Homework Answers
Answer:
Marginal thinking
The additional benefit of studying an hour is called marginal benefit and additional cost of studying an hour is marginal cost. It is better to work for an extra hour as long as marginal benefit is higher than Marginal cost of studying for an extra hour.
This type of thinking is called marginal thinking. Becauywe are considering only the benefit and cost of the extra hour we are about to study. So, this is called marginal thinking.
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7
Question 7 of 60 Deciding whether to study an additional hour for an exam by...
8 Question 8 of 60 An example of a marginal decision is deciding whether to: rs....
8
Question 8 of 60 An example of a marginal decision is deciding whether to: rs. O study for 5 hours or for 10 hours. O commit your life to economics or biology. O buy one more apple or one more banana. O invest half your savings in Google or Microsoft.
QUESTION 36 In deciding whether to study for an economics quiz or go to a concert,...
QUESTION 36 In deciding whether to study for an economics quiz or go to a concert, one is confronted by the idea(s) of o money and real capital. e scarcity and opportunity costs. complementary economic goals. full production QUESTION 37 If the consumer price index falls from 120 to 116 in a particular year, the economy has experienced e deflation of 3.33 percent deflation of 4 percent inflation of 3.33 percent inflation of 4 percent. QUESTION 38 Unemployment describes the...
1-1. Principle 1: People Face Trade-offs The study of Economics starts by acknowledging 1-2. Principle 2:...
1-1. Principle 1: People Face Trade-offs The study of Economics starts by acknowledging 1-2. Principle 2: The Cost of Something Is What You Give Up to Get It What is opportunity cost? It is the highest-valued, next best alternative that must be to obtain something or to satisfy a want. 1-3. Principle 3: Rational People Think at the Margin Rational people often make decisions by comparing marginal benefits andL A rational decision maker takes an action if and only if...
Question 6 0.5 pts The cost to produce an additional unit of output is known as...
Question 6 0.5 pts The cost to produce an additional unit of output is known as O Average Cost O Marginal Cost O Incremental Cost O Variable Cost 0.5 pts Question 7 Question 5 0.5 pts When estimating costs and benefits, which of the following statements is true? O it is easierto accurately estimate costs thanitis to accurately estimate benefts O It is easier to accurately estimate benefits than it is to accurately estimate costs. O No general statement about...
Question 1 FLAG QUESTION In a study to investigate whether pet therapy improves exam scores, students...
Question 1 FLAG QUESTION In a study to investigate whether pet therapy improves exam scores, students who interacted with a therapy pet scored higher than students who did not. Which of the following is closest to describing what 'internal validity' refers to for this study? Answers A-D A the confidence that improved exam scores were attributed to the pet therapy, B the confidence that results of the study can be generalized to other students taking an exam. C experts having...
1. Which of the following describes the reason why scarcity exists? A. Governments make bad economic...
1. Which of the following describes the reason why scarcity exists? A. Governments make bad economic decisions. B. The gap between the rich and the poor is too wide. C. Wants exceed the resources available to satisfy them. D. There is too much unemployment. 2. Which of the following defines economics? Economics is the social science that studies ________. A. the best way of eliminating scarcity B. the choices made to cope with scarcity, how incentives influence those choices, and...
Question Completion Status: QUESTION 1 You are in charge of a study of the tobacco industry...
Question Completion Status: QUESTION 1 You are in charge of a study of the tobacco industry and its effects on society. Your team of environmental economist de is a good that produces a negative externality) and divided the project in 2 steps: decided to approach this with the theory of externalities (Recall, tobacco Step 1: Find the market equilibrium of the industry. A competitive eauilibrium is found using the following functions Demand Marginal Private Benefit (MPB)- 60 3Q Supply Marginal...
1. Scarcity occurs when: a. people are selfish. b. human wants and needs exceed the resources...
1. Scarcity occurs when: a. people are selfish. b. human wants and needs exceed the resources that are available to meet those wants and needs. c. there is insufficient demand. d. economies are undeveloped, 2. Rational self-interest predicts that: a. people will alter their behavior in response to changing incentives and circumstances. incentives are unimportant in decision making. incentives do not alter behavior, d. the decision-making process is efficient. 3. Which of the following is an example of a microeconomic...
question 7&8 please Case Study 189 6. A new inventory management system for ABC Com ventory...
question 7&8 please
Case Study 189 6. A new inventory management system for ABC Com ventory management system for ABC Company could be developed at a cost of $260,000. The estimated net operating costs and estimated net benefits over six years of operation would be Year Estimated Net Operating Costs Estimated Net Benefits $260,000 $0 7,000 42,000 9,400 78,000 11,000 82,000 14,000 115,000 15,000 120,000 25,000 140,000 AN a. What would the payback period be for this investment? Would it...
FOR QUESTION 7 I AM NOT SURE ABOUT THE SECOND OPTION OR IF THERE IS ANOTHER...
FOR QUESTION 7 I AM NOT SURE ABOUT THE SECOND OPTION OR
IF THERE IS ANOTHER OPTION (IS NOT ONLY ONE ANSWER, YOU CAN CHOOSE
MANY ANSWERS).
FOR QUESTION 8 I AM NOT SURE ABOUT THE SECOND STATEMENT
NOT SURE IF IS MORAL HAZARD OR COSTLY TO FAKE
PRINCIPLE
QUESTION 7 2 Peter has a really terrible toothache and decides to go and see Marge, his dentist. Marge recommends Peter has all his back teeth removed and a partial denture...
8
Question 8 of 60 An example of a marginal decision is deciding whether to: rs. O study for 5 hours or for 10 hours. O commit your life to economics or biology. O buy one more apple or one more banana. O invest half your savings in Google or Microsoft.
QUESTION 36 In deciding whether to study for an economics quiz or go to a concert, one is confronted by the idea(s) of o money and real capital. e scarcity and opportunity costs. complementary economic goals. full production QUESTION 37 If the consumer price index falls from 120 to 116 in a particular year, the economy has experienced e deflation of 3.33 percent deflation of 4 percent inflation of 3.33 percent inflation of 4 percent. QUESTION 38 Unemployment describes the...
1-1. Principle 1: People Face Trade-offs The study of Economics starts by acknowledging 1-2. Principle 2: The Cost of Something Is What You Give Up to Get It What is opportunity cost? It is the highest-valued, next best alternative that must be to obtain something or to satisfy a want. 1-3. Principle 3: Rational People Think at the Margin Rational people often make decisions by comparing marginal benefits andL A rational decision maker takes an action if and only if...
Question 6 0.5 pts The cost to produce an additional unit of output is known as O Average Cost O Marginal Cost O Incremental Cost O Variable Cost 0.5 pts Question 7 Question 5 0.5 pts When estimating costs and benefits, which of the following statements is true? O it is easierto accurately estimate costs thanitis to accurately estimate benefts O It is easier to accurately estimate benefits than it is to accurately estimate costs. O No general statement about...
Question 1 FLAG QUESTION In a study to investigate whether pet therapy improves exam scores, students who interacted with a therapy pet scored higher than students who did not. Which of the following is closest to describing what 'internal validity' refers to for this study? Answers A-D A the confidence that improved exam scores were attributed to the pet therapy, B the confidence that results of the study can be generalized to other students taking an exam. C experts having...
Question Completion Status: QUESTION 1 You are in charge of a study of the tobacco industry and its effects on society. Your team of environmental economist de is a good that produces a negative externality) and divided the project in 2 steps: decided to approach this with the theory of externalities (Recall, tobacco Step 1: Find the market equilibrium of the industry. A competitive eauilibrium is found using the following functions Demand Marginal Private Benefit (MPB)- 60 3Q Supply Marginal...
1. Scarcity occurs when: a. people are selfish. b. human wants and needs exceed the resources that are available to meet those wants and needs. c. there is insufficient demand. d. economies are undeveloped, 2. Rational self-interest predicts that: a. people will alter their behavior in response to changing incentives and circumstances. incentives are unimportant in decision making. incentives do not alter behavior, d. the decision-making process is efficient. 3. Which of the following is an example of a microeconomic...
question 7&8 please
Case Study 189 6. A new inventory management system for ABC Com ventory management system for ABC Company could be developed at a cost of $260,000. The estimated net operating costs and estimated net benefits over six years of operation would be Year Estimated Net Operating Costs Estimated Net Benefits $260,000 $0 7,000 42,000 9,400 78,000 11,000 82,000 14,000 115,000 15,000 120,000 25,000 140,000 AN a. What would the payback period be for this investment? Would it...
FOR QUESTION 7 I AM NOT SURE ABOUT THE SECOND OPTION OR
IF THERE IS ANOTHER OPTION (IS NOT ONLY ONE ANSWER, YOU CAN CHOOSE
MANY ANSWERS).
FOR QUESTION 8 I AM NOT SURE ABOUT THE SECOND STATEMENT
NOT SURE IF IS MORAL HAZARD OR COSTLY TO FAKE
PRINCIPLE
QUESTION 7 2 Peter has a really terrible toothache and decides to go and see Marge, his dentist. Marge recommends Peter has all his back teeth removed and a partial denture...
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