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Assuming that a problem is “convex,” net benefits are maximized when
a. Producers select a level of production where internal benefits equal external costs.
b. Producers select a level of production at which costs equal benefits.
c. Producers engage in an activity up to the point where marginal benefit exceeds marginal cost.
d. Producers engage in an activity up to the point where marginal benefit equals marginal cost.
e. Producers engage in an activity up to the point where total average revenue exceeds
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- Suppose that when farmers grow tomatoes, they use pesticides that leak into the ground water and cause people living near tomato farms to get sick. This is an example of a: Select one: a. negative production externality. b. positive consumption externality. c. positive production externality. d. negative consumption externality.If the marginal cost of a cup of tea is greater than its marginal benefit, then to increase efficiency a. nothing should be done if the marginal benefit is greater than the marginal cost by the maximum amount because in this case the efficient quantity of cups of tea is being produced. b. more cups of tea should be produced. production should be halted. c. fewer cups of tea should be produced d. More information is needed about the price of a cup of tea in order to determine if production should be increased, decreased, or not changed.In the attached figure, if 2 million computers are produced per year, then:a. The marginal cost of one computer exceeds the marginal benefit of one computer, so more computers must be produced.b. The marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.c. The marginal benefit of a computer exceeds the marginal cost of a computer, so more computers must be produced.d. The marginal benefit of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.FOR EACH ALTERNATIVE, PLEASE EXPLAIN WHY IS TRUE, FALSE OR UNCERTAIN.
- c. Imagine that you are trying to decide whether to cross a street without using the designated crosswalk at the traffic signal. What are the expected marginal benefits of crossing? The expected marginal costs? How would the following conditions change your benefit-cost equation? The street is busy. i. ii. The street is empty and it was 3 a.m. ii. You are in a huge hurry. iv. A police officer is standing 100 feet away. v. The closest crosswalk is a mile away. vi. The closest crosswalk is 10 feet away.Instructions There is often a temptation to take a dim view of profits. Some people seem to believe profits come at the expense of buyers. It is easy to reason that if profits were lower, prices could be lower thus benefiting consumers. a. What are economic profits? Explain in detail. b. Do economic profits harm the interests of consumers? Explain in detail. c. Can there be a socially useful outcome when economic profits exist? Explain in detail. d. Do lower prices always benefit consumers? Explain in detail.Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks, and compact cars. What fundamental economics question are they addressing by making this range of products? a. Why produce a variety of automobiles? b. What to produce? c. How to produce goods that consumers want? d. Who to produce automobiles for?
- At the optimal level of an activity, the activity’s marginal benefit must a. be zero. b. be greater than zero. c. equal the marginal cost of the activity. d. exceed the marginal cost of the activity. The answer is c, but why wouldn't you want marginal benefit to exceed marginal cost?Describe the Benefit-Cost Analysis?Within the framework of economics, optimization means providing a good or service until: a. marginal benefits and marginal costs are equal. b. marginal benefits exceed marginal costs by the greatest amount possible. c. total benefits are greater than total costs. d. total benefits and total costs are equal. e. total benefits are maximized.
- 4. Hydraulic Fracking is the process of drilling and injecting fluid into the ground at a high pressure in order to fracture shale rocks to release natural gas inside to be sold as an energy source. Up to 600 chemicals are used in fracking fluid, including known carcinogens and toxins. This is an example of a... a. Negative production externality b. Negative consumption externality C. Positive production externality d. Positive consumption externalityIf 4 hours is the efficient amount of time to exercise for the week, then exercising for 10 minutes more will come with a.net costs. b.net benefits. c.marginal benefits that are greater than marginal costs. d.marginal costs that are greater than marginal benefits. e.a and dOpportunity cost is best defined as Select one: a. the amount given up when choosing one activity over the next best alternative. b. the amount given up when choosing one activity over all other alternatives. c. the amount that is given up when choosing an activity that is not as good as the next best alternative d. the opportunity to earn a profit that is greater than the one currently being made.