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- HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow HighFlyer Airlines to give passengers more comfort and sell more tickets at a higher price. However, redesigning the cabin means rethinking many other elements of the airplane as well, like engine and luggage placement, and the most efficient shape of the plane for moving through the air. HighFlyer Airlines has developed a list of possible methods to increase cabin space, along with estimates of how these approaches would affect the planes operating costs and ticket sales. Based on these estimates, Table 13.5 shows the value of R, how much should the firm invest in R on top of the private return; that is, an R private return to HighFlyer Airlines would have a 9 social return. How much investment is socially optimal at the 6 interest rate?Dr. Heinz Doofenshmirtz and Perry the Platipus have decided to venture into farming. They both participated in the venture eqully well, so at the end of the year, their farm produced five geese, each laying golden egs. Perry and Dr. Doof have to decide how to divide these five geese among themselves -- there are no market where they could sell them and there is not sharing or time-share arrangements possible. In other words, either they use the goose or loose it. Evidently, they cannot split an egg-laying goose in half.(a) Give an example of economically efficient allocation of golden egg laying geese between Perry and Dr. Doof. Briefly explain why the allocation you provide is efficient. (b) Give an example of an allocation of geese between the two that you think is fair (equitable). Briefly explain why it is fair in your opinion. (c) If the allocation in (a) is not the same as the one in (b), is it possible to come up with an allocation of geese that would be both efficient and…Juanita and Shantala run a business that programs and tests cellular phones. Assume that Juanita and Shantala can switch between programming and testing cellular phones at a constant rate. The following table applies. Minutes Needed to Number of Cellular Phones Programmed or Tested in a 40-Hour Week Program 1 Test 1 Cellular Phones Cellular Phones Cellular Phone Cellular Phone Programmed Tested Juanita 160 1200 Shantala 10 4. 240 600 Shantala has an absolute advantage in O a. programming cellular phones and a comparative advantage in testing cellular phones. O b. testing cellular phones and a comparative advantage in programming cellular phones. O c. testing cellular phones and a comparative advantage in testing cellular phones. O d. programming cellular phones and a comparative advantage in programming cellular phones.
- You own a printing firm. Two of yoursenior managers provide you with advice. Thefirst manager states that your company islosing money for every unit that is printed. Tominimize losses, she advises that you reduceyour production levels. The second managerstates that if your firm sells some more units,the price will cover your increase in costs. Inorder to reduce losses, the second managerrecommends that you should increaseproduction. Explain which manager iscorrect and who is offering the correctadvice?Are you allowed to copy anything that's in Wikipedia because it's an online encyclopedia? O Yes, encyclopedias are considered fair use O No, you must cite all sourcesl alfa 8-19 am 1. Which of the following remains constant as output increases? * O a. TFC O b. TVC O c. TC d. All of the above Ruepue is $45
- Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, What is the right amount of variety? Can there be too many varieties of shoes, for example?Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare wilt line same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education? Figure 2.4 Productive and Allocative Efficiency9. The Shellfish Shack produces only shrimp and oysters. The table below shows the maximum possible output combinations of the two types of shellfish using all resources and currently available technology. a. b. C. Possible Output Combinations A B C D E F G H Shrimp (thousands of pounds) 35 30 25 20 15 10 5 0 Oysters (thousands of pounds) 0 20 35 47 57 64 68 70 Suppose The Shellfish Shack is currently producing at point E. What is the opportunity cost of producing an additional 11,000 pounds of oysters? Suppose The Shellfish Shack is currently producing at point E. What happens to the opportunity cost of producing more and more shrimp? Does it increase, decrease, or remain constant? Explain your answer by using the data on the table. Suppose The Shellfish Shack is currently producing at point B. What happens to the opportunity cost of producing more and more oysters? Does it increase, decrease, or remain constant? Explain your answer by using the data on the table. d. Suppose The…