Problem 1. Consider the choices of two groups of women ages 30 to 50. All the women in one group have a college education. All the women in the other group have less than a high school education. Which of the two groups will participate more in the workforce? Which of the two groups will bear a larger number of children on average? Explain your answer based on the concept of opportunity cost.
Problem 2. Which of the following do you think would lead to an increase in the current demand for beef?
a. higher pork prices
b. higher consumer income
c. higher prices of feed grains used to feed cattle.
d. widespread outbreak of mad cow or foot-and-mouth disease.
e. an increase in the price of beef.