1) Eileen is a hard-working college sophomore. 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. The marginal, or additional, gain from Eileen’s second hour of work, from 9:00 AM to 10:00 AM, is [removed] problems. The marginal gain from Eileen’s fourth hour of work, from 11:00 AM to noon, is [removed] problems. Later, the teaching assistant in Eileen’s physics course gives her some advice. “Based on past experience,” the teaching assistant says, “working on 87.5 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? [removed]0 hours working on problems, 4 hours reading [removed]1 hour working on problems, 3 hours reading [removed]2 hours working on problems, 2 hours reading [removed]4 hours working on problems, 0 hours reading 2) 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 Across Town 30 85 Neighboring City 60 76 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 Price of a Skirt Total Cost (Dollars) (Dollars per skirt) (Dollars) Local Department Store [removed] 102 [removed] Across Town [removed] 85 [removed] Neighboring City [removed] 76 [removed] 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 . 3) The Social Security system provides income for people over age 65. If a recipient of Social Security decides to work and earn some income, the amount he receives in Social Security benefits is typically reduced. The provision of Social Security gives people the incentive to save ________ while working. Moreover, the reduction in benefits associated with higher earnings gives people the incentive to __________ past age 65. 4) A 1996 bill reforming the federal government’s antipoverty programs limited many welfare recipients to only 2 years of benefits. This change gives people the incentive to find a job ______ quickly than if welfare benefits lasted forever. The loss of benefits after 2 years will result in the distribution of income becoming _______ equal. In addition, the economy will be __________ efficient because of the change in working incentives. 5) Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. Activity Equality Efficiency Regulating cable TV prices [removed] [removed] Providing some poor people with vouchers that can be used to buy food [removed] [removed] Prohibiting smoking in public places [removed] [removed] Breaking up Standard Oil (which once owned 90% of all oil refineries) into several smaller companies [removed] [removed] Imposing higher personal income tax rates on people with higher incomes [removed] [removed] Instituting laws against driving while intoxicated [removed] [removed] 6) Which of the following statements support the reality that your standard of living is different from that of your parents or grandparents when they were your age? Check all that apply. [removed]Many families have at least two cars per household, whereas having a vehicle was a luxury in the early 20th century. [removed]A cutting-edge television comes with HD, 3D, and SmartTV technology, while your grandparents likely enjoyed a black-and-white television in the early years. [removed]In the United States, the average person’s life expectancy was roughly 78 years old in 2010, but only 70 years old in 1960. True or False: Labor unions are the primary reason the standard of living in the United States has changed over time. [removed]True [removed]False 7) During the Revolutionary War, the American colonies could not raise enough tax revenue to fully fund the war effort; to make up the difference, the colonies decided to print more money. Printing money to cover expenditures is sometimes referred to as an inflation tax. Who is being taxed when more money is printed? [removed]Banks only [removed]Families of soldiers in active duty [removed]Anyone who is holding money
Why Choose Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
Customer Support 24/7
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission and Business Papers
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Editing and Proofreading
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.