Mason and Jack are neighbors. Mason wants to buy a new outdoor grill so he can barbecue. Mason has two options, a charcoal grill or a gas grill. By using he chooses to buy a gas grill. Mason knows that Jack would borrow his grill without asking; therefore, decides to use in order to prevent his neighbor Jack from becoming a free-rider.
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- Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first, second, and third choice and then vote on the options. Table 18.2 shows their first, second, and third choice preferences. Explain why they will have a hard time teaching a decision. Does the group prefer mountain biking to canoeing? What about canoeing compared to the beach? What about the beach compared to the original choice of mountain biking?Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good B
- 1. Scarcity, opportunity cost, and marginakanalysis Kate is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Kate has only 20 hours this week that she can devote to training. Each hour she spends swimming is an hour that she can't spend biking or running. Which basic principle of individual choice do these statements best illustrate? O Kate has an incentive to spend more time on swimming than on biking or running. O People usually exploit opportunities to make themselves better off. O People face trade-offs. O Kate can use time most efficiently by spending the same amounts of time on swimming, biking, and running.It’s Friday night. You already have a ticket to aconcert, which cost you $30. A friend invites youto go out for a game of paintball instead. Admission would cost you $25, and you think you’d get$25 worth of enjoyment out of it. Your concertticket is nonrefundable. What is your opportunitycost (in dollars) of playing paintball?2. Your opportunity cost of going to a movie isa. thepriceoftheticket.b. thepriceoftheticketplusthecostofanysodaandp
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- Joab and his friends used to play a game where they put on a dog's electric fence collar and tried to stand over the electric fence line because, after careful consideration of the costs and benefits, they decided that the benefits of watching their friends get shocked outweighed the costs of being shocked themselves. According to the economic way of thinking, by playing this game, Joab and his friends were O not responding to the incentives they faced. making an irrational choice. making a rational choice. not fully considering the costs and benefits of their decision since this is obviously a mistake for anybody to do.lys After the release of a new video game, Target stores temporarily sold out. Which economic concept best describes this event? O Cost-Benefit Analysis O Tradeoffs Scarcity are wants. Shortage The resources used to make all goods and services are the *7:32 AM 0.1KB/s O 63 expert.chegg.com/expei Chegg Home Expert Q&A My answers Time remaining: 00:09:22 Economics Aristotle made a key distinction between what he called 'natural' and 'un-natural' exchange. For this assignment, answer the following two questions in a page or so. 1. What is 'un-natural' exchange and why was Aristotle so worried about it? 2. How did the feudal system, via 'Canon law', manage economic and market activity?