Question 1:
Consider what it would be like work an additional part time job this semester (above a
explain your opportunity cost for taking this extra job
ANSWER: opportunity cost is what you give up to get something when you make a choice,
compare the benefit of something to its cost. Working in a additional part time job this seme
this extra job would be the time I would have to study, I would have less time to study and
have enough time to focus on that.
Question 2:
We defined economics as the study of choices under scarcity.
Consider final exam week, and give two non-money examples of resources that are s
-ANSWER: Scarcity are the resources we use to produce goods and services are limited. T
TIME AND ATTENTION (MOTIVATION) : you have a limited amount of time. Each
person that works under strass and there a matter of how much strass you can handle, s
a lot of hours per day, and I will need to study 16 hours straight because there’s a lot to
ability to focus for that munch time directly so it will end up accumulating a lot of stres
can do, so I have enough of my other resources ( time, money, energy) I run out of that
time, attention, motivation
Question 3:
Define the 5 factors of production. Give an example real world
firm, and give one specific example for that firm of each of our 5
factors.
-ANSWER:
The 5 factors of production are resources used to produce goods and services also, know a
-Natural resources are resources provided by nature and used to produce goods and serv
- Labor are the human labor containing both physical and manual effort, used to produce go
-Physical capital are the machines, equipment and infrastructure used to produce goods an
- Human capital is the knowledge obtained by the workers via education and experience to
-Entrepreneurship is the labor used to organize the factors of production, persons who take
Question 5:
Consider the model of a Production Possibilities Curve for producing brainrot memes and e
production.
What does the slope of the line mean in this example? Label 2 points to explain this.
The slope of the line indicate the opportunity cost between producing brainrots memes
Question 7:
Define comparative advantage. In a 2 good, 2 person example, can one person have
ANSWER: Comparative advantage is the capacity of one person, firm or nation to
impossible for one person to have a relative benefit in all the both goods, because
one person has less opportunity cost in one good, they should have more opportun
both. To explain what I just said is for exemple Victoria has a comparative advanta
of them can obtain by concentrating and focusing in what they are competent good
Question 8:
Consider two people and two goods.
John Spartan and Simon Phoenix can either beat up people or deliver lines of dialogue. Jo
beat up 3 people or deliver 6 lines of dialogue in a scene. Calculate the
opportunity costs for each person and each good. Who should specialize in what?
ANSWER: John Spartan should specialize in beating up people because his opportu
person is 0.2 lines of dialogue, in the other hand Simon Phoenix unlike John he shou
lines of dialogue, and delivering 1 line of dialogue it’s gonna cost him 0.5 people.
Question 10:
Draw and fully label a supply and demand graph for electric cars. Suppose the gover
this tax credit.
Show which line moves, which direction, and the resulting change in price and quant
Question 11:
Draw and fully label a supply and demand graph for restaurant [Link] the pric
change in price and quantity for the restaurant dining market.
Question 12:
Draw and fully label a supply and demand graph for college courses.
Suppose that many new faculty are hired at low wages on H1-B visas. Show which li