3. (10 poins) In each of the following cases, explain whether you think the situ
ID: 1132626 • Letter: 3
Question
3. (10 poins) In each of the following cases, explain whether you think the situation is efficient or not. If it is not efficient, why not? What actions would make the situation efficient? a. Electricity is included in the rent in your apartment. Some residents in your building leave lights, computers, and appliances on when they are not home. bThe enrollment for a particular course exceeds the spaces available. Some students who need to take this course to complete their major are unable to get a space even though others who are taking it as an elective do get a space 4. Consider a country that has the following production options. (15 points) Airplanes 0 Options Wheat 1,000 800 250 400 325 375 0 475 375 200 175 150 125 100 75 50 0 100 200 300 400 500 600 700 800 900 1,000 Draw the production possibilities frontier on the grid above. Label option points A through F What is the opportunity cost of increasing wheat production from 400 to 600? (answer is not in $) What is the opportunity cost of increasing wheat production from 800 to 1,000? (answer is not in $)Explanation / Answer
Q-3.
(a) This situation is not efficient.If the lights will be turned off,then electricity will be saved and also electricity cost will be reduced which may decrease the rent amount in future.
The situation can be made efficient if the residents will become self liable to pay their electricity bills.
(b) This situation is again non-efficient in nature. Because the spaces are not alloted according to the needs. Electives students will give less value to this space as compared to those students who want this space to complete their major.
System can be made efficient if some process will be carried out so that unenrolled students can buy seats from enrolled students at a reasonable price.
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