Economics assignment Essay

Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there are days when ice creams remain unsold but other days when there are not enough ice creams for the number of customers.

negative, since to purchase more of one good means giving up some of the other good.

1. Is the average amount that people are willing to pay for an entrée less than the forecast value of $19?

William is the owner of a small pizza shop and is thinking of increasing products and lowering costs. William’s pizza shop owns four ovens and the cost of the four ovens is $1,000. Each worker is paid $500 per week.

Your paper should be between 1750 and 2500 words, in APA format and structured as follows:

1) I thought that the price of a good changed from the quantity that was available. Would you explain why it is the opposite?

Economics 339, A01, CRN 12913 Assignment 2 Dr. L. Welling November 16, 2012 Assignments are due at the beginning of class on the due date. Remember to use at least ½ page for each diagram. 1. (25 marks) Juanita derives utility from both leisure (L) and food (G). She has 18 hours per day which she can divide between leisure and preparing meals (H). Her ability to prepare meals is described by the function G=g(H;X), and displays positive but diminishing marginal productivity of H. a) (4 marks) In a diagram with leisure on the horizontal axis, sketch Juanita’s consumption set (her feasible combinations of food and leisure). b) (2 marks) What is the economic interpretation of the slope of the feasible set? Ans: slope gives the (negative of

Price of Pizza $8, average house hold income $27, 310, number of people in the house hold 1, and the price of my substitute which would be subs $8, which calculates as such

Question: Categorize each seller below on the basis of the type of market it operates in. Explain each of your answers:

The model indicates that for each additional person added to the household, Charges are expected to increase by $404.13, when the Annual Income is held constant. This model produces the following statistical evidence:

In the graph, I display how the new preference for healthier foods has caused the demand curve for soft drinks to shift to the left. In addition, because fewer people are interested in purchasing soda, the supply curve also shifts to the left. A new equilibrium is set with less soft drinks being sold and a slightly lower price to reflect its shift in demand and

Conclusion: The increase in the price of cheese increases the variable cost graph upwards. However the impact on the breakeven cost is marginal. It rises from $17,339 to 18,220. The number of pizzas to sell to achieve breakeven also increases marginally from 1735 to 1834 – an

Demand curve focuses on the relationship between the price of a good and the quantity demanded when other factors that could affect demand remain unchanged

For example pepsi, considered as a very close substitute of coke is sold at the same price as coke. But, in case the price of pepsi falls to Rs 11 per bottle, the customers who are indifferent between the two will shift their demand from coke to pepsi. An Increase in the price of its substitutes( thumbs up, pepsi, limca, mirinda, sprite, mountain dew etc ) the demand for coke will rise and vice versa.

1. An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate both the price-consumption curve associated with changes in the price of wine and the demand curve for wine.