Suppose jackie must decide how to spend $50 on San Pellegrino water and sushi. T
ID: 1169676 • Letter: S
Question
Suppose jackie must decide how to spend $50 on San Pellegrino water and sushi. The rate at which jackie is willing to trade water for sushi is referred to as the: opportunity cost water. Marginal rate of substitution marginal rate of transformation. budget constraint. None of the above. Suppose that your state currently provides an income guarantee under Temporary Assistance for Needy Families (TANF) of $6,000/year and a benefit reduction rate of 50%. A typical potential recipient can make $20/hour and can choose to work up to 2,000 hours per year. How many hours must a typical recipient work to no longer receive a benefit from TANF? 300 500 600 800 1,066.67 One implication of diminishing marginal productivity is that firms will substitute out of capital and into labor marginal costs rise with output more skilled workers than unskilled workers should be hired Both a and b. None of the above. Suppose that the government mandates cannot be sold at a higher than $5, as shown in the figure, Which area is the deadweight loss caused by this policy?Explanation / Answer
7) a. opportunity cost water.