ESSENTIALS OF ECONOMICS<LCPO>
11th Edition
ISBN: 9781265544669
Author: SCHILLER
Publisher: MCG
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Question
Chapter 1, Problem 4P
To determine
(a)
To calculate:The number of rooms that could be painted.
To determine
(b)
To calculate:The number of rooms that could be painted when 2 floors are sanded.
To determine
(c)
To draw:A
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You have only 20 hours per week to use for either study time or fun time. Suppose the relationship between study time, fun time, and grades is shown in this table: bartelby learn
Fun time (hours per week)
20
18
14
8
0
Study time (hours per week)
0
2
6
12
20
Grade point average
0
1.0
2.0
3.0
4.0
a. Draw the (linear) production possibilities curve on the graph below that represents the alternative uses of your time.
b. On the same graph, show the combination of study time and fun time that would get you a 2.0 grade point average.
c. What is the cost, in lost fun time, of raising your grade point average from 2.0 to 3.0?
________hours of fun time
d. What is the opportunity cost of increasing your grade point average from 3.0 to 4.0?
___________hours of fun time
QUESTION 7
Olivia and Susan operate a store that sells burritos. There are two main activities: chopping up the ingredients and then cooking the fillings
for the burritos. Olivia and Susan are deciding who should chop the ingredients and who should cook the fillings in order to maximise
output.
Olivia
Susan
Chopped Food
(kg/hr)
15
20
Cooked Food
(kg/hr)
20
30
Which of the following statements are true:
For Olivia, the opportunity cost of 1kg of cooked food is 1.33kgs (to 2 decimal places) of choppectood.
For Susan, the opportunity cost of 1kg of cooked food is 0.67kgs (to 2 decimal places) of chopped food.
Susan should specialise in chopping.
Olivia has an absolute advantage in chopping.
QUESTION 9
Oliver is writing CML assessment questions for two introductory economics courses at UQ (ECON1010 and ECON1020), and currently
finds himself with a 4-hour period in which he can complete either task. Oliver's production possibilities curve for the next 4 hours is
shown below.
16
ECON1010
(questions)
12
8
0
1
1
12
1
1
1
24
36
48
ECON1020
(questions)
What is Oliver's opportunity cost of writing (producing) a single ECON1020 question? Answer to the nearest two decimal places. [a]
ECON1010 questions.
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