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Solved: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor ISBN: 9781947172364 471

Solution for problem 1 Chapter 6

Principles of Economics | 2nd Edition

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Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Economics | 2nd Edition

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Problem 1

Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round-trip cost of $2 in gasoline money. He has a total of $10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points on Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point. Round Trips Total Utility Phone Minutes Total Utility 0 0 0 0 1 80 20 200 2 150 40 380 3 210 60 540 4 260 80 680 5 300 100 800 6 330 120 900 7 200 140 980 8 180 160 1040 9 160 180 1080 10 140 200 1100 Table 6.6

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Decision Making – Week One  Decision Making Difficulty: 76% of people have trouble making political choices.  Managers are the Decisions Makers. They must make sure these needs are met in the workplace: Personal Needs, Organizational, Environment, and Task Demands, also known as the Four Force Model.  Environment is made up of competition, government, and the public. It comes into two categories: general and specific. Organizational is made up of interactions, personalities, and commitment. Task Demands is made up of functions and responsibilities. Personal Needs is made up of individual’s needs.  We must look at our failures to actually improve our decision making. The effectiveness of a decision must be viewed in i

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Chapter 6, Problem 1 is Solved
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Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

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Solved: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage