pg 33 #s 1,2,&5

5.) After paying tuition and rent, a college student had $100 left over. The student is sick and could get medical attention. The cost of the office visit is $40, plus he will have to spend $60 on the medicine. Alternatively, the student could spend the money on food and hope he will get over what is making him sick. What should the student choose? Explain the opportunity costs of the decision.

The seriousness of the illness has the most effect on how the money should be spent. If the illness is not very serious, the money should be spent on food. if the illness is serious enough to where it could possibly keep him out of work or school for an extended period of time, he should get the medicine.

1.) Why would expanding the nations communications network be considered an increase in wealth, while improving the education of its people not be considered an increase in wealth

expanding the nations network communications would allow for more trade, more manpower, and a potential for a higher profit from new jobs that from from the expansion. increasing the education of the countries people without expansion is only going to increase the wealth of those who are already motivated enough to get up and work or innovate

2.) One of the basic economic questions is for whom products are produced. in our society, how would that question be answered for a common consumer product such as a cell phone? explain.

the majority of common consumers are individuals that want cell phones to be able to talk and text from wherever they want whenever they want. most businesses and others are not buying cell phones and are instead getting landlines that are less likely to lose connection. that reason specifically is why cell phones are produced and marketed towards consumers