Higher unemployment rates will mean lesser opportunity of getting a job, and therefore lower opportunity cost.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

C

To determine

Whether higher average pay levels for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

C

Expert Solution

Explanation of Solution

The opportunity cost for forgoing job opportunities for staying at home will be higher if the average earnings of the women are higher as they will have to forgo higher amount of money.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

D

To determine

Whether lower demand for labor in industries that traditionally employ women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

D

Expert Solution

Explanation of Solution

Lower demand for labor in industries that traditionally employ women will imply lower chances for women to get a job in the industry. Since they will not be able to get a job, the opportunity cost for staying at home is decreases in comparison to working.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 3, Problem 1.1P

A

To determine

Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

A

Expert Solution

Explanation of Solution

The opportunity cost for a mother who chooses/decides not to work outside the home will be high if there are higher levels of education for women. This is because higher levels of education will ensure higher earnings for the women, thus the amount of earnings forgone by staying at home will increase for mothers, thus increased opportunity costs.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

B

To determine

Whether higher unemployment rates for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

B

Expert Solution

Explanation of Solution

If the unemployment rates are higher, then there will be a decline in the opportunity costs for staying at home. Higher unemployment rates will mean lesser opportunity of getting a job, and therefore lower opportunity cost.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

C

To determine

Whether higher average pay levels for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

C

Expert Solution

Explanation of Solution

The opportunity cost for forgoing job opportunities for staying at home will be higher if the average earnings of the women are higher as they will have to forgo higher amount of money.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

D

To determine

Whether lower demand for labor in industries that traditionally employ women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

D

Expert Solution

Explanation of Solution

Lower demand for labor in industries that traditionally employ women will imply lower chances for women to get a job in the industry. Since they will not be able to get a job, the opportunity cost for staying at home is decreases in comparison to working.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

Answer 6

Chapter 3, Problem 1.1P

A

To determine

Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

A

Expert Solution

Explanation of Solution

The opportunity cost for a mother who chooses/decides not to work outside the home will be high if there are higher levels of education for women. This is because higher levels of education will ensure higher earnings for the women, thus the amount of earnings forgone by staying at home will increase for mothers, thus increased opportunity costs.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

Answer 7

Chapter 3, Problem 1.1P

A

To determine

Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

Answer 8

A

Expert Solution

Explanation of Solution

The opportunity cost for a mother who chooses/decides not to work outside the home will be high if there are higher levels of education for women. This is because higher levels of education will ensure higher earnings for the women, thus the amount of earnings forgone by staying at home will increase for mothers, thus increased opportunity costs.

Answer 9

A

Expert Solution

Answer 10

A

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

Answer 13

B

To determine

Whether higher unemployment rates for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

B

Expert Solution

Explanation of Solution

If the unemployment rates are higher, then there will be a decline in the opportunity costs for staying at home. Higher unemployment rates will mean lesser opportunity of getting a job, and therefore lower opportunity cost.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

Answer 14

B

To determine

Whether higher unemployment rates for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

Answer 15

B

Expert Solution

Explanation of Solution

If the unemployment rates are higher, then there will be a decline in the opportunity costs for staying at home. Higher unemployment rates will mean lesser opportunity of getting a job, and therefore lower opportunity cost.

Answer 16

B

Expert Solution

Answer 17

B

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

Answer 20

C

To determine

Whether higher average pay levels for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

C

Expert Solution

Explanation of Solution

The opportunity cost for forgoing job opportunities for staying at home will be higher if the average earnings of the women are higher as they will have to forgo higher amount of money.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

Answer 21

C

To determine

Whether higher average pay levels for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

Answer 22

C

Expert Solution

Explanation of Solution

The opportunity cost for forgoing job opportunities for staying at home will be higher if the average earnings of the women are higher as they will have to forgo higher amount of money.

Answer 23

C

Expert Solution

Answer 24

C

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

Answer 27

D

To determine

Whether lower demand for labor in industries that traditionally employ women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

D

Expert Solution

Explanation of Solution

Lower demand for labor in industries that traditionally employ women will imply lower chances for women to get a job in the industry. Since they will not be able to get a job, the opportunity cost for staying at home is decreases in comparison to working.

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

Answer 28

D

To determine

Whether lower demand for labor in industries that traditionally employ women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

Answer 29

D

Expert Solution

Explanation of Solution

Lower demand for labor in industries that traditionally employ women will imply lower chances for women to get a job in the industry. Since they will not be able to get a job, the opportunity cost for staying at home is decreases in comparison to working.

Answer 30

D

Expert Solution

Answer 31

D

Expert Solution

Answer 32

Expert Solution

Answer 33

Economics Concept Introduction

Introduction:

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action

Answer 34

Ch. 3 - Prob. 1.1P Ch. 3 - Prob. 1.2P Ch. 3 - Prob. 1.3P Ch. 3 - Prob. 1.4P Ch. 3 - Prob. 2.5P Ch. 3 - Prob. 2.6P Ch. 3 - Prob. 2.7P Ch. 3 - Prob. 2.8P Ch. 3 - Prob. 3.10P Ch. 3 - Prob. 3.11P

Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

Whether higher levels of education for women will lead to an increase or decrease in the opportunity cost for mothers who decide not to work outside the home.

Explanation of Solution

Whether higher unemployment rates for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

Explanation of Solution

Whether higher average pay levels for women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

Explanation of Solution

Whether lower demand for labor in industries that traditionally employ women will lead to an increase or decrease in the opportunity costs for mothers who decide not to work outside the home.

Explanation of Solution

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Chapter 3 Solutions