Economics's question?
John is trying to decide how to divide his time between his job as a stocker in the local grocerystore, which pays $7/hr for as many hours as he chooses to work, and cleaning windows for thebusinesses in downtown. He makes $2 for every window he cleans. John is indifferent betweenthe two tasks, and the number of windows he can clean depends on how many hours he cleans aday, as shown in the table below:
Cleaning time(hr/day) 0 1 2 3 4 5 6 7
Total numbers ofwindows cleaned0 7 11 14 16 17
13. What is John's hourly opportunity cost of cleaning windows?A) $14B) $8C) $7D) $2E) $1
14. His benefit from the first hour cleaning windows isA) $22B) $14C) $8D) $7E) $2
15. A second hour cleaning windows will yield additional earnings of _____ A) $22B) $14C) $8D) $7E) $2
16. Does the 3rdhour cleaning satisfy the cost-benefit principle? A) yes, since he makes $28B) no, since the additional amount earned is $14 C) yes, since the additional amount earned is $14 D) no, since the additional amoun17. What is John's reservation price for 4th and 5th hours of cleaning windows?A) $1 and $2 respectivelyD) $7 and $7.5 respectivelyB) $2 and $3.5 respectivelyE) $11 and $14 respectivelyC) $3.5 and $7 respectively18. If we plot John's reservation price per window on the vertical axis and the number of windowscleaned each day on the horizontal axis, we will have John's _______ curve of windowcleaning service.A) marginal product D) demand B) marginal costE) supplyC) marginal benefit ( utility)
Answer:
13) C 7 dollars is what he could make
14) B 14 dollars because in the first hour he cleans 7 windows at 2 bucks a pop.
15) C 8 bucks 22 is the total and it says additional. so 22-14=8
16) ummmm you forgot the last one I think its D but its not complete. He makes only an additional 6 dollars in this hour. Therefore his opportunity cost is larger than his benefit from cleaning. He should choose to work only two hours a day and the rest of the time work at the grocery store.
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Cleaning time(hr/day) 0 1 2 3 4 5 6 7
Total numbers ofwindows cleaned0 7 11 14 16 17
13. What is John's hourly opportunity cost of cleaning windows?A) $14B) $8C) $7D) $2E) $1
14. His benefit from the first hour cleaning windows isA) $22B) $14C) $8D) $7E) $2
15. A second hour cleaning windows will yield additional earnings of _____ A) $22B) $14C) $8D) $7E) $2
16. Does the 3rdhour cleaning satisfy the cost-benefit principle? A) yes, since he makes $28B) no, since the additional amount earned is $14 C) yes, since the additional amount earned is $14 D) no, since the additional amoun17. What is John's reservation price for 4th and 5th hours of cleaning windows?A) $1 and $2 respectivelyD) $7 and $7.5 respectivelyB) $2 and $3.5 respectivelyE) $11 and $14 respectivelyC) $3.5 and $7 respectively18. If we plot John's reservation price per window on the vertical axis and the number of windowscleaned each day on the horizontal axis, we will have John's _______ curve of windowcleaning service.A) marginal product D) demand B) marginal costE) supplyC) marginal benefit ( utility)
Answer:
13) C 7 dollars is what he could make
14) B 14 dollars because in the first hour he cleans 7 windows at 2 bucks a pop.
15) C 8 bucks 22 is the total and it says additional. so 22-14=8
16) ummmm you forgot the last one I think its D but its not complete. He makes only an additional 6 dollars in this hour. Therefore his opportunity cost is larger than his benefit from cleaning. He should choose to work only two hours a day and the rest of the time work at the grocery store.
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