Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 10 dozen eggs or collect 5 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? (Click to select)dozen eggs. b. If the siblings were to specialized, which should collect the milk? (Click to select) c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs. 4

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Econ 444-02 (Corporate Economics), Fall 2015Problem Set #2Due in class Thursday, September 24Problem 1. Alice and Barbra sell used CDs at music festivals. Each is decidingwhether or not to set up their booth at the last festival of the summer. The festivalis scheduled to take place in Alton, very near where Alice lives. It will cost her only$30 to travel the festival. Barbra is farther away, and it will cost her $100 to travelto Alton. Both Alice and Barbra would prefer to be only CD sellers at the festival,since they would avoid competition. If only one seller is at the festival, she will make$150 during the day (not counting travel costs). If both Barbra and Alice sell CDsat the festival, they will lower their prices and each make $50 during the day. BothAlice and Barbra receive $0 for not attending the festival.1. Draw the Normal Form of the game Alice and Bob are playing, be sure to labelthe game completely.2. Does either player have a dominant strategy? If so, what is it?3. List…

Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…

Read the news clip, then answer the following question. Eminem's decision to give a free concert O A. is not a rational choice O B. is a rational choice if he can deduct the concert expenses from his taxable income O C. is a rational choice if the marginal cost of the concert is greater than its marginal benefit O D. is a rational choice if the wants and preferences of all the people in his entourage, all of Eminem's fans, and all the citizens of Detroit agreed with the decision O E. is a rational choice if the marginal benefit he receives from the concert is greater than its marginal cost e Text Pages Grapher Get More Help-

Fill in the blanks: Suppose that Jake and Jill have the ability to pick either apples or strawberries. The following table shows how much they can pick in one hour. Quantity Picked in One Hour Pounds of Apples Pounds of Strawberries Jake 8 4 Jill 10 10 If Jake and Jill each has 10 hours available and each person divides the time equally between picking apples and strawberries, then together they can pick pounds of apples and pounds of strawberries. Now if Jake spends all 10 hours picking apples and Jill spends all 10 hours picking strawberries, then together they can pick pounds of apples and pounds of strawberries.

Explain the gains from trade that arise for both buyers and sellers in the following transactions: a. Neighbors Jordan and Chelsea are both working parents. They are able to hire a single babysitter to care for both of their toddlers for 75% of what they would collectively have to pay two separate babysitters. b. Elijah decides that his family should eat more healthy meals, but they are short on time. He buys a subscription that sends healthy preplanned meals to his home three times a week. c. Callie accepts an extra shift at work and hires a cleaning service to clean her apartment.

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