Question 11

Suppose that it takes John two hours to complete his economics homework and four hours to complete his philosophy homework.

What is John opportunity cost of completing his economics homework.?

Question 12

Suppose that it takes Pat 15 minutes to shampoo hair and 60 minutes to cut hair. Suppose that it takes Alex 10 minutes to shampoo hair and 50 minutes to cut hair.

Who cuts the hair and why?

Question 13

In 2016, the United States was importing approximately 8 million barrels of crude oil per day at an average price of $43 per barrel. The domestic demand and supply of crude oil in the United States is $50 per barrel.

How many barrels for items 1-5 per day (without trade and with trade)?

	Without trade	With trade
1.Quantity supplied domestically
2. Quantity demanded domestically
3. Quantity imported
4.Area of consumer surplus
5.Area of producer surplus