Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 2.1.13PA
To determine
Relevance of opportunity cost .
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
In this chapter on page 61 the passage describes British scholar W. D. Ross, who rejected utilitarianism as an ethical approach. Ross felt that utilitarianism was too simplistic and did not align with how people ordinarily think about morality and obligations in real-world situations. The quote indicates that while utilitarianism provides a basic framework, Ross believed a more complex account was needed to capture ethics adequately in a diverse society. Different normative theories have their strengths and limitations, and reasonable people can disagree on these complex philosophical issues. Essentially, I believe in the golden rule which encourages people to have empathy, goodwill, and respect toward all others. It promotes ethical and considerate behavior by appealing to our own self-interest in fair and compassionate treatment.
please help resond to this discussion post
The paper is
50 of 50
Suppose that you have health insurance that covers all your healthcare expenditures. If you are rational, you will use medical care up to the point where your:
The disutility of the illness is equal to the marginal benefit of healthcare.
b.
I do not want to answer this question.
C
Marginal benefit is equal to the total costs of providing the medical care.
Marginal benefit is zero.
e
Total benefits are equal to the cost of your health care insurance.
Which of the following would be the least likely thing an economist would study?
What new platforms are teens and young adults using to download music and movies?
What is the effectiveness of a new $50 million government campaign to keep teens from vaping?
What types of movies do children like to watch in the summer?
What are the health effects of new energy drinks on young consumers?
Chapter 2 Solutions
Economics (7th Edition) (What's New in Economics)
Ch. 2 - Prob. 1TCCh. 2 - Prob. 2TCCh. 2 - Prob. 2.1.1RQCh. 2 - Prob. 2.1.2RQCh. 2 - Prob. 2.1.3RQCh. 2 - Prob. 2.1.4PACh. 2 - Prob. 2.1.5PACh. 2 - Prob. 2.1.6PACh. 2 - Prob. 2.1.7PACh. 2 - Prob. 2.1.8PA
Ch. 2 - Prob. 2.1.9PACh. 2 - Prob. 2.1.10PACh. 2 - Prob. 2.1.11PACh. 2 - Prob. 2.1.12PACh. 2 - Prob. 2.1.13PACh. 2 - Prob. 2.1.14PACh. 2 - Prob. 2.2.1RQCh. 2 - Prob. 2.2.2RQCh. 2 - Prob. 2.2.3PACh. 2 - Prob. 2.2.4PACh. 2 - Prob. 2.2.5PACh. 2 - Prob. 2.2.6PACh. 2 - Prob. 2.2.7PACh. 2 - Prob. 2.2.8PACh. 2 - Prob. 2.2.9PACh. 2 - Prob. 2.2.10PACh. 2 - Prob. 2.2.11PACh. 2 - Prob. 2.2.12PACh. 2 - Prob. 2.2.13PACh. 2 - Prob. 2.2.14PACh. 2 - Prob. 2.2.15PACh. 2 - Prob. 2.3.1RQCh. 2 - Prob. 2.3.2RQCh. 2 - Prob. 2.3.3RQCh. 2 - Prob. 2.3.4RQCh. 2 - Prob. 2.3.5RQCh. 2 - Prob. 2.3.6RQCh. 2 - Prob. 2.3.7PACh. 2 - Prob. 2.3.8PACh. 2 - Prob. 2.3.9PACh. 2 - Prob. 2.3.10PACh. 2 - Prob. 2.3.11PACh. 2 - Prob. 2.3.12PACh. 2 - Prob. 2.3.13PACh. 2 - Prob. 2.3.14PACh. 2 - Prob. 2.3.15PACh. 2 - Prob. 2.3.16PA
Knowledge Booster
Similar questions
- Bart and Lisa are kids. Their parents want to get a pet to keep them busy during a pandemic but they must choose between a dog and cat. Bart's value of the cat is $20 and his value of the dog is $40. Lisa's value of the cat is $45 and her value of the dog is $15. 1. What is the efficient pet? Let's imagine that their parents flip a coin to decide who gets to choose the pet. Heads Lisa chooses and tails Bart chooses. 2. If the coin comes up heads and there are no barriers to negotiation, what will Lisa choose? 3. If the coin comes up tails and there are no barriers to negotiation, what will Bart choose?arrow_forwardBart and Lisa are kids. Their parents want to get a pet to keep them busy during a pandemic but they must choose between a dog and cat. Bart's value of the cat is $10 and his value of the dog is $20. Lisa's value of the cat is $30 and her value of the dog is $10. 1. What is the efficient pet? Let's imagine that their parents flip a coin to decide who gets to choose the pet. Heads Lisa chooses and tails Bart chooses. 2. If the coin comes up heads and there are no barriers to negotiation, what will Lisa choose? 3. If the coin comes up tails and there are no barriers to negotiation, what will Bart choose? 4. What if there ARE barriers to negotiation and the coin is heads, what will Lisa choose? 5. What if there ARE barriers to negotiation and the coin is tails, what will Bart choose?arrow_forwardNobel Prize winner and New York Times columnist Paul Krugman noted that economics is a lot like medicine: Knowledge is limited and many cures are quite painful. What are some other ways that economics and medicine are alike?arrow_forward
- 11. In 2022, Ibram X. Kendi, author of “How to be an Antiracist” informed Valencia College that he would join your economics professor in a moderated discussion – for one hour – and for a fee of $30,000. Who would argue that such a price is not only appropriate, but, if agreed to, would have created benefits for both parties in the transaction? a. John Locke b. Adam Smith c. Ibram X. Kendi d. The author of “I, Pencil” e. All the above.arrow_forwardEconomists Henry Saffer of Kean University, Frank J. Chaloupka of the University of Illinois at Chicago, and Dhaval Dave of Bentley College estimated that the government must spend $4,170 on drug control to deter one person from using drugs and that the cost one drug user imposes on society is $897. Based on this information alone, should the government spend the money on drug control?arrow_forwardAnne has just purchased a new house in a lovely neighborhood. Her neighbors are friendly and even brought her house-warming gifts. Anne, however, has a problem. Her neighbors have cats, and Anne hates cats. Even though the city has a law requiring all outdoor pets to be on a leash, her neighbors ignore it, and the cats roam all over Anne's property. How would an economist describe this situation? Is there anything Anne can do? Can you think of a Coase- like private solution?arrow_forward
- How would an economist answer the question: "What is the socially best amount of pollution control?" Will that likely be zero pollution?arrow_forwardAn externality arises when a firm or person engages in an activity that affects the wellbeing of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is adverse, it is called a externality. The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantity for this good. Adjust one or both of the curves to refiect the presence of the externality. If the social cost of producing the good is not equal to the private cost, then you should drag the supply curve to reflect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should drag the demand curve to reflect the social value of consuming the good. -O- Supply Demand Supply Demand QUANTITY (Unts) With this type of externality, in the absence of government intervention, the market…arrow_forwardAn externality arises when a firm or person engages in an activity that affects the wellbeing of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is beneficial, it is called a externality. The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantity for this good. Adjust one or both of the curves to reflect the presence of the externality. If the social cost of producing the good is not equal to the private cost, then you should drag the supply curve to reflect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should drag the demand curve to reflect the social value of consuming the good. (?) PRICE (Dollars per unit) QUANTITY (Units) Supply Demand ¦ þ Demand Supplyarrow_forward
- A well educated society can be considered which of the following, as it pertains to economics? Negative Externality Positive Externality Economic Relief Social Welfarearrow_forwardIf there are no externalities or market power and all markets are in equilibrium, what conclusions can we draw from this in economic theory?arrow_forwardwhat is the connection between Economics & Healthcare? in four sentencesarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you