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Basic economic concepts
Basics of economics
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1. Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying.
• Draw Maria’s production possibilities frontier for reading economics and sociology.
If Maria spends five hours studying economics, she can read 100 pages. If she spends five hours studying sociology, she can read 250 pages. The time costs are constant the production possibilities frontier is a straight line.
• What is Maria’s opportunity cost of reading 100 pages of sociology?
It takes Maria two hours to read 100 pages of sociology. Maria could read 40 pages of economics in that time.
3. Pat and Kris are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Kris takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza.
• What is each roommate’s opportunity cost of making a pizza? Who has the absolute advantage in making pizza? Who has the comparative advantage in making pizza?
Pat 's opportunity cost of making a pizza is 1/2 gallon of root beer, since she could brew 1/2 gallon in 2 hours it takes her to make a pizza. Pat has an absolute advantage in making pizza since she can make one in two hours, while it takes Kris four hours. Kris ' opportunity cost of making a pizza is 2/3 gallons of root beer, since she could brew 2/3 of a gallon in the time (4 hours) it takes her to make a pizza. Pat opportunity cost of making pizza is less than Kris; Pat has a comparative advantage in making pizza.
• If Pat and Kris trade foods with each other, who will trade away pizza in exchange for root beer?
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...othing in comparison to Bill’s one unit of clothing he has the comparative advantage in producing food. Hillary has the comparative advantage of producing clothing.
• Draw the production possibilities frontier for the household (that is, Bill and Hillary together) assuming that each spends the same number of hours each day as the other producing food and clothing.
• Hillary suggests, instead, that she specialize in making clothing. That is, she will do all the clothing production for the family; however, if all her time is devoted to clothing and they still want more, then Bill can help with clothing production. What does the household production possibilities frontier look like now?
Hillary will spend all of her time making clothing and Bill will have to stop production on the food which will decrease his productivity there to help Hillary with the clothing.
From classroom to a cocktail party, having knowledge in today’s economics is definitely an asset when it comes surviving in the world of business. Cocktail Party Economics, by Eveline Adomait, and Richard Maranta undeniably satisfies as an economic training book, helping you understand the concepts of basic economics. The book brings to light many theories and thoughts, which are explained in a certain way that help readers easily, compare and relate them to each other. During the first couple chapters of the book, the main theories presented are scarcity, value, opportunity cost, production, and absolute/comparative advantage. Believe it or not, all of these theories are relatable to Supply and Demand; the two concepts introduced in chapters six and seven.
In the text, one learns of how bags, or toe-sacks as I have always heard, were turned into bed linens, bath linens, undergarments, cookware, and dresses. The fact that women were smart enough to re-use feed bags for necessary household and personal care says a lot about the southern farm-women’s mind. They are already supporting peddlers, making their own money to become economically stable, and now they are making their own beautiful linens. One story of this wonderful invention comes from north Georgia’s Harriet Echols who says “I’d try to go buy feed so I could match the bags with what I had at home… I’d take a bag of every color that I had.” Later in the nineteenth century, cotton bags became a more popular source of bags. Cotton bag clothes were given to those who were not economically stable yet to help in times of need. The Georgia Emergency Relief Administration was one of the most successful relief projects and were “classes for young girls who longed for pretty things but could not afford to buy them and could not make them.” Southern farm women gained much attention for the way that they thought of things; for thinking up the idea of sewing feed sacks to make high-demand linens. Here we are in late 2016, still using the ideology based off of sewing feed sacks. Not only was this idea very unique, but it was also beneficial. This was another clever way in which women found to excel in the economy. If they were only sewing for themselves or their family, they did not lose money because they were using recycled products and in the grand scheme of things were making clothes basically at no cost. If they were selling their linens to others who maybe had no interest or time in sewing, they were using recycled sacks and could have sold their linens so they were actually gaining profit. By these women re-using feed sacks,
Our team has been instructed to help advise on a business case involving a restaurant, The Mongolian Grill. It’s owner, John Butkus, is contemplating renovations, in hopes of adding capacity and increasing revenue. There are several scenarios that are available to him. One option is to add an extra food bar. The second option is to move the location of the cooking area. He can also implement both options, if he so chooses. Our team has done the appropriate financial calculations, as well as qualitative considerations.
#3. Jane Addams - Education. http:// womenshistory.about.com/cs/addamseducation/index.htm>.
The pizza shop will have a market share of about 55%. This means that the pizza shop will have about 14, 000 customers from the city center and about 8000 customers from the environs of Newburgh. This calculation is arrived at by considering that the shop will be offering different varieties of food that people require.
Fabric that came from Europe costed as much as the equivalent to the garment itself. It became less expensive to make your own fabric than to buy it. “Producing one’s own clothes . . . meant weavin...
Martineau clearly had a strong political agenda in writing this story, however in doing so, she addresses the fundamental difference she sees in the roles of responsibility in marriage. In her mind, the husband and the wife have clearly defined roles, not so much along lines of production, but rather in terms of the household. That which is in the household, whether it is the domestic duties or financial responsibility, falls to the wife while it is the husband who is responsible for the income stream.
Both stories transpire in a brief period of time. The events in the ‘Story of an Hour” develop in just one hour from beginning to end. Mrs. Mal...
In 1820 we had at least one half million separate family economies trading with several thousand local economies. On small family farms, family members spent the majority of there time working to produce for there families own use. Each family farm was like its own economy, with free time and the stock of produce shared, jobs assigned to each family member, and chores expected. On farms with slaves or larger plantations, planters established routines and enforced them with rewards and punishments. Today's more unified economy is much better than the separate economies of the nineteenth century.
‘“It’s not that it makes you more intelligent,” says Phoebe, a history student. “It’s just that it helps you work. You can study for longer. You don’t get distracted. You’re actually happy to go to the library and you don’t even want to stop for lunch. And then it’s like 7pm, and you’re still, ‘Actually, you know what? I could do another hour.’” (Cadwalladr)
1.2 Sensitivity analysis shows that pizza sale will be largely influenced by penetration rate of Contadina pasta (Exhibit 2).
However, the Boiling Crab has already penetrated the market in California with the proper level of price. The restaurant business cannot charge the price far more different than the others because in the same level of restaurant, the clients will focus on the range of price before choosing it. Moreover, the Boiling Crab is the seafood, so the market price of seafood, such as shrimp, lobster, crab is very fluctuate depended on how difficult to find each item at that time. As you can see from the Boiling Crab menu, these items will be charged according to the market price at that time. Referring to the appendix 1, I compare price of food from many restaurants with the same kind of food, but it turns out that the level of price is pretty much the same between the Boiling Crab and the Kickin’crab.
other project around the house and moms expect their daughters to help them in kitchen.
The house has at times been a symbol of women’s roles, between 1944 and 1982 the relationship women had with the house changed. This relationship change is indicative of the changing times and the role women played in the house, in the family, and in society. The influence that I believe initiated these changes fall into three themes: 1. The marriage relationship and outside paid work, 2. Education and its impact on femininity, and 3. Technology and its impact on domesticity. The three themes address issues that women navigated as society changed as their roles in the home and outside of the home changed. I will briefly address each theme and then delve into the relationship between marriage and work outside of the home.
Thaler, Richard H. "Breadwinning Wives and Nervous Husbands." The New York Times. The New York Times, 01 June 2013. Web. 23 Mar. 2014.