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- 10. Sunk costs and decision making Carlos has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Deborah, vwhom Carlos has wanted to date for a long time, asks him to a party. Carlos vwould prefer to go to the party with Deborah and forgo the opera, but he doesn't want to waste the $100 he spent on the opera ticket. From the perspective of an economist, if Carlos decides to go to the party with Deborah, what has he just done? Made a choice that was not optimal Incorrectly allowed a sunk cost to influence his decision O Correctly ignored a sunk costCompleted 17 out of 20 estion 14 of 20 > A network externality is an external cost or benefit generated from the O virtuous cycle. O production of a network good. consumption of a network good. O network effect. LAPTOP LOGIN cen PASSWORD: Browarg USERNAME: studentEmmanuel 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…
- Following is a depiction of Abdul's indifference curves over fish caught (output) and hours spent fishing. - siope - slope - h-2 10 12 A's hours, h^ Select the THREE correct statements about the graph Select one or more: O a. This graph conveys the information that there is an externality in this game. b. Abdul likes output and dislikes fishing hours. C. As Abdul's fishing hours increase, his disutility of effort increases at an increasing rate. d. Abdul has altruistic preferences. e. As Abdul increases his fishing hours, his output increases, and at an increasing rate. f. As we move north-west Abdul's utility increases. g. Abdul dislikes fishing hours but does not care about output. Output, y^A local fair charges a $15 entry fee and $1.75 per ride. Dustin has $35 to spend. What is the maximum number of rides Dustin can go on? a 8 b 11 C 12 d 20The data beloN shows how the marginal benefit of attending Durham Bulls baseball games varies for Joan with the number of games attended this season. Number of Games Attended This Season Marginal Benefit (5) 1 25 20 15 10 5. 5. The price of a ticket is $18 and is equal to the marginal cost of attending each game. Assuming that Joan behaves rationally, she will attend OA. 2 games this season, OB. 3 games this season. OC.5 games this season, O0.1 garme this season OE. 4 games this season.
- 10 please quickly thanks ! Researchers have observed that both household consumers and large-scale business consumers do not change their consumption of water even when the price of water increases dramatically. Even when individuals express an interest in consuming less water in order to be more environmentally friendly, water consumption rarely declines. One reason why we may see individuals making sub-optimal decision regarding water consumption is: a.There is a lack of feedback. b.All of these are true. c.Users may be mindless about water consumption. d.The benefits and costs often occur at different times.Marginal benefit and marginal cost (dollars per swim) 50 MC 40 30 20 10 MB D В 4 5 Manatee swims (per week) The figure above shows Kaley's marginal benefit from swimming with manatees and Scott's marginal cost of providing manatee swimming tours. For Kaley and Scott, allocative efficiency is achieved at what point? A) C B) B C) A D) DRoom Cleaning N First Second Third Fourth Fifth 3 Aisha's Willingness to Pay Sara's Willingness to Pay $10 $8 $6 $4 $2 Aisha and Sara are roommates who both benefit from having their room cleaned by a cleaning service. The table shows their individual willingness to pay for each room cleaning. The marginal cost of each room cleaning is $16. $8 $7 $6 $5 $4 Considering that both roommates benefit when the room is cleaned, what is the efficient number of room cleanings per week that maximizes total surplus? 01
- 9. Sunk costs and decision making Kate has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and nontransferable ticket. Now Carl, whom Kate has wanted to date for a long time, asks her to a concert. Kate would prefer to go to the concert with Carl and forgo the movie, but she doesn't want to waste the $10 she spent on the movie ticket. From the perspective of an economist, if Kate decides to go to the concert with Carl, what has she just done? O Correctly ignored a sunk cost O Made a choice that was not optimal O Incorrectly allowed a sunk cost to influence her decisionproduct Y 28 24 20 16 12 8 4 0 Production Possibilities Frontier + point A 8 point F 12 16 point B point C 20 -point E point D 24 product X 01. What is the per-unit opportunity cost of product X as production moves from point B to point D? a) 6/7 b) -6/7 c) 7/6 d) -7/613. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is Ivan