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 4DQ
To determine
The scientific method and it’s relation with the economic laws and principles.
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Students have asked these similar questions
11.Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve: LO5
a.The quality of education increases.
b.The number of unemployed workers increases.
c.A new technique improves the efficiency of extracting copper from ore.
d.A devastating earthquake destroys numerous production facilities.
The graph below shows production possibilities frontiers for Cornelius and David, two priests
that aid the Mondoshawan race. David is Cornelius' apprentice, and they each spend their time
either deciphering old prophecies or developing plans to save the world (which comes in handy
later). Use this information to answer the following 3 questions.
Plans
10
9
8
7
6
LO
5
4
3
2
1
8°
Cornelius
David
0 1
2
3
4
5
c. Both (a) and (b).
d. Neither (a) nor (b).
6
7
8
b. 10 translations and 4 plans.
C.
5 translations and 11 plans.
d. 9 translations and 9 plans.
9
Translations
10
1. (Cornelius and David) Which of the following statements is true?
a. Cornelius' opportunity cost of one translation is ½ of a plan.
b. Cornelius' opportunity cost of one translation is less than David's opportunity cost
of one translation.
2. (Cornelius and David) If David and Cornelius engage in trade, which of the following
points is both feasible and efficient in production?
a. 18 translations and 14 plans.
6. Indicate whether each of the following state-
ments applies to microeconomics or macro-
marginal cost and
economics: LO3
a. The unemployment rate in the United States
was 5.0% in April 2008.
b. A U.S. software firm discharged 15 work-
ers last month and transferred the work to
India.
C. An unexpected freeze in central Florida
reduced the citrus crop and caused the price
of oranges to rise.
d. U.S. output, adjusted for inflation, grew by
2.2% in 2007.
e. Last week Wells Fargo Bank lowered its
interest rate on business loans by one-half
of 1 percentage point.
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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- Suppose there exist two imaginary countries, Yosemite and Sequoia. Their labor forces are each capable of supplying four million hours per day that can be used to produce pistachios, chinos, or some combination of the two. The following table shows the amount of pistachios or chinos that can be produced by one hour of labor. Country Yosemite Sequoia Pistachios (Pounds per hour of labor) 8 LO 5 Chinos (Pairs per hour of labor) 16 20arrow_forwardents Question 5 If your tuition is $2,000 this semester, your books cost $400, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $12 per hour, and your room and board is $4,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is O $2,760. O $7,800. O $11,800. $2.100arrow_forwardWith current technology, suppose a fifirm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20, respectively. If the fifirm can sell these 400 loaves at $2 per unit, will it continue to produce banana bread? If this fifirm’s situation is typical for the other makers of banana bread, will resources flow to or away from this bakery good?arrow_forward
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