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ECON 1000 Section C (Micro extr go through 2012) Due date: 15 October, 4:00 pm Assignment # 1 Chapters 1 to 7 go bad A -- manifold Choice50 attach (2 attach for individually question) post B -- Short resolves50 marks (10 marks for each question omit for question 5 which is price 15 marks; 5 marks bonus) Total100 marks Part A: Multiple Choice (25 questions, 2 marks each) Answer on attached answer ragtime (last page) 1.Mike has fagged $500 acquire and repairing an old fishing boat, which he expects to distribute for $800 once the repairs are accomplish. He discovers that he ask an supernumerary repair, which will comprise $400, in order to fill out the repairs. He can study the boat as it is straightway for $300. What should he do? |a. |He should cut his losses and sop up the $300. | |b. |He should never give something for less than it cost. | |c. |He should complete the repairs and sell the boat. | |d. |It doesnt matter which action he takes; the outcome is the alike(p) any way.

| 2.Suppose an economy produces twain goods, food and machines. This economy constantly operates on its production possibilities frontier. drop dead socio-economic class, it produced 60 units of food and 40 machines. This year it experienced a technological give in its machine-making industry. As a result, this year the society wants to produce 65 units of food and 40 machines. Which of the succeeding(a) statements is true? |a. |Because the technological kindle occurred in the machine-making industry, it will non be possible to plaster food | | |production without bring down machine production under 40. | |b. |Because the technological advance occurred in the machine-making industry,...If you want to get a full essay, order it on our website: Ordercustompaper.com

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