# ECO 561T Apply Week 1 Assignment Latest

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ECO 561T Apply Week 1 Assignment

1) For the fall semester, you had to pay a nonrefundable fee of \$600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is:

2) Refer to the accompanying table below. The marginal cost of the 4th unit of activity is:

3) Refer to the accompanying table below. The average cost of 5 units of activity is:

4) Suppose the most you would be willing to pay for a plane ticket home is \$250. If you buy one for \$175, then your economic surplus is:

5) Pat can either drive to work, which takes half an hour and uses \$1.50 worth of gas, or take the bus, which takes an hour and costs \$1.00. How should Pat get to work?

6) Pat earns \$25,000 per year (after taxes), and Pat's spouse, Chris, earns \$35,000 (after taxes). They have two pre-school-aged children. Childcare for their children costs \$12,000 per year. Given that Chris doesn't want to stay home with the kids, regardless of what Pat does, Pat should stay home with the kids if, and only if, the value of Pat spending more time with the kids is greater than:

7) The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.

8) The Incentive Principle states that a person:

9) The Cost-Benefit Principle indicates that an action should be taken if:

10) Larry was accepted at three different graduate schools, and must choose one. Elite U costs \$50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at \$60,000 per year. State College costs \$30,000 per year, and offered Larry an annual \$10,000 scholarship. Larry values attending State College at \$40,000 per year. NoName U costs \$20,000 per year, and offered Larry a full \$20,000 annual scholarship. Larry values attending NoName at \$15,000 per year. Larry maximizes his economic surplus by attending:

11) In a market in which the government has set a price ceiling below the equilibrium price:

12) According to the textbook, government price controls fail because:

13) Refer to the accompanying figure. If the current market price were \$20:

14) Refer to the figure below. There would be an excess supply of 25 at a price of ______.

15) Which of the following is NOT a characteristic of a market in equilibrium?

16) If there is an excess supply of sport utility vehicles, then:

17) Which of the following is NOT a characteristic of rent controls?

18) Refer to the accompanying figure. The equilibrium price is ______, and the equilibrium

19) Refer to the accompanying figure. If the price is \$4 today and there is no change in either supply or demand, one would expect the price in the future to be:

20) Refer to the accompanying figure. At a price of \$3, there will be:

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