ECC1000 - Principles of microeconomics - S1 2025
Шукаєте відповіді та рішення тестів для ECC1000 - Principles of microeconomics - S1 2025? Перегляньте нашу велику колекцію перевірених відповідей для ECC1000 - Principles of microeconomics - S1 2025 в learning.monash.edu.
Отримайте миттєвий доступ до точних відповідей та детальних пояснень для питань вашого курсу. Наша платформа, створена спільнотою, допомагає студентам досягати успіху!
You currently work for 40 hours a week at wage rate of £12 an hour. Your free hours are defined as the number of hours not in work, which in this case is 24 hours × 7 days – 40 hours = 128 hours per week. Suppose that you are happy to keep your total weekly income constant. Read the following statements and select the correct one.
❌
❌✨
❌
✅
Переглянути це питання
Your current wage rate is £W per hour and you work H hours a week. Your free time is therefore 24 × 7 – H= 168 – H hours, or (24 – 8)× 7 – H= 112 – H hours, if you spend 8 hours a day sleeping. Over the years, your wage rate has increased six-fold to £6W. As a result, you have reduced your working hours by a third. Based on this information, read the following statements and select the correct one.
❌
✅
❌
❌✨
Переглянути це питання
Consider indifference curves for consumption of milk and chocolates (you may assume that both are ‘goods’.) The indifference curves are drawn with number of chocolate bars on the horizontal axis and pints of milk on the vertical axis. Consumer A has a much stronger preference for chocolates relative to milk than consumer B. Read the following statements comparing A’s indifference curves to B’s indifference curves and select the correct one. A’s indifference curves are___than B’s indifference curves, where the blank should be filled with:
❌
❌
✅✨
❌
Переглянути це питання
Read the following statements about the marginal rate of substitution (MRS) and select the correct two.
❌
✅✨
❌
✅✨
Переглянути це питання
Arya and Bran each craft swords and cloaks. In a day, Arya can forge either 12 Valyrian steel swords or sew 4 Northern cloaks. Bran can forge either 6 Valyrian steel swords or sew 3 Northern cloaks. Based on comparative advantage, who should specialize in which item?
❌
❌
❌
✅✨
Переглянути це питання
The budget constraint and the preferences of an individual are the building blocks of his optimal choice of free time and consumption. Which of the following three statements about these cornerstones are true?
0%
❌✨
❌
✅✨
❌
✅✨
Переглянути це питання
The following figure shows a model of free time and consumption per day across countries in 2020. Assume that the nationals of the US and Turkey have the same preferences (the same set of indifference curves) and those of Mexico and Netherlands have the same preferences. From the information given, read the following statements and select the correct one.
Image failed to load:
0%
✅
❌✨
❌
Переглянути це питання
Using the figure which depicts your budget constraint when the hourly wage is $15, read the following statements and select the correct two.
Image failed to load:
100%✨
❌✨
❌
✅
Переглянути це питання
In the following diagram you are given two technologies, A and B, which can produce 100 metres of cloth. Technology A uses 1 worker and 4 tonnes of coal, while technology B uses 4 workers and 2 tonnes of coal. The diagram also depicts three examples of isocosts, NM, GF and JH. The wage cost and the price of coal are denoted by wand p, respectively. Your firm competes with many other firms in this cloth market. In period 1, the wage cost and the price of coal are (w, p) = (10, 20) and the price of the cloth is 2 per metre. All firms employ technology B in period 1. In period 2, the wage cost and the price of coal change to (w, p) = (20, 10) while the price of the cloth is unchanged. Read the following statements and select the correct one.
Image failed to load:
❌
❌
✅
❌✨
Переглянути це питання
After finishing university, Rani has three choices, listed in order of preference: (1) study for a MSc at UCL, (2) work at Barclays, or (3) take a gap year. Of the following options select the two that arre included in her opportunity cost of studying at UCL.
✅
100%✨
❌
❌✨
Переглянути це питання
Хочете миттєвий доступ до всіх перевірених відповідей на learning.monash.edu?
Отримайте необмежений доступ до відповідей на екзаменаційні питання - встановіть розширення Crowdly зараз!