# Ben also owns an ice cream parlour in an hour he can

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Ben also owns an ice cream parlour. In an hour he can produce 10 milkshakes or 20 icecream sundaes.Calculate Esther's and Ben's opportunity cost of producing a milkshake.Esther's opportunity cost of producing 1 milkshake is 6 ice cream sundaes.Ben's opportunity cost of producing 1 milkshake is 2 ice cream sundaes.______has a comparative advantage in milkshakes and______has an absolute advantagein both goods.Ben,EstherThe graph shows Harry'sPPF.What is Harry's marginal cost of tennis if he plays for 5 hours a week? What is Harry'smarginal cost of tennis if he plays for 7 hours a week?Harry's marginal cost of tennis when he plays for 5 hours a week is 2.5 percentage points ineconomics.Harry's marginal cost of tennis when he plays for 7 hours a week is 5 percentage points ineconomics.The table shows the marginal benefit from pizza and the marginal cost of pizza in terms ofpop forgone.If ______ pizzas are produced, the quantity of pop that people are willing to give up to get anadditional pizza is
less thanless thanthe quantity of pop that they must give up to get that additional pizza.More than 50The graph shows the market for pizza.If the price of a pizza is \$12, is there a shortage or a surplus and does the price rise or fall?Buyers want to pay the lowest possible price, so why would they be willing to pay morethan \$12 for a pizza?If the price of a pizza is \$12, a ______ exists and the price ______.shortage; risesBuyers want to pay the lowest possibleprice,so they are willing to pay more than\$12for apizza because______.at\$12a pizza they cannot find enough pizzas to buyA demand curve passes through the point(0,550) and has slope equal to minus4.The equation of the demand curve is_______.The figure shows the supply curve of amusement park tickets.
If the price of an amusement park ticket falls from\$40 to\$20, while all other influences onselling plans areunchanged, the quantity of amusement park tickets supplied_______ .from 8 million to 4 millionThe figure shows the circular flows in the market economy.When Apple Inc. hires a student intern during the summer, the flows are a______ from firmsto households and a______ from households to firms.moneyflow;real flowWhen you buy an iPad from the Apple Store, the flows area______ from households tofirms and a______ from firms to households.moneyflow;real flowThe opportunity cost of a cake is ______ at point A than at point B.The opportunity cost of a loaf of bread is ______ at point B than at point A.Greater,greater

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Term
Spring
Professor
campeanu
Tags
Max, Windsurfing