John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table. Time cleaning windows (hours/day)Total number of windows cleaned 0 1 2 3 4 5 0 7 11 14 16 17 How many hours a day should John spend cleaning windows? Select one: a. 2 b. 4 c. 1 d. 3

John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table. Time cleaning windows (hours/day)Total number of windows cleaned 0 1 2 3 4 5 0 7 11 14 16 17 How many hours a day should John spend cleaning windows? Select one: a. 2 b. 4 c. 1 d. 3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Jaafar is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7/hr for as many hours as he chooses to work, and cleaning windows for the businesses in downtown. He makes $2 for every window he cleans. Jaafar is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he cleans a day, as shown in the table below: Cleaning time (hr/day) 0. Total numbers of windows cleaned 1 11 3. 4. 5. 14 16 17 a) Based on the information above, what is Jaafar's hourly opportunity cost of cleaning windows? b) Based on the information above, his benefit from the first hour cleaning windows is
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below: Hours Per Day Cleaning Windows 0 1 2 3 4 5 $2 What is the lowest price per window that John would be willing to accept to spend 4 hours per day cleaning windows? $11 $3.50 $7 32 Total Number of Windows Cleaned 0 7 11 14 16 17 |||
Megan is a college student who consumes food and transportation. Last year, she consumed 90 meals and purchased 100 gallons of gasoline per month. Suppose that last year the price of a meal was $5 and the price of a gallon of gasoline was $2.23. However, this year, the price of a meal is $6 and the price of a gallon of gasoline is $3.92. As a result, Megan consumes 100 meals and 80 gallons of gasoline. For this example, assume Megan's utility this year is the same as her utility last year (and that her preferences have not changed). Calculate a Laspeyres cost-of-living index for Megan using 100 as the base for last year. In particular, the Laspeyres index for this year is nothing. (Enter your response rounded to two decimal places.)
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You are a University student who must live off-campus in the second year. There are two types of one-bedroom apartment where you prefer to live because it is near the campus. One rents for $400 per month and the other $360. According to the University Students’ Housing Bureau 80 percent of apartments in the area consists of the $400 type while the remaining 20 percent are of the $360 type. You need to visit the apartments to discover the rent. Suppose the first apartment you visit cost $400 and the opportunity cost of your visit is $6 per visit. 1. If you are risk neutral person should you visit another apartment or rent the one you have found.2. Suppose you visit another apartment and find out that it rents for $400, should you visit another apartment?
QUESTION 3 Zeus owns a factory which makes guitars which sell for $400 each. The number of guitars he can make in a month depends on the size of his crew. He pays each person on his crew $1500/month. He also pays rent on a building, which he has leased for the remainder of the year for $2000/month. The table below indicates how many guitars can be built, as a function of the size of his crew (the crew size excludes himself). You may assume all other cost, such as materials, are 0. Size of Crew Total # of Guitars 1 4 2 8 3 19 4 28 5 40 6 50 7 58 8 earns without a dollar sign and without a comma). 64 The size of the crew that maximizes the firm's profits is 9 67 10 70 11 72 12 The Marginal product of labor is the additional output per worker. Crew member delivers the greatest marginal product. 74 13 and Zeus dollars in profit per month (please record your answer 75
Maria can purchase shirts for $22.00 each. She considers the benefit of one shirt to be $40.00, but with each additional shirt she purchases the benefit decreases by $5. According to the Principle of Optimization at the Margin, Maria will purchase..... shirts
Suppose your weekly allowance from your parents is $100 and your part-time job pays $10 per hour. The slope of the line plotting the relationship between the hours worked per week (the horizontal axis) and the income per week (the vertical axis) is $. (Enter your response as an integer.) Suppose you start with 10 hours of part-time work and then decide to increase your time working by 3 hour(s). By how much will your weekly income increase? $. (Enter your response as an integer.) Suppose you start with 10 hours of work and then decide you need additional income of $20 per week. How many additional hours would you have to work? hours. (Enter your response as an integer.)
Ahmed is considering his plans for the coming weekend. He is currently working as a marketing specialist in a big advertising company. He normally spends the weekend with family but this weekend he is thinking of going on a camping trip that would cost him about $1,900. At the same time, his manager asked him whether he can help during the weekend and the company will be willing to pay him an overtime bonus of $1,000. If Ahmed goes on the camping trip, he can manage to provide a number of quick consultancy services that would earn him around $2,500. If Ahmed decided to go on the camping trip what would be the incremental cost of that decision ($)? a. None of the given answerS O b. 1,000 O c. 2,500 O d. 1,900 O e. 600
Jamal has a very flexible summer job. He works every day but is allowed to take a day off anytime he wants. His friend Don suggests they take off work on Tuesday to go to the amusement park. The admission charge for the amusement park is $15 per person, and it will cost them $5 each for gas and parking. Jamal loves amusement parks and a day at the park is worth $40 to him. However, Jamal also enjoys his job so much that he would actually be willing to pay $5 per day maximum to do it a) If Jamal earns $10 if he works, what is the cost and benefit of going to the park? Should he go to the amusement park?
Suppose your only source of income is work and that you are paid $20 per hour. This determines a budget constraint. You can buy free time at the expense of your income by working less. Likewise, you can get more income at the expense of your free time by working more. Suppose that you can choose how many hours you work. - work 40 hours per week. Now suppose that your hourly rate drops to $15 because of an economic downturn and you decide to work 43 hours a week. 3. Calculate the hours of free time you had before and after the pay rate changed. (Show your calculations)