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A decision at the margin Bob is a hard-working college freshman. One Tuesday, he decides to work nonstop until he has answered 150 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 60 10:00 AM 105 11:00 AM 135 Noon 150 The marginal, or additional, gain from Bob’s second hour of work, from 9:00 AM to 10:00 AM, is problems. The marginal gain from Bob’s fourth hour of work, from 11:00 AM to noon, is problems. Later, the teaching assistant in Bob’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 22.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading? 0 hours working on problems, 4 hours reading 2 hours working on problems, 2 hours reading 3 hours working on problems, 1 hour reading 4 hours working on problems, 0 hours reading
Which of the following is viewed as a fundamental building block of the U.S. economic way of thinking?
Americans already enjoy living standards that far exceed world averages. How is the US able to produce so much with only 5% of the worlds arable land and 12% of the population? Describe at least three factors that impact US productivity. Economics
Which of the following describes the short-run time production period?Firms can vary only one of the inputs in the production process. Firms can vary all inputs into the production process. Firms cannot vary any of the inputs into the production proc..
Analyze the different stakeholders (i.e., government, three (3) affected parties) that are involved in the externality, and identify what their roles are with regard to the externality.
A town wants to build a new bridge. Construction firms will submit sealed bids. The town will award the contract to the firm that submits the lowest bid and will pay the firm the amount of the second lowest bid (that is, the town will conduct a secon..
Prepare a brief note to be sent to Henry explaining possible reasons why his strategy price cutting failed
Consider an economy with the production function Y = L^(1 / 3). Derive the Labor demand Curve. Assume M s = 45 and k = 3 . What is the equation of the aggregate demand curve for this example? What is the price level? What is the nominal wage level.
Which group of policies aims at extracting all consumer surplus?
The aluminum industry faces a private marginal cost curve PMC = Q and a market inverse-demand curve of PD = 20 – QD. However, production creates an externality with marginal damages of MD = 2. Graph the private marginal cost, the social marginal cost..
What are the characteristics that define incremental/do better innovation, radical/do different innovation, and existing frame/new frame innovation? Which innovation activity is the most risky, and why?
Use the capital-asset pricing model to predict the returns next year of the following stocks, if you expect the return to holding stocks to be 12 percent on average.
Let the total welfare gain from the innovation be given by W = V + S. Compute expressions for W for both competition and monopoly.
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