Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 1, Problem 11DQ
To determine
Correlation and causation.
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uppose that the salary range for recent college graduates with a bachelor's degree in economics is $30,000 to $50,000,
with 25 percent of jobs offering $30,000 per year, 50 percent offering $40,000 per year and 25 percent offering $50,000
per year and that in all other respects, the jobs are equally satisfying. Assume that in this market, a job offer remains open
for only a short time so that continuing to search requires an applicant to reject any current job offer. Moe has just
received a job offer that pays $40,000 per year. Moe should:
Select one:
a. reject the offer regardless of his preference for risk.
b. accept the offer if he is risk averse.
c. reject the offer if he is risk averse.
d. only accept the offer if he is risk-neutral.
6. This question is based on the following table.
Household Income
Average number of car per household
$0 -- $29,999
1.5
30,000--- 49,999
1.7
50,000 --- 74,999
1.9
75,000--- 99,999
2.4
100,000-
149,999
2.8
150,000 and over
3.2
The relationship between household income and average number of car per household is:
a. Fluctuating.
O b. Terminal.
Oc. Direct.
O d. Indirect.
Oe. Inverse.
2. Gorgeousleny purchased a combination of 15 breads and 5 juices with her income of P150 and
price of bread is P6 and price of juice is P12. She proudly showed this to her mom, and to her
dismay her mom said that she likes more juices than bread since its summer season. While on her
way home she lost the receipt, but fortunately she can still receive store credit based from the total
value of products. While approaching the customer service representative , she thought of this
what if she sticks with her original plan of buying bread alone with no juice and vice versa. At the
moment all juices in the store is 50% off. Draw the graph showing the budget constraints arise
from endowments.
a. ) Measure the qty. of bread on the vertical axis and the qty. of juice on the horizontal axis. Label
both graph with its corresponding points, pt. A for bread and point B for juice. the combination of
bread and juice label it as point C.
b.) For both graph, What is the slope from point C to point B?…
Chapter 1 Solutions
Microeconomics
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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