CONNECT F/MICROECONOMICS
21st Edition
ISBN: 2810022151240
Author: McConnell
Publisher: MCG
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Question
Chapter 1.2, Problem 2QQ
To determine
Calculation of opportunity cost .
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Students have asked these similar questions
Use the information in the table to answer the below question.
Production Possibilities Frontier
Number of hours worked
Total benefit
Total cost
0
0
0
10
300
100
20
550
210
30
750
340
40
900
500
50
1,000
700
Christian delivers pizza using his own car and is paid according to numbers of boxes that he delivers. Use marginal analysis to determine the optimal number of hours that he should work.
Explain the following concept
1.scarcity
2.choice
3.opportunity cost
4.resource
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 F/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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