Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 1, Problem 2DQ
To determine
The marginal cost and marginal benefits.
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5. Refer to the following production possibilities table for con.
sumer goods (automobiles) and capital goods (forklifts): LO1.6
a. Show these data graphically. Upon what specific assump-
tions is this production possibilities curve based?
b. If the economy is at point C, what is the cost of one more
automobile? Of one more forklift? Which characteristic of
the production possibilities curve reflects the law of increas-
ing opportunity costs: its shape or its length?
c. If the economy characterized by this production possibilities
table and curve is producing 3 automobiles and 20 forklifts,
what could you conclude about its use of its available
resources?
d. Is production at a point outside the production possibilities
curve currently possible? Could a future advance in technol-
ogy allow production beyond the current production possi-
bilities curve? Could international trade allow a country to
consume beyond its current production possibilities curve?!…
Approximately how many African Americans received commissions in the U.S. Army
during the First World War?
O 1) 10
O 2) 85
O 3) 335
O 4) 650
Listen
During World War I, who served as a special assistant to the secretary of war,
advising on matters related to African Americans?
O 1) Booker T. Washington
O 2) w. E. B. Du Bois
3) Emmett J. Scott
O 4) Joel Spingarn
11.Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve: LO5
a.The quality of education increases.
b.The number of unemployed workers increases.
c.A new technique improves the efficiency of extracting copper from ore.
d.A devastating earthquake destroys numerous production facilities.
Chapter 1 Solutions
Economics (Irwin Economics)
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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- Q.3 (a) No of Units Consumed 1 2 4 6. Total Utility in Units/Utils 10 25 40 60 75 80 Marginal Utility in Units/Utils 15 20 15 (i) State and explain the law illustrated in the above table. (ii) Outline two assumptions underlying this law. lo 3.arrow_forwardAssume that Robyn wants to buy socks and once she finds out that the price per pair is $5. she decides to buy 4 pairs of socks. Which of the following is true? O a) The marginal benefit (or marginal utility) of the 5th pair is higher than the marginal cost of the Sth pair O b) The marginal benefit (or marginal utility) of the 4th pair must be equal to $20 O O The marginal benefit (or marginal utility) of the Sth pair must be lower than $5 O d) The marginal benefit (or marginal utility) of the first pair must be lower than 55arrow_forwardents Question 5 If your tuition is $2,000 this semester, your books cost $400, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $12 per hour, and your room and board is $4,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is O $2,760. O $7,800. O $11,800. $2.100arrow_forward
- The graph below shows production possibilities frontiers for Cornelius and David, two priests that aid the Mondoshawan race. David is Cornelius' apprentice, and they each spend their time either deciphering old prophecies or developing plans to save the world (which comes in handy later). Use this information to answer the following 3 questions. Plans 10 9 8 7 6 LO 5 4 3 2 1 8° Cornelius David 0 1 2 3 4 5 c. Both (a) and (b). d. Neither (a) nor (b). 6 7 8 b. 10 translations and 4 plans. C. 5 translations and 11 plans. d. 9 translations and 9 plans. 9 Translations 10 1. (Cornelius and David) Which of the following statements is true? a. Cornelius' opportunity cost of one translation is ½ of a plan. b. Cornelius' opportunity cost of one translation is less than David's opportunity cost of one translation. 2. (Cornelius and David) If David and Cornelius engage in trade, which of the following points is both feasible and efficient in production? a. 18 translations and 14 plans.arrow_forwardCaci, un he would spend a dollar buying a first cup of coffee? LO7.2 4. Columns 1 through 4 in the following table show the marginal utility, measured in utils, that Ricardo would get by purchasing various amounts of products A, B, C, and D. Column 5 shows the marginal utility Ricardo gets from saving. Assume that the prices of A, B, C, and D are, respectively, $18, $6, $4, and $24 and that Ricardo has an income of $106. LO7.2 a. What quantities of A, B, C, and D will Ricardo purchase in maximizing his utility? b. How many dollars will Ricardo choose to save? c. Check your answers by substituting them into the algebraic statement of the utility-maximizing rule. nuts, coffee, or both. How big would that buuget nave LU DC DCIUIUarrow_forwardSuppose Duncan budgets $20 a week for entertainment. He can either go bowling for $4 a game, or play mini golf for $6 a game. Duncan maximizes his total utility by bowling twice and playing two games of mini golf. If the marginal utility from his second game of mini golf equals 12, what is the marginal utility per dollar from his second game of bowling? O 2 4-arrow_forward
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