3. A layperson says that a proposed government project simply costs too much and therefore shouldn’t be undertaken. How might an economist’s evaluation be different? 14. Economists say that individuals make decisions at the margin. What does this mean? 15. How would an economist define the efficient amount of time spent playing tennis? 16. Ivan stops studying before the point at which his marginal benefits of studying equal his marginal costs. Is Ivan

3. A layperson says that a proposed government project simply costs too much and therefore shouldn’t be undertaken. How might an economist’s evaluation be different? 14. Economists say that individuals make decisions at the margin. What does this mean? 15. How would an economist define the efficient amount of time spent playing tennis? 16. Ivan stops studying before the point at which his marginal benefits of studying equal his marginal costs. Is Ivan

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 24QP

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1.How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day?
Emmanuel enjoys growing zucchini in his garden and then selling his produce at the local farmers' market. The table below shows his marginal benefit and marginal cost for each hour he spends in his garden per week. Emmanuel's Marginal Benefit and Marginal Cost of Gardening Marginal Benefit (dollars) $33 Hours Spent Gardening 1 2 3 4 5 6 7 30 27 24 21 18 15 Marginal Cost (dollars) $15 18 21 24 27 30 33 2 hours 04 hours a. Given the information above, what is Emmanuel's optimal amount of time spent gardening each week? 03 hours 05 hours 1 b. If Emmanuel were to spend 1 hour each week gardening O the marginal benefit would equal the marginal cost. O the marginal benefit would exceed the marginal cost by $18. the marginal benefit would exceed the marginal cost by $24. O the marginal cost would exceed the marginal benefit by $18. c. If Emmanuel were to spend 6 hours each week gardening: O the marginal benefit would exceed the marginal cost by $24. O the marginal benefit would equal the…
Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market. The table below describes the benefits and costs Emmanuel faces as he decides how many hours to dedicate to his garden each week. Emmanuel's Gardening Benefits and Costs Hours Total Benefit Spent Gardening (dollars) 1 $27 2 3 4 5 6 7 51 72 90 105 117 126 Marginal Benefit (dollars) Total Cost (dollars) $9 21 36 54 75 99 126 Marginal Cost (dollars) $ MO Instructions: Enter your answers as a whole number. Complete the "Marginal Benefit" and "Marginal Cost" columns in the table above. D 13
3. Marginal analysis produces more optimal outcomes when working with scarce resources. How?
What is the major difference between microeconomics and Marcoeconomics. I need answer in a comparison way.
3 2. A decision at the margin Jake is a hard-working college sophomore. One Tuesday, he decides to work nonstop until he has answered 110 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 0 9:00 AM 50 10:00 AM 80 11:00 AM 100 Noon 110 Use the table to answer the following questions. The marginal, or additional, gain from Jake’s first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Jake’s third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant for Jake’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 25 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For…
1. Scarcity, opportunity cost, and marginal analysis Musashi is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: Because his ski training sessions are helping him quickly improve at skiing, Musashi plans to reduce the time he spends training at the shooting range by an hour, and increase the time he spends skiing by an hour. However, his training partner says that he should pause all shooting practice and spend the entire 15 hours this week in the pool. Which basic principle of individual choice does Musashi's plan illustrate that his training partner's advice does not? Many decisions are made on the margin. People usually exploit opportunities to make themselves better off. Resources are scarce. All costs are opportunity costs.
1. Working with Numbers and Graphs Q1 Suppose the marginal costs of reading are constant at $5 per hour, while the marginal benefits of reading decline (over time) as more reading is performed. In particular, suppose the following table contains the marginal benefit associated with various levels of hours spent reading. Time Spent Reading Marginal Benefits (Hours) (Dollars per hour) 8 3 12 Assume the marginal-benefit curve is a straight line through the two points described in the table. MARGINAL COST, MARGINAL BENEFIT ($ per hour of reading per week) On the following graph, use the blue points (circle symbol) to plot the marginal-benefit curve for reading. Next, use the orange points (square symbol) to plot the marginal-cost curve for reading. Finally, use the black point (plus symbol) to indicate the point corresponding to the efficient amount of reading (that is, the point at which the net benefits of reading are maximized). 00 32 N 0 2 3 + 6 9 12 15 18 21 READING (Hours per week)…
How does the scarcity of resources affect the firm’s decision making? Justify your answer through discussing specific situations.
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You rent a car for $29.95. The first 100 miles are free, but each mile thereafter costs 10 cents. You plan to drive it 200 miles. What is the marginal cost of driving the car beyond the first 100 free miles? O The marginal cost is $10.00 plus the cost of gas. O The marginal cost is whatever can be purchased with $29.95 plus $10.00. O The marginal cost is $29.95. The marginal cost is the cost of gas plus the initial payment.