Homework Answers
Opportunity cost is the cost of the second best alternative
foregone.
Hence, the opportunity cost of one candy bar will be two apples or
three oranges, whichever is the second preferred alternative after
candy bars.
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1. If you have a choice of consuming either two apples, three oranges, or one candy...
Question 12 pts If you must make a choice about consuming two apples, three oranges, or...
Question 12 pts If you must make a choice about consuming two apples, three oranges, or one candy bar, the opportunity cost of the two apples is the candy bar plus the three oranges. True False Flag this Question Question 22 pts According to economic analysis, while making a decision, an individual compares the benefits expected from one option with the benefits expected from other options. True False Flag this Question Question 32 pts Which of the following is not...
Consider the economy of Orchard that produces two types of products, apples and oranges. Use the...
Consider the economy of Orchard that produces two types of products, apples and oranges. Use the data below to answer the following questions. Apples Oranges A 40 0 B 30 20 C 20 35 D 10 45 E 0 50 a) Draw the production possibility curve for Orchard. b) What is the opportunity cost of producing 10 more bushels of apples starting at point B? How does that compare with the cost of 10 more bushels of apples at point D? c) What would you say about Orchard if it is...
Suppose you have 3 bags containing only apples and oranges. Bag A has 2 apples and...
Suppose you have 3 bags containing only apples and oranges. Bag A has 2 apples and 4 oranges, bag B has 8 apples and 4 oranges, and bag C has 1 apple and 3 oranges. You pick 1 fruit (at random) from each bag. a) What is the probability that you picked exactly 2 apples? b) Suppose you picked 2 apples but forgot which bag they came from. What is the probability that you picked an apple from bag A?
Question A3 [2 marks Consider a pure-exchange economy with two consumers, Joe and Jane, and two goods, apples and o...
Question A3 [2 marks Consider a pure-exchange economy with two consumers, Joe and Jane, and two goods, apples and oranges. Suppose the total supply of apples is 10 and the total supply of oranges is also 10. Suppose also that, at the initial allocation, Joe's marginal utility of apples is 3 and his marginal utility of oranges is 5. Jane's marginal utility of apples is 6 and her marginal utility of oranges is 10. The current price of apples is...
1. (a) Suppose you spend all of your income on apples and oranges, which are both...
1. (a) Suppose you spend all of your income on apples and oranges, which are both normal goods and which are imperfect substitutes. If the price of apples increases, will you consume more or fewer apples as a result of the substitution effect? What about the income effect? (b) Suppose you consume two goods: Ramen and Starbucks coffee. Ramen is an inferior good and Starbucks coffee is a normal good. The price of Ramen increases. Assume Ramen is not a...
2. You have a candy bowl containing one of each of the following 5 candy bars:...
2. You have a candy bowl containing one of each of the following 5 candy bars: Kit Kat, Milky Way, Butterfinger, Almond Joy, Twix. (a) You draw one candy bar out of the bowl at a time, record the name of the candy, and put it back. How many ways are there for you to draw 3 candy bars from the bowl? there for you to draw 3 candy bars from the bowl? candy bars are possible? (b) You draw...
If you break a candy bar in half does the density of the prices change? 1....
If
you break a candy bar in half does the density of the prices
change?
1. Break a candy bar in half and the density of the pieces doesn't change. F 2. Because cells obtain nourishment through their surfaces, there is an upper limit on the size of a living cell. 3. Because of the consequences of scaling, science fiction monsters like King Kong cannot exist. F 4. Lead is the most dense metal, including gold and uranium. TF 5....
. Basket A contains 5 apples and 1 orange. Basket B contains 1 apple and 5...
. Basket A contains 5 apples and 1 orange. Basket B contains 1 apple and 5 oranges. Basket C contains 3 apples and 3 oranges. Assume throughout that tastes are monotonic. On Monday, Anne is offered a choice between basket A and C, and she chooses A. On Tuesday, she is offered a choice between basket B and C, and she chooses B. a) Graph these baskets on a graph with apples on the horizontal and oranges on the vertical...
1) if the price of the candy bar is set at two dollars estimated mean sale...
1) if the price of the candy bar is set at two dollars
estimated mean sale will be
A)100
B)65
C)30
D)90
2) what is the estimated slope for the candy bar price and
sales data
A)-3.810
B)-48.193
C)161.386
D)0.784
3) if the price of a candy bar is set at two dollars the
projected sales will be
A)100
B)30
C)65
D)90
SCENARIO 12-2 A candy bar manufacturer is interested in trying to estimate how sales are influenced by the...
Fit to page Page view A Re 2. Basket A contains 5 apples and 1 orange....
Fit to page Page view A Re 2. Basket A contains 5 apples and 1 orange. Basket B contains 1 apple and 5 oranges. Basket C contains 3 apples and 3 oranges. Assume throughout that tastes are monotonic. On Monday, Anne is offered a choice between basket A and C, and she chooses A. On Tuesday, she is offered a choice between basket B and C, and she chooses B. a) Graph these baskets on a graph with apples on...
Question A3 [2 marks Consider a pure-exchange economy with two consumers, Joe and Jane, and two goods, apples and oranges. Suppose the total supply of apples is 10 and the total supply of oranges is also 10. Suppose also that, at the initial allocation, Joe's marginal utility of apples is 3 and his marginal utility of oranges is 5. Jane's marginal utility of apples is 6 and her marginal utility of oranges is 10. The current price of apples is...
2. You have a candy bowl containing one of each of the following 5 candy bars: Kit Kat, Milky Way, Butterfinger, Almond Joy, Twix. (a) You draw one candy bar out of the bowl at a time, record the name of the candy, and put it back. How many ways are there for you to draw 3 candy bars from the bowl? there for you to draw 3 candy bars from the bowl? candy bars are possible? (b) You draw...
If
you break a candy bar in half does the density of the prices
change?
1. Break a candy bar in half and the density of the pieces doesn't change. F 2. Because cells obtain nourishment through their surfaces, there is an upper limit on the size of a living cell. 3. Because of the consequences of scaling, science fiction monsters like King Kong cannot exist. F 4. Lead is the most dense metal, including gold and uranium. TF 5....
1) if the price of the candy bar is set at two dollars
estimated mean sale will be
A)100
B)65
C)30
D)90
2) what is the estimated slope for the candy bar price and
sales data
A)-3.810
B)-48.193
C)161.386
D)0.784
3) if the price of a candy bar is set at two dollars the
projected sales will be
A)100
B)30
C)65
D)90
SCENARIO 12-2 A candy bar manufacturer is interested in trying to estimate how sales are influenced by the...
Fit to page Page view A Re 2. Basket A contains 5 apples and 1 orange. Basket B contains 1 apple and 5 oranges. Basket C contains 3 apples and 3 oranges. Assume throughout that tastes are monotonic. On Monday, Anne is offered a choice between basket A and C, and she chooses A. On Tuesday, she is offered a choice between basket B and C, and she chooses B. a) Graph these baskets on a graph with apples on...
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