Question

1. Problems and Applications Q1 Which of the following describe some of the trade-offs faced by a lamily deciding whether to buy a new car? Check all that apply The same vehicle model is available at various car dealerships A newer model offers better protection and functions but is more expensive than an older model. The vehicle is available in several colors Which of the following describe some of the trade-offs faced by a member of Congress deciding how much to spend on national parks? Check allthat apply The President likes white flowers and wants to see more in parks Congress can spend either a small amount on a lot of parks or a large amount on a single national park. Money spent on national parks benefits park visitors, but alternatively the money could be spent on highways to benefit drivers. Which of the following describe some of the trade-offs faced by a company president deciding whether to open a new factory? Check all that apply The firm is currently making profits The firm can either open a new factory or expand its current factory The president has been with the company for 20 years.

Answer 1

1. Trade-offs faced by a family deciding whether to buy a new car is a newer model offers better protection and functions but it is more expensive than older model.

2. Trade-offs faced by a member of congress deciding how much to spend on national parks is Congress can spend either a small amount on a lot of parks or a large amount on a single national park, money spent on national parks benefit park visitors,but alternatively the money could be spent on highways to benefit drivers.

3. Trade-offs faced by a company president deciding whether to open a new factory is the firm can either open a new factory or expand its current factory.

4. Trade-offs faced by a professor deciding how much time to spend preparing for class is the better the lecture, the better his chances of tenure,but time spent preparing the lecture decreases the time he has available to work on research , the more he prepares ,the better his lectures but the less he prepares,the more time he can enjoy doing something else.

5. Trade-offs faced by a recent college graduate deciding whether to go to graduate school is graduate school means fewer years on-the-job experience, if she goes to graduate school ,she won't be able to start a new job and repay her existing student loans.