f1q8g1.jpg An economy produces at point a on the PPF shown in the above figure. A drought reduces the amount of wheat produced and the economy produces at point b. The opportunity cost of a unit of wheat ________.

Marginal private benefit (dollars) Quantity (thousands of student-years) 24,000 0 20,000 20 16,000 40 12,000 60 8,000 80 4,000 100 0 120 The table above provides information about the marginal private benefit for education. The marginal cost of educating a student is $16,000 per year and is constant. There is an external benefit from education that is equal to $12,000 per student year and is constant. If the government subsidizes education, how much should the subsidy be in order to attain the efficient level of enrollment?

f1q32g1.jpg In the above figure, a shift in the budget line in the direction indicated would occur as a result of a

Increasing opportunity cost implies that

What is the expected laboratory results with a newly diagnosed and yet untreated patient with overt primary hypothyroidism?

Crude oil can be refined into home heating oil or gasoline. If very cold weather caused the price of home heating oil to increase then, the

Consumption possibility Video games (quantity) Baseball cards (quantity) A 10 0 B 8 1 C 6 2 D 4 3 E 2 4 F 0 5 Jordan has two goods that he consumes this week. He can choose to go to the arcade and play video games or he can purchase baseball cards. The price of each video game is $.50 and each pack of baseball cards is $1. Jordan will spend all his allowance this week on these two goods. Jordan’s consumption possibilities are listed in the table above. What is the amount of Jordan’s allowance?

Firm A can produce a unit of output with 10 hours of labor and 5 units of material. Firm B can produce a unit of output with 5 hours of labor and 10 units of material. Firm C can produce a unit of output with 10 hours of labor and 10 units of material. If the prices of labor and material are $10 per hour and $5 per unit, respectively, which of these firms is the most technologically efficient?

f1q11g1.jpg In the figure above, originally the apartment rental market is in short run and long run equilibrium with a rental price of $600 per month. Then the government imposes a rent ceiling of $500 per month. The loss of producer surplus as a result of the price ceiling is

Rooms rented monthly Price(dollars per room) Total cost(dollars)  0 201 100 1 191 200 2 181 290 3 171 370 4 161 440 5 151 520 6 141 610 7 131 710 8 121 820 9 111 940 10 101 1090 11 91 1290 The table above shows the demand and total cost schedule for a monopolist hotel. What price should the monopolist charge if it is a single-price monopoly?