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Describe some of the trade-offs faced by each of the following:a. a family deciding whether to buy a new carb. a member of Congress deciding how much to spend on national parksc. a company president deciding whether to open a new factoryd. a professor deciding how much to prepare for classe. a recent college graduate deciding whether to go to graduate school
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Okay. The first problem is asking us to describe some of the trade off space by each of the following scenarios. Um, first question a the family deciding whether to buy a new car. Okay, so the cost of by your new card is the price of the car. And the benefit of owning a new car might be on time. Time saving because you don't have to take public transportation in your life is the mobility of your life improves. So, um, when facing this kind of question, you just have to write down the cost of this decision and the benefits. So these are the trade offs agents have in white. Okay, So for a question, be a member of Congress deciding how much to spend on national parks, um, to build a national park. Uh, first of all, the Congress has to, um, collect enough tax or, um, national income to finance this expenditure. So it depends on the national budget, and the benefit is that once you build this national park, people can go there and relax, and the natural resources in the park can be preserved. So these are the benefits, and that is kind of a little bit invisible. But as a congressman, you still have to wait. These two cost and benefits okay for problems. See? Accompanied President deciding whether to open the new factory. Um, this one is the most typical economic questions. So the cost of opening factory includes the rains, like where you're going to build your factory and you have to rent a house or or by the equipment of this, uh, sorry. This should be a or they should be here, uh, equipment, equipment. And then you have to hire workers and then, um, entire managers. And all of these are the cost of building a new factory. And the benefit is, of course, the profit you learn, right? You build a factory to produce products and you sell these products for real money. So that's the benefits. Mhm. Okay, the professor deciding how much to prepare for a class. So the cost for the professor is, um, time for sure, because the professor is always very busy. He has to do his own research or go to meetings and everything. So time is definitely the cost for him to prepare for teaching job. But the benefit is that if he teaches very well, his students is going to evaluate. Give him a very high evaluation, so which might give him a very good reputation. So that's a benefit professors have in mind. And for a question, e. A recent college graduate deciding whether to go to graduate school. Uh, so one of the cost of going to graduate school is time, because if you do not go to graduate school school, you have this time to go to work or spend time with your family. So you lose the outside option of the job you might have if you're not in graduate school and you lose the time that you can spend with your family. But the benefit is that after this two or three years of of torturing, you get a degree, which might keep you a better job. So I only provide some basic examples here. You can think of many other uh, costs and benefits in these scenarios by yourself.
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