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3. A decision at the margin

Van is a hard-working college senior. On Thursday, he decides to work nonstop until he has answered 200 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.

Time Total Problems Answered
8:00 AM 0
9:00 AM 80
10:00 AM 140
11:00 AM 180
Noon 200

Use the table to answer the following questions.

The marginal, or additional, gain from Van's first hour of work, from 8:00 AM to 9:00 AM, is:

The marginal gain from Van's third hour of work, from 10:00 AM to 11:00 AM, is:

Later, the teaching assistant in Van's economics course gives him some advice. Based on past experience, the teaching assistant says, working on 30 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour. For simplicity, assume students always cover the same number of pages during each hour they spend reading.

Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading?

1 hour working on problems, 3 hours reading

2 hours working on problems, 2 hours reading

3 hours working on problems, 1 hour reading

4 hours working on problems, 0 hours reading

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Related questions

5. A decision at the margin

Larry is a hard-working college freshman. On Saturday, he decides to work nonstop until he has answered 200 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.

Time Total Problems Answered
8:00 AM 0
9:00 AM 80
10:00 AM 140
11:00 AM 180
Noon 200

Use the table to answer the following questions.

The marginal, or additional, gain from Larry's second hour of work, from 9:00 AM to 10:00 AM, problems.

The marginal gain from Larry's fourth hour of work, from 11:00 AM to noon, problems.

Later, the teaching assistant in Larry's economics course gives him some advice. Based on experience, the teaching assistant says, working on 70 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour. For simplicity, assume students always cover the same number of pages during each hour they spend reading.

Given this information, to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems and how many should he have spent reading?

0 hours working on problems, 4 hours reading

1 hour working on problems, 3 hours reading

2 hours working on problems, 2 hours reading

3 hours working on problems, 1-hour reading

1. Three fundamental economic questions

A manager asks an employee, "Should we use our research budget to improve the quality of the products we already make, or to develop new products?"

The manager's question is best classified as which one of the following fundamental economic questions?

a)For whom to produce

b)What to produce

c)How to produce

2. Scarcity, opportunity cost, and marginal analysis

Crystal is training for a triathlon, a timed race that combines swimming, biking, and running.

Consider the following sentence: Because her pool sessions are helping her swim more quickly, Crystal plans to reduce by 1 hour per week the time she spends training on the bike and increase by 1 hour the time she spends in the swimming pool; however, her husband says that she should stop doing any biking and running and spend all 20 hours per week in the pool.

Which basic principle of individual choice does Crystal's plan illustrate that her husband's advice does not?

a)People usually exploit opportunities to make themselves better off.

b)Many decisions are made on the margin.

c)Resources are scarce.

d)All costs are opportunity costs.

Juanita is a hard-working college freshman. One Tuesday, she decides to work nonstop until she has answered 250 practice problems for her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem.

Time Total Problems Answered
8:00 AM 0
9:00 AM 100
10:00 AM 175
11:00 AM 225
Noon 250

Use the table to answer the following questions.

1) The marginal, or additional, gain from Juanita’s second hour of work, from 9:00 AM to 10:00 AM, is---------problems.

2) The marginal gain from Juanita’s fourth hour of work, from 11:00 AM to noon, is------------problems.

Later, the teaching assistant in Juanita’s physics course gives her some advice. “Based on past experience,” the teaching assistant says, “working on 62.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading.

Given this information, in order to use her 4 hours of study time to get the best exam score possible, how many hours should she have spent working on problems and how many should she have spent reading?

a) 0 hours working on problems, 4 hours reading

b) 1 hour working on problems, 3 hours reading

c) 2 hours working on problems, 2 hours reading

d) 4 hours working on problems, 0 hours reading

In Matthew 20:1-16 Jesus tells a parable and uses the labor market of His day as an example of the Kingdom of God. In 150+ words, explain what lessons the parable has in how we should think about wages and the labor market today.

Matthew 20:1-16

“For the kingdom of heaven is like a landowner who went out early in the morning to hire workers for his vineyard. 2 He agreed to pay them a denarius[a] for the day and sent them into his vineyard.3 “About nine in the morning he went out and saw others standing in the marketplace doing nothing. 4 He told them, ‘You also go and work in my vineyard, and I will pay you whatever is right.’ 5 So they went.“He went out again about noon and about three in the afternoon and did the same thing. 6 About five in the afternoon he went out and found still others standing around. He asked them, ‘Why have you been standing here all day long doing nothing?’7 “‘Because no one has hired us,’ they answered.“He said to them, ‘You also go and work in my vineyard.’8 “When evening came, the owner of the vineyard said to his foreman, ‘Call the workers and pay them their wages, beginning with the last ones hired and going on to the first.’9 “The workers who were hired about five in the afternoon came and each received a denarius. 10 So when those came who were hired first, they expected to receive more. But each one of them also received a denarius. 11 When they received it, they began to grumble against the landowner. 12 ‘These who were hired last worked only one hour,’ they said, ‘and you have made them equal to us who have borne the burden of the work and the heat of the day.’13 “But he answered one of them, ‘I am not being unfair to you, friend.Didn’t you agree to work for a denarius? 14 Take your pay and go. I want to give the one who was hired last the same as I gave you. 15 Don’t I have the right to do what I want with my own money? Or are you envious because I am generous?’16 “So the last will be first, and the first will be last.”

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