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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
One tractor to be considered is an International Harvestor. It has an initial cost of $38,000 and an annual maintenance of 100 with a salvage value of $17,000. It's useful life in years is 25. What is the value/cost closest to the annual worth of the..
Suppose a new manufacturing technology results in an expansion in the supply of golf balls in the United States of 15%. If the elasticity of demand of golf balls sold in the U.S. is -0.4, the new equilibrium price will be
What are two ways for a competitive firm to determine the optimal level of production, that is, the level of production that will maximize profit or minimize losses
What market structure best characterizes the market in which University of Phoenix competes?
What are the main causes of and contributing factors to international financial crises? How can they be resolved? How can they be prevented? Answer this question in the context of the Asian Crisis of 1997.
Suppose that the equilibrium price in the market is $10. If the current market price is $7.50:
q1. how are protectionist policies from other countries predicted to affect chinas relative supply and relative
Suppose today a 10 percent bond sells at par. Two years from now, the required market return on the same bond is 8 percent. What is the coupon rate on the bond then?
Why would a Super Bowl played in Detroit probably have more of an impact than a Super Bowl played in Miami, even if both were to draw the same amount of fans? Why would a Super Bowl at Ford Field in Detroit have more of an impact on Detroit than a re..
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope.
Give two personal examples where you made a decision based on sunk costs. What would an economist have done in those situations? Explain. Explain the ideas of faulty framing and cognitive dissonance in your own words.
In the short run, real GDP will decrease when the price level falls due to:
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