60 76Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting
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| Travel Time Each Way | Price of a Skirt | |
|---|---|---|
| (Minutes) | (Dollars per skirt) | |
| Local Department Store | 15 | 102 |
| Across Town | 30 | 85 |
| Neighboring City | 60 | 76 |
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- Alda is willing to pay $2,000 to visit her favoritecousin over spring break. A month ago, she bookeda trip costing $1,200. Spring break has arrived, butAlda needs one day to finish an important paperbefore she goes. Alda could cancel her trip and geta refund of $800. Or, she could pay an additional$1,000 (on top of the $1,200 she already paid) torebook the trip for two days later. Explain whatAlda should do.Suppose your only source of income is work and that you are paid $20 per hour. This determines a budget constraint. You can buy free time at the expense of your income by working less. Likewise, you can get more income at the expense of your free time by working more. Suppose that you can choose how many hours you work. 2. Calculate your weekly income if you work 40 hours per week. Now suppose that your hourly rate drops to $15 because of an economic downturn and you decide to work 43 hours a week. How much is your weekly income going to be? (Show your calculations)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?
- Last year, Amir left a job that paid $60,000 to run his own nonprofit, The Utah Valley Bike Project. Part of the nonprofit provides bicycle repairs to general customers at a price of $65. The other part accepts broken bicycle donations. Those who cannot afford a bicycle may volunteer in the shop for 5 hours, where they will be taught basic bike maintenance and help repair some of the donated bicycles. After their 5 hours, they may choose one of the donated bikes to take home. Amir promised himself that he would only maintain the nonprofit if he could be at least as well off as he was in his prior job. However, as the nonprofit founder and CEO, he wanted to pay himself last. Help Amir determine whether he should continue running the nonprofit. In the first year, the shop did 3,000 paid repairs. Amir’s production costs for the year included rent, wages, and equipment. He spent $50,000 on rent, and $80,000 total on wages for his four employees. To cover the cost of equipment, Jared used…Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $112 for the suit: Juanita makes $26 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $26 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. (look at screenshot) Assume that Juanita takes opportunity costs and the price of the suit into consideration when she shops. Juanita will…Anne has a job that requires her to travel three out of every four weeks. She has an annual travel budget and can travel either by train or by plane. The airline on which she typically flies das a frequent-travel program that reduces the cose of her tickets according to the number of miles she has flown in a given year. When she reaches 25,000 miles, the airline will reduce the price of her tickects by 25 percent for the remainder of the year. when she reaches 50,000 miles, the airline will reduce the price by 50 percent for the remainder of ther year. Graph Anne's budget line with train miles on the vertical axis and plan miles on the horizontal axis 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.
- 13. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is IvanJuanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the skirt: Store Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department Store 15 102 Across Town 30 85 Neighboring City 60 76 Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.The average 15-year-old purchases 100 song downloads from iTunes and buys 20 cheese pizzas in a typical year. If cheese pizzas are inferior goods, would the average 15-yearold be indifferent between receiving a $50 gift certificate for iTunes and $50 in cash? Explain.
- 8. Problems and Applications Q8 Consider your decision about how many hours to work. The following graph shows your budget constraint assuming that you pay no taxes on your income. On the following graph, show the effect of a 15 percent income tax on your budget constraint. Deborah is awake for 100 hours per week. Use the green line (triangle symbol) to draw Deborah's budget constraint if she earns $12 per hour. Then use the blue line (circle symbol) to draw her budget constraint if she earns $16 per hour. Finally, use the purple line (diamond symbol) to draw her budget constraint if she earns $20 per hour.You just got a job in Washington, D.C. You moveinto an apartment with some acquaintances. All yourroommates, however, are slackers and do not clean upafter themselves. You, on the other hand, can clean fasterthan each of them. You determine that you are 70%faster at dishes and 10% faster with vacuuming. All ofthese tasks have to be done daily. Which jobs shouldyou assign to your roommates to get the most free timeoverall? Assume you have the same number of hours todevote to cleaning. Now, since you are faster, you seemto get done quicker than your roommate. What sortsof problems may this create? Can you imagine a traderelated analogy to this problem?Sharmila has no other source of income except for her job at a cozy restaurant in a well-known university that pays Rp.5/hour. Since she is such a good worker, her boss lets her choose how many hours she wants to work each week as long as it is between one and 20 hours. (a) Graph Sharmila’s weekly budget constraint. (b) How many hours must Sharmila work to cover her weekly rent and food expenses which total Rp.75/week? (c) If Sharmila get a raise to Rp.7.5/hour but chooses to still work only enough to cover her rent and food expenses, now how many hours must she work?