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linda_us
linda_us, Master's Degree
Category: Multiple Problems
Satisfied Customers: 1402
Experience:  A tutor for Business, Finance, Accounts and other related topics.
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Cassies Quilts alters, reconstructs and restores heirloom

Customer Question

Cassie's Quilts alters, reconstructs and restores heirloom quilts. Cassie has just spent $800
purchasing, cleaning and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What is the marginal cost of completing the task? (Points : 1)
$200
$500
$1,000
$1,000 plus the value of her time


2. Where do economic agents such as individuals, firms and nations, interact with each other? (Points : 1)
in public locations monitored by the government.
in any arena that brings together buyers and sellers.
in any physical location people where people can physically get together for selling goods, such as shopping malls.
in any location where transactions can be monitored by consumer groups and taxed by the government.


3. Consider the following two factors:


These statements suggest that (Points : 1)
it is highly likely that the average person will lose her job due to outsourcing.
the likelihood that the average person will lose her job due to outsourcing is large small to losing her job due to other causes.
the likelihood that the average person will lose her job due to outsourcing is very small compared to losing her job due to other causes.
the US is not creating jobs fast enough to offset jobs lost due to outsourcing and other causes.


4. Cassie's Quilts alters, reconstructs and restores heirloom quilts. Cassie has just spent $800 purchasing, cleaning and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What should she do? (Points : 1)
She should cut her losses and sell the quilt now.
It does not matter what she does; she is going to take a loss on her project.
She should purchase the period fabric, complete the task and then sell the quilt.
She should not do anymore work on the quilt because she has already spent too much time on it and has not been paid for that time.


5. A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? (Points : 1)
marginal revenue
gross earnings
pure profit
marginal costs
net benefit


6. A successful market economy requires well defined property rights and (Points : 1)
balanced supplies of all factors of production.
an independent court system to adjudicate disputes based on the law.
detailed government regulations.
a safety net to ensure that those who cannot participate in the market economy can earn an income.


7.
Figure 2-11





Refer to Figure 2-11. Which two arrows in the diagram depict the following transaction: Lizzie Haxem hires "The Paint Pros," a professional painting company, to paint her home. (Points : 1)
J and M
K and G
K and M
J and G


8. A production possibilities frontier with a bowed outward shape indicates (Points : 1)
the possibility of inefficient production.
constant opportunity costs as more and more of one good is produced.
increasing opportunity costs as more and more of one good is produced.
decreasing opportunity costs as more and more of one good is produced.


9.
Table 2-3






Table 2-3 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.


Refer to Table 2-3. What is South Korea's opportunity cost of producing one pound of wheat? (Points : 1)
5 digital cameras
60 digital cameras
20 digital cameras
0.05 units of a digital camera


10.
Table 2-3






Table 2-3 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.


Refer to Table 2-3. What is China's opportunity cost of producing one pound of wheat? (Points : 1)
0.04 units of a digital camera
40 digital cameras
25 digital cameras
4 digital cameras
Submitted: 5 years ago.
Category: Multiple Problems
Expert:  linda_us replied 5 years ago.
There are few question with figures, please provide that.

Regards

Linda
Customer: replied 5 years ago.

graphicgraphicgraphicgraphic

Let me know if you need anything else.

Expert:  linda_us replied 5 years ago.
The details for question 3 is missing?
Expert:  linda_us replied 5 years ago.
Are these figure related to this post or the other post?
Customer: replied 5 years ago.

graphic

Here is the one that was missing

Expert:  linda_us replied 5 years ago.
I am confused.

Of the figure you provide above which one is 2-3 to solve question 9 & 10 ?

Which one is for question 7 ?
Customer: replied 5 years ago.

Sorry these were for the other question.

 

Expert:  linda_us replied 5 years ago.
Whats about figure for the above questions?