Connect Online Access for Essentials of Economics
11th Edition
ISBN: 9781260521269
Author: Bradley Schiller, Karen Gebhardt
Publisher: Mcgraw-hill Higher Education (us)
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Question
Chapter 1, Problem 5P
To determine
(a)
To calculate: the number of rooms that could be painted.
To determine
(b)
To calculate: the floors to be 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
How many units of labor and capital should be purchased to maximize production? What is the maximum number of units of production?
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.
Chapter 1 Solutions
Connect Online Access for Essentials of Economics
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