7) On the budget line indifference curve diagram (click on it to make it bigger ) assume that budge constraints AC , OK and LQ are parallel to one
September 3, 2020
person who chooses not to wear a seat belt when driving an automobile A.is exercising rational self-interest by choosing the option that gives him…
September 3, 2020
1. You’ve decided to liven up your workplace by hiring a local artist to paint a mural on one of your walls. As time progresses, the mural’s development slows, such that: in the first 15 minutes (0-15), the artist adds $30 worth of value to your wall, in the second 15 minutes (16-30), the artist adds $29 worth of value, in the third 15 minutes (31-45), the artist adds $28, Then $27, then $26, and so on, with each subsequent 15-minute block adding a dollar less than the previous. Now, let’s consider three scenarios:*********************a) If the artist must be hired in 1-hour blocks, at a rate of $100/hr, how long will you have her work?b) How much value did the artist add in the last hour she worked?c) How much value would she have added, if she worked one more hour?*********************d) If the artist must be hired in half-hour blocks, at a rate of $50/half-hour, how long will you have her work?e) How much value did the artist add in the last half-hour she worked?f) How much value would she have added, if she worked one more half-hour? *********************g) If the artist must be hired in 15-minute blocks, at a rate of $25/quarter-hour, how long will you have her work?h) How much value did the artist add in the last quarter-hour she worked?i) How much value would she have added, if she worked one more quarter-hour?*********************2. You’ve just been told that the marginal cost (MC) of operating your factory is: MC=100+5q, where q is the quantity of your good you produce each day. What must your marginal benefit (MB) be if you are maximizing your profits by producing q=60 units each day?You’ve decided to liven up your workplace by hiring a local artist to paint a mural on one of your walls.As time progresses, the mural’s development slows, such that: in the first 15 minutes…
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