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The following numbers measure the tradeoff betweengrades and income:TotalHoursHoursStudying GPAHoursWorking Income60 60 4.0 0 $060 40 3.0 20 $10060 30 2.0 30 $15060 10 1.0 50 $25060 0 0.0 60 $300a. Calculate the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 grade point average (GPA) rather than a 2.0 GPA.b. Is the opportunity cost the same for a move from a 0.0 GPA to a 1.0 GPA as it is for a move from a 1.0 GPA to a 2.0 GPA?c. What is the opportunity cost of an increase in income from $100 to $150?
Suppose a second individual has the followingtradeoffs between income and grades:TotalHoursHoursStudying GPAHoursWorking Income60 50 4.0 10 $6060 40 3.0 20 $12060 20 2.0 40 $24060 10 1.0 50 $30060 0 0.0 60 $360a. Define comparative advantage.b. Does either individual (the one in exercise 4 or the one in exercise 5) have a comparative advantage in both activities?c. Who should specialize in studying and who should specialize in working?
Plot the PPC of a nation given by the following data.Combination Health CareAll OtherGoodsA 0 100B 25 90C 50 70D 75 40E 100 0a. Calculate the marginal opportunity cost of each combination.b. What is the opportunity cost of combination C?c. Suppose a second nation has the following data.Plot the PPC, and then determine which nation has whether the two nations can gain from specialization and trade.Combination Health CareAll OtherGoodsA 0 50B 20 40C 40 25D 60 5E 65 0
An individual is considering two investment projects. Project A will return a zero profit if conditions are poor, a profit of $4 if conditions are good, and a profit of $8 if conditions are excellent. Project B will return a profit of $2 if condi..
Assume that the country possesses 50,000 units of capital and 25,000 units of labor. What is Y What is labor productivity computed from the per-worker production function Is this value the same as labor productivity computed from the original prod..
If the current price of the product is $150, what is the quantity supplied and the quantity demanded How would you describe this situation and what would you expect to happen in this Market
Imagine a simple economy with only two people, Leroy and Percy. If the Social Welfare Function is W = UL + UP, and the Utility Possibilities Frontier is UPF = UL + 2UP, what will be the societal optimum
Weekly demand and cost relations for Sandpiper Products, Inc., are given by the equations P = $180 - $10Q (Demand) TC = $75,000 + $5Q + $7.5Q2 Where Q is the quantity produced and sold per week.
Antonio buys five new college textbook during his first year at school at a cost of $80 each used books cost only $50 each. When the bookstore announces that there wukk be a 10 % increase in the price of new books.
In what kind of market structure does the firm sell its output? How can you tell In what kind of market structure does the firm rent robots How can you tell Calculate the marginal product and the value of the marginal product for each additional robo..
Suppose the demand curve for a monopolist is QD = 500- P, and the marginal revenue function is MR = 500 - 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. A. Find the monopolist's profit - maximizing output and pri..
The store found that 75% of all sales made to credit card users were for purchases of the new line of sportswear, while 30% of all sportswear sales were for the purchase of the outdated fashions. Records indicate that credit cads are used in 80% o..
Tennessee just instituted a state lottery. The initial jackpot is $100,000. If the first week yields no winners, the next week's jackpot goes up, depending on the numbers of previous players who placed the lottery bets
you are Chairman of the FED. In early 2006 you noticed that M1 began to shrink. In other words it was showing negative growth. Economic growth was slowing, sub-prime mortgages hit the headlines, and fears were that we were in the 'R' word.
Fit a multiple regression model of y on x1 and x2. Fit two simple linear regressions: (I) y on x1; (II) y on x2. Compare the results of multiple regression analysis with each of simple linear regressions.
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