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sjbux sjbux
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4 years ago
Recall the Application about Jasper Johns and house painting to answer the following question(s). In this Application, it is assumed that Johns can earn $5,000 per day by painting works of art, and therefore should hire a house painter who charges $150 per day, and takes 10 days, to paint his house.


This Application addresses the economic concept of:

▸ the marginal principle.

▸ specialization and exchange.

▸ diminishing returns.

▸ real versus nominal costs.
Textbook 
Microeconomics: Principles, Applications, and Tools

Microeconomics: Principles, Applications, and Tools


Edition: 8th
Authors:
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Niquegirl21!Niquegirl21!
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4 years ago
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wrote...
4 years ago
Recall the Application about Jasper Johns and house painting to answer the following question(s). In this Application, it is assumed that Johns can earn $5,000 per day by painting works of art, and therefore should hire a housepainter who charges $150 per day, and takes 10 days, to paint his house.


At what point should Jasper Johns consider painting his own house?

▸ if the housepainter charged $2,500 per day, since that is excessive for painting a house

▸ if his earnings dropped to $1,000 per day

▸ if the housepainter charged more for 10 days worth of work than Johns could earn each day

▸ if the housepainter charges $500 per day and takes 20 days to paint the house
wrote...
4 years ago
if the housepainter charged more for 10 days worth of work than Johns could earn each day
wrote...
4 years ago
Recall the Application about Jasper Johns and house painting to answer the following question(s). In this Application, it is assumed that Johns can earn $5,000 per day by painting works of art, and therefore should hire a housepainter who charges $150 per day, and takes 10 days, to paint his house.


Based on the Application, Jasper Johns' daily earnings are 33.33 times more than the housepainter's daily earnings. If Jasper Johns' earnings per day were only twice as much as the housepainter's earnings, what should he do?

▸ He should hire a less productive housepainter.

▸ He should still hire the housepainter to paint his house.

▸ He should paint his house himself.

▸ He should remain indifferent as to who paints the house, for the difference in daily earnings would now be much less significant.
wrote...
4 years ago
He should paint his house himself.
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