Spot the economics in the following cases by identifying the concept described within the scenario and then briefly articulating your answers When parking violations in San Francisco were $100, there were 250,000 tickets given out. When violations went up to $175 there were 200,000 violations given. Ford produces trucks and loses ⅓ of a sedan for each truck produced. When it produces sedans, it loses 2 trucks per sedan produced. Driving down Mendocino Blvd, you notice a street crew working near campus. One worker is jackhammering away, while another removes the rubble. Both are extremely productive. Two workers are talking and having a smoke, while another three are having some coffee all while watching the first two workers. Recently, I attempted to cancel my SiriusXM subscription. I logged into their website and clicked on the “cancel subscription” link which I had a hard time finding because it was hidden in some obscure menu. When I clicked on cancel, a window popped up asking to call and talk to a representative. So, I dialed the number provided and after holding for 10 minutes, someone came on and told me that I needed to talk to someone from “accounts”. After holding for another 20 minutes, the line was disconnected. You studied 10 hours for this exam. In the first hour, you absorbed 95% of what you covered. Over the next 4 hours, you absorbed 70% of what you covered. For the 6th, 7th, and 8th hours, you absorbed only 30% of what you covered and during the 9th and 10th hour, you were in and out of sleep so you only absorbed 3%.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter3: Benefits, Costs, And Decisions

Section: Chapter Questions

Problem 3.3IP

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Spot the economics in the following cases by identifying the concept described within the scenario and then briefly articulating your answers

When parking violations in San Francisco were $100, there were 250,000 tickets given out. When violations went up to $175 there were 200,000 violations given.

Ford produces trucks and loses ⅓ of a sedan for each truck produced. When it produces sedans, it loses 2 trucks per sedan produced.

Driving down Mendocino Blvd, you notice a street crew working near campus. One worker is jackhammering away, while another removes the rubble. Both are extremely productive. Two workers are talking and having a smoke, while another three are having some coffee all while watching the first two workers.

Recently, I attempted to cancel my SiriusXM subscription. I logged into their website and clicked on the “cancel subscription” link which I had a hard time finding because it was hidden in some obscure menu. When I clicked on cancel, a window popped up asking to call and talk to a representative. So, I dialed the number provided and after holding for 10 minutes, someone came on and told me that I needed to talk to someone from “accounts”. After holding for another 20 minutes, the line was disconnected.

You studied 10 hours for this exam. In the first hour, you absorbed 95% of what you covered. Over the next 4 hours, you absorbed 70% of what you covered. For the 6th, 7th, and 8th hours, you absorbed only 30% of what you covered and during the 9th and 10th hour, you were in and out of sleep so you only absorbed 3%.

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