Which of the following scenarios is not an example of a trade-off?         Sarah always takes reusable tote bags to the store to carry her groceries home instead of using the plastic bags provided by the store. Sarah is happy that she can help the environment by using less plastic.         In order to save money, Dave decided to use canned vegetables in his soup instead of fresh vegetables.         Juan's office is two blocks away, so he walks to work every day.         Roberto decided to go fishing instead of cutting the grass. The grass is now high and will take longer to cut.

None

Suppose two bars, “the Last Jar” and “Prince Alfred”, can choose to sell a pint of beer for either $10 or $12. For simplicity, assume that: these are the only two possible prices; there are no costs (e.g., there is no cost for obtaining and serving the beer), and each customer drinks exactly one pint of beer. There are two types of customers: professors and students. Professors are not price-sensitive and go to the bar closest to their department’s building. Thus, 50 professors from the Melbourne School of Engineering go to Prince Alfred, while 50 professors from the Melbourne Graduate School of Education go to the Last Jar. Meanwhile, the students, who are 200 in total, are price sensitive. They go to the bar with the lowest price –or, if both bars charge the same price, then they split evenly. Sequential game: a) Suppose the Last Jar chooses what price to set first. Then, after observing the price set by the Last Jar, Price Alfred chooses what price to set. Draw the extensive form…

12

Jane enrolled in an online class to learn a new language. The online class will cost Jane $150. After enrolling in the class, Jane needs to consider how many hours she is willing to spend on learning a new language. For the first hour, Jane will get an incremental benefit of $85. Subsequently, she will only get incremental benefits of $74 from the second hour, $55 from the third, $30 from the fourth and $15 from the fifth. The cost to Jane, mainly due to fatigue and boredom, is $6 for the first hour, $12 for the second hour, $19 for the third hour, $29 for the fourth hour and $40 for the fifth hour. Using marginal analysis, Jane should spend how many hours learning?. The maximum surplus for Jane, from spending the number of hours learning which you found in part b, is $. Answer to the nearest whole number (with no decimal places).

According to economists, the process of optimal decision making by consumers typically yields total benefits well above the amount paid for the goods. These market-created benefits are referred to as ▼, and using the graph to the right, are represented by area Suppose now that the market price falls. According to the graph, the excess of total benefits over the total amount spent by consumers will ▼ decrease increase not change PM B Quantity (Q) Q

Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to: Multiple Choice switch away from growing corn and into growing soy beans. switch away from growing soy beans and into growing corn grow less corn, but not change their production of soy beans. grow more corn, but not change their production of soy beans.

Is this example also an example of economically rational decision making? “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily closed. During this time I had the option of shipping my prints through USPS or UPS. I decided to ship my prints through USPS instead of UPS since it was a bit expensive at the time. My prints that were shipped out from USPS arrived in time and came in good condition. The opportunity cost is the cost of UPS shipping.”

Macroeconomics  Group of answer choices is the efficient allocation of societies scarce resources is how to use our scarce resources to maximize societies well being is studied so society can use its limited resources to its maximum potential and increase well being All of the above

Maggie is currently using the website Matchmaker.com to help her search for a new partner. Maggie is enjoying going on the dates she has arranged through this website. She believes the marginal benefits are more than the marginal costs from using the website. Which of the following statements is true? Maggie should always continue using Matchmaker.com as the benefits outweigh the cost. Maggie's opportunity cost from using Matchmaker.com will eventually start to rise and her benefits will eventually start to fall. Maggie should immediately cease using Matchmaker.com when she has a successful date. With her benefits per hour currently exceeding her costs per hour, Maggie is at the optimal level of information. Maggie's use of Matchmaker.com will become subject to diminishing returns to scale as her costs fall. 0000