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- Hours Playing Video Games Total Benefit Marginal Benefit Total Cost Marginal Cost 1 $20 MB1 $7 MC1 $35 MB2 $15 MC2 $45 MB3 $25 MC3 4 $50 MB4 $40 MC4 $53 MB5 $60 MC5 The above table is the same table from question 1. Enter your answer as a whole number and do not write out the number as a word (ie. 6 not "Six") How many hours should this individual spend playing video games? [Hours] 2.1.How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day?Cost-Benefit Analysis A city is trying to estimate the most money it should offer to contractors as an incentive for them to finish a disruptive road project early. The transportation project lengthens transport times by 10 hours per week for 40,000 workers. Assume that all workers are paid $10 per hour in a perfectly competitive labor market. What is the most that the city should pay to the contractors as an incentive for completing the project four weeks early?
- (a) Distinguish between microeconomics and macroeconomicsDiscuss how the concepts in microeconomics can be applied to real-world situations and increase your chances of career or life success?Nori is debating on a phone and where to get it. Several places have the same phone, but it's easier for her to get to some stores than others. Store Travel Time Each Way (Minutes) Price of phone (Dollars per phone) Local Phone Store 10 100 Across Town 25 85 Neighboring City 40 55 Nori makes $50 an hour at her job. Assume that returning to work takes Nori the same amount of time as getting to a store and that it takes her 40 minutes to shop. You can ignore the cost of gasoline and depreciation of her car when traveling. Assume she takes opportunity costs and the price into consideration when she shops. Nori will minimize the cost of the suit if she buys it from the a. local phone store Ob. store across town C. store in the neighboring city Od. not enough information given
- 3. Marginal analysis produces more optimal outcomes when working with scarce resources. How?You need to have work done on your home. In addition to the expense, it will be annoying to have people in your home working on it. The work will take 5 days total. Which of the following would prove least unpleasant?(in Behavior Economics) A. Have the work done one day a week for 5 weeks. B. Have the work done all at once, for 5 days. C. Have the work done in groups of two over the span or two weeks. D. Have the work done one day every two weeks for 10 weeks. What does this question mean? What is answer? and why? Could someboby explain about these easily?13. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is Ivan
- 21. When you make a choice, whatever you give up as a consequence is called a/an a) priduction cost b) rationing method c) opportunity cost d) explicit costQ) .For a given question to be considered an economic question, it would need to involve:(a)money.(b)business.(c)a graph.(d)limited resources only.(e)limited resources and making a choice. Explain this with correct choice.I. Theoretical Analysis 1. Each individual student or team (two students max) must find an article from the New York Times, The Economist, The Wall Street Journal, or The Financial Times (or a pre-approved alternate reputable news source) that addresses a concept we have covered in class and interests you. You will need to do a theoretical analysis for a news article, so choose one that is sufficiently in-depth and has some material to discuss. 2. Each team will have to turn in a typed analysis of their article (double-spaced, four pages maximum). You must also turn in a copy (not just a link) of the article you have chosen. 3. Each analysis should include at a minimum: i) One paragraph summarizing the article; Be brief! ii) One paragraph relating the article to theories we have discussed in class; Please draw relevant graphs or write down equations here. iii) One paragraph for the interpretation; Provide your explanation if the macroeconomic theory does not fit into your article. Is…