ESSENTIALS OF ECONOMICS
11th Edition
ISBN: 9781260225334
Author: SCHILLER
Publisher: RENT MCG
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Question
Chapter 1, Problem 5P
To determine
(a)
To calculate: the number of rooms that could be painted.
To determine
(b)
To calculate: the floors to be sanded.
To determine
(c)
To draw: A
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How many units of labor and capital should be purchased to maximize production? What is the maximum number of units of production?
QUESTION 7
Olivia and Susan operate a store that sells burritos. There are two main activities: chopping up the ingredients and then cooking the fillings
for the burritos. Olivia and Susan are deciding who should chop the ingredients and who should cook the fillings in order to maximise
output.
Olivia
Susan
Chopped Food
(kg/hr)
15
20
Cooked Food
(kg/hr)
20
30
Which of the following statements are true:
For Olivia, the opportunity cost of 1kg of cooked food is 1.33kgs (to 2 decimal places) of choppectood.
For Susan, the opportunity cost of 1kg of cooked food is 0.67kgs (to 2 decimal places) of chopped food.
Susan should specialise in chopping.
Olivia has an absolute advantage in chopping.
Spot the economics in the following cases by identifying the concept described within the scenario and then briefly articulating your answers
When parking violations in San Francisco were $100, there were 250,000 tickets given out. When violations went up to $175 there were 200,000 violations given.
Ford produces trucks and loses ⅓ of a sedan for each truck produced. When it produces sedans, it loses 2 trucks per sedan produced.
Driving down Mendocino Blvd, you notice a street crew working near campus. One worker is jackhammering away, while another removes the rubble. Both are extremely productive. Two workers are talking and having a smoke, while another three are having some coffee all while watching the first two workers.
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