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Eco182A_Spring_2011_Quiz_1_Version_1_Answers

Eco182A_Spring_2011_Quiz_1_Version_1_Answers - UNIVERSITY...

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UNIVERSITY AT BUFFALO DEPARTMENT OF ECONOMICS Economics 182A, Spring 2010 Introduction to Microeconomics Answers to Version One of Quiz One Question 1: Tabitha has just enough time to do one, and only one, of the following activities; write a letter, take a shower, make a salad, and vacuum the carpet. Her personal valuations of these tasks are, respectively; $15, $11, $9 and $13. (i) What is Tabitha’s rationally chosen activity? Answer: Writing a letter. (1 point) (ii) What is Tabitha’s opportunity cost of making a salad? (1 point) Answer: $15. (iii) Suppose that Tabitha’s personal valuation of taking a shower increases from $11 to $14. Does this change her opportunity cost of vacuuming the carpet? Answer either “Yes” or “No”. Answer: No. (1 point) Question 2. Mickey and Minnie both have straight-line production possibility frontiers. Mickey can produce at most 200 pizzas or at most 50 pies. Minnie can produce at most 80 pizzas or at most 120 pies.
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