Consumer Theory and Horizontal Axis

2. The poorer you are, the worse your economic life has become over the past 30 years.

Refer to Table 7-8. If Evan, Selena, Angie, and Kris sell the good, and the resulting producer surplus is $700, then the price per unit must have been

Kent Christy is organizing a fundraiser for the pool he manages. He bought ice-cream cones ($.75) and ice-cream sandwiches ($1.00) to sell. His total bill was $225. (a) If he ordered twice the number of ice-cream cones than ice-creamsandwiches, how many of each did he buy? (b) What did he spend for ice-cream cones? (c) What did he spend for ice-cream sandwiches?

Question 35 Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been chosen as the base year. In 2002, the basket’s cost was $76.00; in 2004, the basket’s cost was $79.50; and in 2006, the basket’s cost was $85.00. The value of

Warren Company makes candy. During the most recent accounting period, Warren paid $3,000 for raw materials, $4,000 for labor, and $2,000 for overhead costs that were incurred to make candy. Warren started and completed 10,000 units of candy, of which 7,000 were sold. Based on this information, Warren would recognize which of the following amounts of expense on the income

20. Which of the following statements is TRUE? Economists normally assume that the goal of the

2. Refer to the above table to answer this question. Suppose that Mia has a budget of $7 and the price of a litre of soya milk is $1, what is the maximum quantity that Mia might purchase?

c.    At the time she had $237, the cost of a lesson rose to $19. How many lessons can she pay for with her remaining $237?

Scenario 3: The nation is currently experiencing a period of rising prices. Inflation is making consumer goods increasingly difficult to afford as wages have remained constant.

In January, Reyes Tool & Dye requisitions raw materials for production as follows: Job 1 $960, Job 2 $1,630, Job 3 $720, and general factory use $680. During January, time tickets show that the factory labor of $6,100 was used as follows: Job 1 $1,570, Job 2 $1,940 Job 3 $1,670, and general factory use $920. Prepare the job cost sheets for each of the three jobs. (If answer is zero, please enter 0, do not leave any fields blank.) Job 1 Date 1/31 1/31 Direct Materials 960 0 Job 2 Date 1/31 1/31 Direct Materials 1630 0 Job 3 Date 1/31 1/31 Direct Materials 720 0 0 1670 Direct Labor 0 1,940 Direct Labor 0 1570 Direct Labor

Explain the corresponding impact on total revenue for each of the three price ranges identified in part G.

1. If a coffee company purchases paper cups at a cost of x cents for a package of ten and lids at a cost of y cents per dozen, which of the following represents its material cost, in cents, of c cups of coffee?

What price would you sell the tile sets at to realize this profit? Hint: Use the demand equation from part a.

Write linear equations to represent the costs for each company based on the number of pallets purchased.

5. I want to make 10 headbands / pair clips and the ingredients cost me $39/10=$3.9. So, it costs me $3.9 to make each clips/ headache and if I sell them for $6.5 each, I make 2.6 on each pair of clips or headbands