Question 05: Benjamin Franklin coined the phrase "Time is Money", and spelt out the associated opportunity cost reasoning in his "Advice to a Young Tradesman" (1746): "Remember that Time is Money. He that can earn Ten Shillings a Day by his Labour, and goes abroad, or sits idle one half of that Day, tho' he spends but Sixpence during his Diversion or Idleness, ought not to reckon That the only Expence; he has really spent or rather thrown away besides." Shillings Fill in the blank of the number of Shillings in the above quote. Hint: think of shillings as dollars and sixpence as "pocket change" - what happens if you decide to take the afternoon off from work? A) ten shillings in lost wages B) twenty shillings in lost wages one shillings in lost wages O D) five shillings in lost wages

Question 05: Benjamin Franklin coined the phrase "Time is Money", and spelt out the associated opportunity cost reasoning in his "Advice to a Young Tradesman" (1746): "Remember that Time is Money. He that can earn Ten Shillings a Day by his Labour, and goes abroad, or sits idle one half of that Day, tho' he spends but Sixpence during his Diversion or Idleness, ought not to reckon That the only Expence; he has really spent or rather thrown away besides." Shillings Fill in the blank of the number of Shillings in the above quote. Hint: think of shillings as dollars and sixpence as "pocket change" - what happens if you decide to take the afternoon off from work? A) ten shillings in lost wages B) twenty shillings in lost wages one shillings in lost wages O D) five shillings in lost wages

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. Units of Labor Multiple Choice 100 1 2 3 4 5 150 1 50 110 150 170 160 Units of Capital 2 120 260 360 430 480 If labor is fixed at three units, how much does the second unit of capital add to total output? 3 160 360 510 630 710 4 4 180 390 560 690 790
. What is the difference between micro and macro economics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one. 2. Go to the internet and find a recent article that you find that is relevant for this section. Provide the link, and a summary of the article and discuss, in a few words, why you found the article interesting 3. Provide an example of a sunk cost. How does this differ from a marginal cost? Explain a time you did (or should have) used marginal analysis to solve a problem.
According to economists, the satisfaction people get from their consumption activities is called:
You run a factory that uses pottery wheels to make pots. You can hire anywhere between 1 and 3 skilled artisans (workers), and you can rent 1 or 2 pottery wheels (machines). Pots sell for $125 each. The total product of your factory is shown in the following table. Number of Machines (Capital, K) 1 Pottery wheels are 2 1 8 10 Number of Workers (Labor, L) 2 11 14 3 13 17 Suppose you rent one machine and hire one worker. You would be willing to pay $ to hire a 2nd worker. (Consider the value of the marginal product of labor.) Suppose you rent one machine and hire one worker. You would be willing to pay a rental rate of up to $ Suppose the wage is $350. If you have one pottery wheel, the number of workers you would want to hire is to acquire a 2nd machine. (Consider the value of the marginal product of capital.)
2. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when firms v purchase factors v in factor markets. Suppose Teresa earns $875 per week working as a corporate attorney for Rowan and Martin Associates. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Sam $350 per week to wait tables. Sam uses $200 to purchase legal service from Rowan and Martin Associates.
The per-unit cost of an item is its average total cost (= total cost/quantity). Suppose that a new cell phone application costs $250,000 to develop and only $0.60 per unit to deliver to each cell phone customer. Instructions: Round your answers to two decimal places. What will be the per-unit cost of the application if it sells 100 units? Per-unit cost = $1 What will be the per-unit cost of the application if it sells 1000 units? Per-unit cost $[ What will be the per-unit cost of the application if it sells 1 million units? Per-unit cost $
Output in the economy can be increased by O adding more workers increasing the number of machines O investing in education all of the above
Use the diagram below to answer the questions that follow. Capital (machine hours) 6 A 10 10 15 Labor (hours) Capital (machine houn) What do the diagrams above illustrate? 10 10 B Labor (hours) decreasing returns to scale and B constant returns to scale constant returns to scale and B increasing returns to scale increasing returns to scale and B constant returns to scale increasing returns to scale and B decreasing returns to scale
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Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Event Households purchase Suppose Maria earns $525 per week working as a programmer for PC Pros. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Kevin $300 per week to wash cars. Kevin uses $175 to purchase software from PC Pros. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Kevin spends $175 to purchase software from PC Pros. Maria earns $525 per week working for PC Pros. Kevin earns $300 per week working for Spotless Car Wash. Factor Market in factor markets. Product Market O