According to a utilitarian, total social utility will be maximized when marginal dollars are distributed to the people with the

Mr. Smith wants to buy a house in a certain neighborhood that he thinks is ideal for an elderly, single man like himself

However, before buying the house, he consults his friend who lives in the same neighborhood and thinks that it is the ideal place for him. This is an example of a(n) ________. A) confirmation bias B) attenuation bias C) attentional bias D) distinction bias

To dig a trench, each worker needs a shovel. Workers can only use one shovel at a time. Workers without shovels do nothing, and shovels cannot operate on their own

What kind of production technology is this? Graphically (with isocost and isoquant lines) determine the optimal number of shovels and workers used by a firm to dig two trenches when w = r = 10. What will be the (long-run) total cost of the two trenches? What will happen if the rental rate drops to $5 while the wage remains at $10? Add the relevant lines to your graph and compute the new optimal quantity of inputs and total cost.