I need help with questions 7 and 9 thank you. AutoSaveOfDoc1 -P SearchCAROLINA RICAUTEFileDesignReferencesMailingsReviewViewHelpP CommentsA ShareHomeInsertDrawLayoutP Find -* GCalibri (Body)v 11- A A Aa v ANormalNo SpacingHeading 1Replacee- A -DictatePasteI U vabx,EditorA Select vUndoClipboard NFontParagraphStylesEditingVoiceEditorAutoSaveOfDocument1WordP SearchCAROLINA RICAUTEFileHomeInsertDrawDesignLayoutReferencesMailingsReviewViewHelpP CommentsA Share* G- A A Aa -O FindCalibri (Body)- 11No SpacingHeading 1NormalReplacePasteI U v abx A -E E E 13 -DictateEditorBX,A Select vUndoClipboardFontParagraphStylesEditingVoiceEditor7. We used to believe that innovation happened randomly and we had no way to induoe innovation. TheNew Growth Theory is the idea that innovation is not random, but happens because of financial incentives.Therefore, if society rewards innovation, we will continue to have innovation, and therefore continuedeconomic growth. What is one way society can financialy incentivie innovation?8. Anation cannot experience economic growth unlessit has underlying societal institutions in place. Whatare these institutions?« > 1>!!! hD

7. The new growth theory is an economic concept that asserts that humans' insatiable desires and…

7. We used to bele tat inoatin hapered randomly and we had no way o'ndue imovaton. The New Growth Theryiste de tat iovationi not adom,but happes berase f francalinentives. Therefore, fscieyrewarsimovaton, e wil contine to hae imovaton, an thereforecotirued economic growth. What is one wy Ocety ca financaly ncentive inovaton?

7. We used to bele tat inoatin hapered randomly and we had no way o'ndue imovaton. The New Growth Theryiste de tat iovationi not adom,but happes berase f francalinentives. Therefore, fscieyrewarsimovaton, e wil contine to hae imovaton, an thereforecotirued economic growth. What is one wy Ocety ca financaly ncentive inovaton?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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Mylie’s total utility from singing the same song over andover is 50 utils after one repetition, 90 utils after tworepetitions, 70 utils after three repetitions, 20 utils afterfour repetitions, 250 utils after five repetitions, and 2200utils after six repetitions. Write down her marginal utilityfor each repetition. Once Mylie’s total utility beginsto decrease, does each additional singing of the songhurt more than the previous one or less than the previousone?
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i will 10 upvote no chatgpt
Five consumers have the following marginal utility ofapples and pears:Marginal Utilityof ApplesMarginal Utilityof PearsClaire 6 12Phil 6 6Haley 6 3Alex 3 6Luke 3 12The price of an apple is $1, and the price of a pear is$2. Which, if any, of these consumers are optimizingtheir choices of fruit? For those who are not, howshould they change their spending?
Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a roundâ€”trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.
NAME THE FOOD MENU THAT FOUND IN CASUAL AND FINE DINE RESTAURANT SCRAMBLE WORDS 1. KCINHNEC GESTGUN 2. RURAGMEHB 3. ECSEHE ZPZAI 4. EICHCNK SGINW 5. MAONLS WSESEKR 6. NAASGLA 7. PRIHSM TAPAS 8. EKBDA OTOTPTA 9. AASPT ANCOABRAR 10. TAMELSABL 11. TUBERT NCEKICH 12. SKEHECCEEA 13. ISRNOIL AESTK 14. SEACAR DALSA 15. SEAKT DASNHCIW
Drinking five glasses of water consecutively declinesyour utility, why?
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Graph the following dataQuantity marginal utility1 153 2 112 3 77 4 48 5 25 6 8 7 -3 8 -8
Only typed answer and don't use chat gpt and don't answer in table 2. Charlie consumes apples (A) and bananas (B). His utility function is . The price of apples is $1, the price of bananas is $2, and Charlie’s income is $40. The price of bananas suddenly falls to $1. (a) Before the price change, how many apples and bananas did Charlie consume? (b) After the price change, how many apples and bananas did Charlie consume? (c) If after the price change, Charlie’s income had changed so that he could only attain his original level of utility, how many apples and bananas would he have consumed? (d) What are the magnitudes of the price, substitution, and income effects for the consumption of bananas?
TU = Total Utilityf= is a function ofMU = Marginal UtilityO = units of consumptionA= infinitesimal change EMV= Equimarginal Value