anione has 2002 ECON 1101 quiz questions? (1 Viewer)

[mraverage]

i am Jim, do i know u?

 

[i-color]

u talking to me? i'm simone.......haha

 

[Minai]

Originally posted by Eeko


Sonya is employed at a stock brokerage firm where she earns $25 per hour. The office she works at is located downtown. To get to work each day, she must either ride a series of buses that takes one-and-a-half hours at a cost of $2, or take a cab that takes 30 minutes and costs $20. Assuming she goes to work, the opportunity cost
A) of riding the bus is $2, and taking the cab is $20.
B) of riding the bus is $37.50, and taking the cab is $12.50.
C) of riding the bus is $35.50, and taking the cab is -$5.
D) of riding the bus is $39.50, and taking the cab is $32.50.
E) of riding the bus is $27, and taking the cab is $20.

The first 2 have inconsistent answers and last one i jus dun get

The answer is E
I remember our whole damn tute class having this massive argument about this question last year
Even the tutor was like "wtf"

 

[Nick]

can you explain it?

 

[Constip8edSkunk]

Originally posted by Eeko
The more inelastic is supply the ______ is the burden of tax borne by ______.
A) larger; producers and consumers
B) smaller; consumers and producers
C) smaller; producers
D) smaller; consumers
E) None of the above.

ok i think i get the other 2 but why is this B? wouldnt the inelasticity of the supply curve cause the supplier to have the greater burden ?


edit: i think 4 the 3rd q, its E cuz the first 30min is not included as there is no way she could b working

 

[Minai]

Originally posted by Nick
can you explain it?

shit..
its been a year, but simply
If she takes the bus, it takes 1.5 hrs rite?
The one hour she loses by taking the bus is $25 (since thats her hourly wage), and she loses $2 by taking the bus (the bus fare)
so that adds to $27

Now, if she cabs it, it takes 0.5 hrs, and she gets to work on time, so no lost pay
She only loses $20 which is the cost of taking the cab

hmm, its a rather weak explaination, but the one I've been taught

 

[Nick]

but shouldn;t you also take away the $2 price of travel, as there is no way to avoid paying that, whether you take the bus or cab.
so the opp cost of the cab is $18 and the bus $25?

or is that not included in opportunity cost as it is an explicit cost?

 

[Constip8edSkunk]

but she doesnt have to go 2 work.... so she could be spending that 2 bucks 2 get a can of coke

Minai: can you explain the 2nd question please?

 

[Minai]

Originally posted by Constip8edSkunk
but she doesnt have to go 2 work.... so she could be spending that 2 bucks 2 get a can of coke

Minai: can you explain the 2nd question please?

the question says "assuming she goes to work"

the 2nd question is weird
i dont see how it could be B..
I agree with your answer..based on info from the textbook

 

[Constip8edSkunk]

ok cool. thanks for the reply.

Originally posted by Minai
the question says "assuming she goes to work"

hmmm...then im stumped....

edit: perhaps she could walk???

 

[redslert]

i hate eco
there's too many ifs and buts....
nothing is straight forward!! and everything contradicts everything else

especially the laws of mathematics!! how can u just igonore negative numbers ERR?!

 

[Shawny]

im about to go off on the chop block now

i hope my 5 and 6 /10's online is not an indication of my actual skill

 

[mraverage]

oh, i know icolor... your in my law class! im the guy wif the funny hair

 

[Newbie]

jiMMMMMMMMMMooooooo

 

[Eeko]

Originally posted by mraverage
oh, i know icolor... your in my law class! im the guy wif the funny hair

get a cut

 

[truly-in-bliss]

i saw jumbo jim today.. with a chick... from law soc.... hahah jk jk

 

[mraverage]

all can join=P

 

[Newbie]

you cant be president of com and law .......can you? :O

 

[Shawny]

jim has plans for a totalitarian UNSW

Jim
president of comsoc, lawsoc, guild president, young labour, liberal president , leftsoc president, sports union president, student union president, ethnic affairs president, careers services president

first yr com/law student

 

[hk31]

is this the JIM who wrote an article in the comsoc newsletter?!