Economics For Today
9th Edition
ISBN: 9781305507074
Author: Tucker, Irvin B.
Publisher: Cengage Learning,
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 6SQ
To determine
Calculation of economic points.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
3
2. A decision at the margin
Jake is a hard-working college sophomore. One Tuesday, he decides to work nonstop until he has answered 110 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
50
10:00 AM
80
11:00 AM
100
Noon
110
Use the table to answer the following questions.
The marginal, or additional, gain from Jake’s first hour of work, from 8:00 AM to 9:00 AM, is
problems.
The marginal gain from Jake’s third hour of work, from 10:00 AM to 11:00 AM, is
problems.
Later, the teaching assistant for Jake’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 25 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For…
In terms of economics, what is the significance of the following quote?
“On the next exam, I made the number of points available 137, instead of 100. This exam turned out to be harder than the first, with students getting only 70% of the answers right, but the average turned out to be a cheery 96 points.”
You pay a cover charge of $50 to get into a popular local nightclub. As the DJ is playing and you are dancing, you suddenly realize that you would much rather be at home studying economics. But $50 is a lot of money for you. Shouldn’t that affect your decision to stay or go?
Select one:
a.
No. The $50 is a sunk cost.
b.
Yes. The $50 is an avoidable cost.
c.
Yes. Stay and get your money’s worth.
d.
No. This is your special night out, so don’t consider costs of any kind.
Chapter 2 Solutions
Economics For Today
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
Knowledge Booster
Similar questions
- a) Trade-offs are important part of economic decision making. You are supposed to Analyze and explain any three trade-offs that you face in your life. b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do you think is the true cost of spending your weekend on a farmhouse with friends? c) You plan to spend your weekend working at your father’s superstore for a wage, but your friends ask you go play cricket at the weekend. What do you think is the true cost of spending your weekend playing cricket with friends?arrow_forwardIn economics, cost is -and benefit is_ a. the amount of money that you pay for something; the amount of money that someone else is willing to pay you. b. what you are willing to pay on the margin; what the government pays you when you are unemployed or retired. C. what you must give up to get something; what you are willing to give up to get it. d. the amount of money that you pay on the margin; the amount of money that you receive on the margin.arrow_forwardProduction, Entry, and Exit 1.Analyze a business owner’s decision making regarding whether to enter a market. For example, what factors determined the driver’s entry and exit into the market in the simulation? Use economic models to support your analysis. 2.How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? 3.How does the impact of fixed costs change production decisions in the short run and in the long run?arrow_forward
- Carefully define the following terms and explain their importance to the study of economics. A. Opportunity cost B. scarcityarrow_forwardA). List the Ten Principles of Economics (just the titles). Group them in three categories: (i). How people make decisions, (ii). How people interact, and (iii). How the economy as a whole works. B). Define opportunity cost. Be precise with the words used. C). Draw a Circular Flow diagram.arrow_forwardOne of the lessons of economics is that “there is no such thing as a free lunch.” This means that businesses, consumers, and whole societies face trade-offs whenever they make a decision. Please draw on your own experiences to discuss the following three items. Make sure you use economic concepts in your main contribution. Explain a decision that you have made at work, or one concerning your career, or any major life decision that you have made. Identify and explain the trade-offs that you faced. List the alternatives you had, identify the highest valued alternative, and explain your final decision to the class.arrow_forward
- What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket plus the cost of any soda and popcorn you buy at the theatre the total cash expenditure needed to go to the movie plus the value of your time zero, as long as you enjoy the movie and consider it a worthwhile use of time and moneyarrow_forwardI. Theoretical Analysis 1. Each individual student or team (two students max) must find an article from the New York Times, The Economist, The Wall Street Journal, or The Financial Times (or a pre-approved alternate reputable news source) that addresses a concept we have covered in class and interests you. You will need to do a theoretical analysis for a news article, so choose one that is sufficiently in-depth and has some material to discuss. 2. Each team will have to turn in a typed analysis of their article (double-spaced, four pages maximum). You must also turn in a copy (not just a link) of the article you have chosen. 3. Each analysis should include at a minimum: i) One paragraph summarizing the article; Be brief! ii) One paragraph relating the article to theories we have discussed in class; Please draw relevant graphs or write down equations here. iii) One paragraph for the interpretation; Provide your explanation if the macroeconomic theory does not fit into your article. Is…arrow_forwardA family have inherited £15,000 from a long lost aunt. They are weighing up whether to buy a new car or go on a trip to Australia for a month. They decide to go to Australia. The opportunity cost of this decision is a) the cost of going to Australia. b) the cost of a buying a new car. c) the benefits of going to Australia. d) the benefits of having a new car.arrow_forward
- 13. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is Ivanarrow_forwardstion 4 of 20 Exploring Economics: End of Chapter Problems 4. You normally stay at home on Wednesday nights and study. However, next Wednesday night, your best friend is having a big birthday party. What might be the opportunity cost of going to the party? The benefit (such as a higher homework or exam grade) that you would have gained from studying that night. The price of a gift you purchase for your friend. The value of a concert that you could have attended had you neither gone to the party nor spent the night studying. Unforeseen regret you feel the next day over having consumed too much cake at the party. 8:04 PM 76 F 9/15/2021 EParrow_forwardNeed help with economics review questions (multiple choice) 16. The following is a list of activities that Ali can do a Saturday night: 1) Trading on crypto exchanges like a boss.2) Deadlifting like a pro.3) Retaking Constantinople (peacefully) like a Chad.In order of preference, Ali equally enjoys retaking Constaninople and deadlifting. He hates trading on crypto exchanges. What is Ali’s opportunity cost of deadlifting?(A) The benefit from deadlifting.(B) The benefit from retaking Constantinople.(C) The benefit from trading on crypto exchanges. (D) None of the above. 17. From an economic perspective, why should the best teacher in the world never teach?(A) Because the top guy never simps for the education system.(B) Because with his talents, he can make more money in another job.(C) Because teaching will become superfluous in the near future with the implementa- tion of artificial intelligence…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning