I need help with these questions they are not very hard but I got one attempt to do them right
Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the skirt:
|Store||Travel Time Each Way||Price of a Skirt|
|(Minutes)||(Dollars per skirt)|
|Local Department Store||15||102|
Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.
Complete the following table by computing the opportunity cost of Juanita’s time and the total cost of shopping at each location.
Store Opportunity Cost of Time (Dollars) Price of a Skirt (Dollars per skirt). Total Cost
Local Department Store X 102 X
Across Town X 85 X
Neighboring City X 76 X
Solve for X.
Assume that Juanita takes opportunity costs and the price of the skirt into consideration when she shops. Juanita will minimize the cost of the skirt if she buys it from the
Suppose France produces only two goods: corn and cars. The following graph shows France’s current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F.
Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, attainable, or unattainable. Check all that apply.
· Which of the following are examples of specialization? Check all that apply.
· Patrick is a historian. He hires a domestic worker to clean his apartment twice a week so that he can concentrate on doing research.
· Charles is good at explaining things clearly, and Kevin is an expert on taxes; therefore, Charles teaches, and Kevin prepares people’s tax returns.
· Jim and Rosa each spend half the day walking dogs and half the day baby-sitting. In between walking dogs and baby-sitting, they each must spend an hour showering, changing, and driving to new locations to begin baby-sitting.
· Which of the following are necessary conditions for specialization to occur? Check all that apply.
· A system of exchange must be in place.
· Individuals focus only on the tasks they prefer.
· Everyone must be equally productive at the same task.
Becky is one of the top race car drivers in the world. Becky has two kids age 12 and 14.
True or False: The principles of comparative advantage and specialization imply that she can benefit by hiring someone else to drive her kids to school, even if the person she hires is not as skilled a driver.