2. Attending college is a case where the Lof not going exceeds the monetary cost of tuition. A) A. budget constraint В B. marginal analysis C C. opportunity cost D D D. marginal utility
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- Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.Draw Maries budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of me budget constraint?1-Which of the following provides a higher marginal utility, a diamond or a pint of water? A dimond A point of water They prodive about the same marginal utility 2- Unit of Apples MU of Apple Unit of Oranges MU of Oranges 1st 4 1st 9 2nd 3 2nd 3 3rd 1 3rd 2 4th 0 4th 0 Suppose the price of an apple is $2, and the price of an orange if $3. You have a budget $10 for these two items. What would you put in your basket first? an Apple an Orange You are indifferent between putting an apple or an orange in your basket. We do not have enough information to answer this question.
- A) What is substitution effect? And how it effects purchase decision of consumer? in detail B)What is intertemporal choice? And how it is elaborated in economics? in detailA student has a monthly budget of $120 to spend on eitherburritos, which cost $6 each, or sodas, which cost $4 each.1. What is the largest number of burritos that the studentcould afford to purchase in one month?2. What is the largest number of sodas the student couldafford to purchase in one month?3. Draw the student's budget constraint. Put burritos on thex-axis and sodas on the y-axis.Graded Assignment due Monday4. Which combinations of burritos and sodas are unaffordable--those tothe left of the line in the graph or those above the line in the graph? Why?5. Which combinations would leave some budget unspent - those to theleft of the line in the above graph or those to the right of the line in theabove graph?6. What is the equation for the student's budget constraint? In yourequation, use Q1 as the variable to represent the quantity of burritos andQ2 to represent the quantity of sodas.7. What is the opportunity cost of a burrito?8. What is the opportunity cost of a soda?9. The local…1.(a) Suppose a consumer derives satisfaction from consuming hamburgers and hot dogs.How will the budget line change when the consumer is offered a "buy two, get one free" deal for hotdogs (limit one free hot dog). Please show the changed budget line on the graph given below. (b) Please explain how “Buy one get one free” is different from a half price (50% off) sale. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- EXERCISE 1Below is a production possibilities table for consumer goods (Food) and capital goods(Robots):A B C D EFood 0 1 2 3 4Robots 10 9 7 4 01. Show these data graphically. Upon what specific assumptions is this productionpossibilities curve based?2. If the economy is at point C, what is the cost of one more food? Of one morerobot? Explain how the production possibilities curve reflects the law ofincreasing opportunity costs.3. If the economy characterized by this production possibilities table and curvewere producing 3 food and 2 robots, what could you conclude about its use ofavailable resources?4. What would production at a point outside the production possibilities curveindicate? What must occur before the economy can attain such a level ofproduction?EXERCISE 2Explain how (if at all) each of the following affects the location of a country’s productionpossibilities curve:1. The quality of education increases.2. The number of unemployed workers increases.3. A new technique…Please answer parts c and d 1. To make sure he has enough energy for the teaching, Ernie spares $60 every week tospend on Blue Bull and Gigantic energy drinks. A can of Blue Bull costs $2, and a canof Gigantic costs $3. Assume that fractions of a can are allowed.(a) Draw Ernie’s budget line, measuring Blue Bull on the horizontal axis and Giganticon the vertical axis.(b) How many cans of Gigantic can Ernie afford if he buys 15 cans of Blue Bull?(c) What is the maximum number of cans of Blue Bull Ernie can afford?(d) What is the slope of the budget line? Be sure to include the sign. Explain in wordswhat this slope measures.(e) Denote the number of cans of Blue Bull by qb and that of Gigantic by qg. Writedown an equation capturing Ernie’s budget constraint. How would the equation fora budget line be different?a) what is larger in this diagram, π or T? explain b) list two reasons for the shift in budget contraint
- 1 explain the role of ceteris paribus in economic analysis4. Suppose a person has $8 to spend only on apples and bananas. Apples 1 cost $0:4 each, and bananas cost $0:1 each. Furthermore, his preferences for apples (A) and bananas (B) can be represented by U = pAB. a) If A = 5 and B = 80, what will utility be?b) If A = 10, what value of for B will provide the same utility in part a? c) If A = 20, what value of for B will provide the same utility in parts a and b?d) Graph the indi§erence curve implied by parts a through c.e) Give the budget constraint, which of the points identiÖed in parts a through c can be bought by this person?f) show through some examples that every other way of allocating income provides less utility than does the point identiÖed in part b. graph this utility maximizing situation.Mega Partner is selling two products Marker(m) and Eraser(e) and their budget is given with thefollowing equation: 15Qe+ 30Qm= 3000. Now answer the following questions. I. Draw the budget line for Mega PartnerII. What would be the highest amount spend on Marker with the existing budgetIII. If Total budget increases to 4500 what would be the new budget line (use diagram)IV. If Price of the Marker becomes 15, how this changes the existing budget line keeping allthe values remain same.
