a) Discuss the following (Draw neat and labelled diagrams wherever necessary) i. Normal and Inferior Goods ii. Law of variable proportion iii. Explicit and implicit Cost
Q: CPU Total Marginal Total Marginal GHz Benefit Benefit Cost Costs 2.0 $1,000 $900 2.5 $1,400 $100 3.0…
A: A cost-benefit analysis is the process of comparing the estimated costs and benefits associated…
Q: Economics Q: a salesperson preparing an agreement to lease a condominium must explain to the tenant…
A: Amenities are defined as a desirable or helpful component of a building or area. It aims to give…
Q: Leeds Bradford airport is being expanded and this will reduce the effective price of flights for…
A: Price: It refers to the cost of goods and services at which goods and services are available in the…
Q: Troy has preferences for laptops (L), and drones (D). Laptops costs $750 a unit and drones costs…
A: Laptop Cost = 750 Drones Cost = 2000 Income = 15,000
Q: In 2019, a ski resort increased the prices it charged for one-day ski passes and season passes. If…
A: We have given the following information Type of pass Price in 2018 Number of passes sold in 2018…
Q: Popcorn at the movies is $6 a bag. Candy at the movies is $2 a box. The opportunity boxes of candy.…
A: Opportunity cost is one of the effective economic measures used in different aspects, such as in the…
Q: Economising can best be described as allocating limited resources in order to achieve which of the…
A: Economics is all about the using the limited resources in such a that satisfaction can be maximised.…
Q: Take one example, micro mathematics, for example about the relationship between customer…
A: Consider a model, where there are 2 goods, x & y. The price of x & y, is given by Px &…
Q: Don Juan Perez runs a seafood restaurant on the central coast. His total income last year was…
A: The economic utility refers to the total utility or level of satisfaction received to a consumer by…
Q: Use the graph to answer these questions: a. What is the least the market will accept for 1? b. What…
A: For Part 1 it is not mentioned what is 1, so I am assuming the I as a unit of quantity.
Q: 42. The shaded area in the graph shown above represents The total cost of producing cucumbers. b.)…
A:
Q: 2.- There are 10 consumers in the market for Corn, 5 have income $20 and 5 have income $40. Each of…
A:
Q: The impact of decrease in income of a household on the market demand and market equilibrium price of…
A: When the income of household decrease , market demand of inferior Product increase . This will…
Q: Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market Th costs…
A: Answer: Marginal cost: It refers to the additional cost incurred by giving an additional hour to…
Q: Economics Joe has morning commute budget of $36. He spends these money on buying gasoline for the…
A: Inflation occurs when the price level of all goods and services in the economy experiences a…
Q: Task 2- Below is a hypothetical demand and supply for apartments. Answe the following questions…
A: The markets are the places where the sale, and purchase of various goods, services, assets,…
Q: Question 3 • C В Jeans Refer to the graph above. Productive efficiency occurs at what points?…
A: The production possibility curve (PPC) shows the combination of two goods that a nation can produce…
Q: cannot decide whether to buy a packet of potato chips, cheese whirls, or nacho chips, whose marginal…
A: Marginal utility refers to additional utility derived from consuming one more unit of output. It…
Q: ‘Utility services cost less even though they cost more’, elaborate this law with the help of…
A: Utility services are less expensive, despite the fact that they are more expensive. Consider a…
Q: mat shows Dimies Good X and Good Y. Type of Goods Production Possibilities A B D. E 2 4. 6 8 Y 30 27…
A: Since, you have asked multiple questions with multiple parts, we will be answering the first three…
Q: echnical efficiency entails which of the following: a. Minimizing the quantity of resources used to…
A: Efficiency is a relative concept and technical efficiency is refer to the ability of a firm to…
Q: (Hint: Example 11.4, p.162/280) Avis Company is a car rental company that is located 3 miles from…
A: a. The travelling rate (TR) is 15 buses per hour (60/4). The travelling time (TT) is 30/60 = 0.5…
Q: Refer to Figure 2-1. The most inefficient point depicted is: 1): Point A 2): Point C 3): Point D…
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: Task 2 - Below is a hypothetical demand and supply for apartments. Answer the following questions…
A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Bread Wine
A: Points on the production possibility curve or frontier are the efficient points. Points inside or…
Q: The creation of internet shopping has caused (a) greater competition among businesses (b) less…
A: Internet: It refers to the network by which computers are connected all over the world.
Q: Chip and Joanna are building a new home. Chip can cut 24 pieces of lumber or paint 4 rooms in a day.…
A: Comparative advantage refers to the ability to produce a specific good for a lower opportunity cost…
Q: Suppose a market basket contains two goods: good A and good B. Use the table below to calculate the…
A: Since there are two goods in the market: good A and good B. Cost of the market basket is calculated…
Q: The market pizza has the following demand and supply schedules
A: The market equilibrium can be obtained at the intersection of the demand curve as well as the supply…
Q: (c) In the market for airline tickets, airline carriers have drastically cut fares for international…
A: The demand-curve is a downward-sloping curve representing an inverse-relation between the price(P)…
Q: Information. You are given the following lists of statements and concepts: Statement Concept 1.…
A: The curve that depicts various quantities of goods and services being demanded at various price…
Q: Kip is trying to decide whether to take a one-day martial arts class at Rex Kwan Do. The fee for the…
A: The marginal cost indicates the cost of producing an extra unit of good or cost of making a…
Q: Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total…
A: Introduction: Total benefits of ownership is a metric that attempts to summarize the beneficial…
Q: How are the following prices determined and what do theyhave in common?a. admission to a local…
A: The price of a product is the amount of money that must be paid in order to obtain it. Price is a…
Q: Jane is maximizing total utility while consuming food and clothing. Her marginal utility from food…
A:
Q: 1. Using the figure above, what is the optimal quantity of goods for the firm to produce?
A: Answer: A firm maximizes its profit where marginal revenue (MR) is equal to the marginal cost (MC).…
Q: The world exists for one year. The Farmer seeks to maximize her profits. The farmer must choose…
A: Profit maximization refers to the process by which producers or sellers produce the goods at minimum…
Q: Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores…
A: Juanita makes $36 an hour at work and it takes her 30 minutes to shop. Thus, the total time take at…
Q: 4. Define marginal benefit: 5. Define marginal cost:
A: Dear student, Thank you for giving me a chance to serve you. You have asked multiple questions in a…
Q: Chase, Danielle Microeconomics Module 5 Current Events MC ATC MR Now you discuss the differences…
A: In the given question, it is visible that the producer opts for price at a level where it is higher…
Q: y QUANTITY (Reams of paper) Refer to Figure 4-9. All else equal, an increase in the use of laptop…
A:
Q: small beach are shown below. Market for Sunscreen Price (dollars per bottle) Quantity of…
A: Equilibrium is achieved at a point where quantity demanded is equal to quantity supplied.
Q: I will select several goods and services available in the market then I down some homogeneous…
A: Homogenous Products Homogenous Products are the are same in Quality and Quantity but they are…
Q: 1. A study indicated that the optimal price for a consumer product is $32.45. Most products in the…
A: The markets are the place where the buyers and the sellers of various goods, services and other…
Q: Suppose oil prices rise sharply for years as a result of a war in the Persian gulf region. What…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Task 2 - Below is a hypothetical demand and supply for apartments. Answer the following questions…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Wine QUESTION 12 Figure 2-1 Bread The most inefficient point depicted in Figure 2.1 is: Point A…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: 16. Benji runs a coffee house. His customers love pumpkin spiced lattes, but will only drink them if…
A: Given information Quantity of Spiced coffee =0.25 and price of spiced coffee is 1 Quantity of cream…
Step by step
Solved in 4 steps with 2 images
- A consumer sets themselves a weekly budget of $15 for vegetables. They only eat carrots and peas. Peas cost $1.50 per pound and carrots cost $1.00 per pound. 2. Draw a budget line for the consumer showing his possible weekly consumption of peas and carrots. Label both axes with numbers and an axis title. Add a second line that shows what happens when carrots go on sale for $0.75 per pound. Upload your diagram. Please give typed answer ASAP with proper explanation of it. Will give you thumbs up only for the correct answer. Thank you .Aidan has saved up $80 to spend on toys (T) and candy (C). The price of toys is$20, and the price of candy is $1. Every time Aidan buys (and pays for) 2 toys, he gets onemore toy for free. Draw Aidan’s budget line with candy on the Y-axis and toys on the X-axis.Label all intercepts and possible kink points. please hand draw graph and labelRefer to Figure 2-1. The most inefficient point depicted is: 1): Point A 2): Point C 3): Point D 4): Point G
- True or False explain 2. A consumer’s budget line is kinked towards the origin (i.e., the kink is pointing towards the origin) if this consumer faces a lower price per unit of x as more x is consumed.PROBLEM 2.25% PARTIAL DIFFERENTIAL LAGRANGE OPTIMIZATION In the era of the Covid 19 pandemic, we are required to consume lots of fresh fruits. The satisfaction of a consumer in consuming two kinds of fruit, namely Apples (X) and Oranges (Y) is: U = X3 Y2 income or budget to buy the two fruits is Rp. 250,000, the price of apples IDR 75,000/fruit and the price of oranges is IDR 25,000/fruit. a. How many apples and oranges must be obtained in order to achieve optimum satisfactionb. Calculate the optimum satisfaction value that can be achievedCourse: Microeconomic - Consumer Theory Model, explain and analyze in detail, based on consumer theory, how an individual responds to a change in the price of a good in his or her basket (income and substitution effect).a) Considering 2 goods (potatoes and meat) explain how they are related. Analyze the total effect of a decrease in the price of the first good.b) Analyze the income and substitution effect if potatoes are an inferior good.Attach the graphs in each case.
- ___1. It is the satisfaction derived from the consumption of a commodity. A. Total utility C. Disutility B. Marginal utility D. Utility ___2. It is the change of total utility over the change of quantity. A. Total utility C. Disutility B. Marginal utility D. Utility ___3. It is the foregone value when a firm is engaged in production. A. Cost C. Revenue B. Profit D. Interest1 explain the role of ceteris paribus in economic analysisTransfer and revenue effect:The consumer gets positive benefits from consuming bread (B) and cake (K). Consumer utility is as follows: U(B,K) = 20·B2·K The price of bread is 200 ISK. but the price of a cake is 400 ISK. Consumer consumption is set restrictions as his income is ISK 20,000. Put cakes on x-axis and bread on pictures y-axis. a) Show the equation for the locating ratio of bread for one cake. Draw the equivalence curve on a graph and interpret what the equation position ratio says at each point in the equivalence process. b) Find the most efficient consumption combination and draw on the picture. c) The state decides to tax bread so its price rises to 400. Who is the most cost-effective consumption mix based on changing prices? Change change consumption patterns in the separate effects of displacement and income effects. Show the most efficient the consumption composition in the picture and differentiate the changed consumption due to price changes intransfer and income…
- Exhibit 6-7 Marginal utility for sandwiches and sodas Quantity Sandwiches Sodas 1 10 5 2 8 4 3 6 3 4 3 1 5 −1 0 Refer to Exhibit 6-7. Diminishing marginal utility for sandwiches sets in after the ____ sandwich. a. second b. fourth c. firstIt is known that the indifference curve is convex. What does this tell you about the relationship between the goods? 2. Using examples, does an increase in income affect a consumer’s budget line? Does it impact their total utility. 3.You are interested in starting a coffee shop at the University of the West Indies. Provide examples with explanations of explicit costs, implicit cost and sunk costs related to this business.1. At point S, the marginal utility of horseback riding per unit cost of horseback riding is higher than the marginal utility of skiing per unit cost of skiing. 2. Bundles S, T, and U are affordable a. both statements are true b. both statements are false c. 1st statement is false, 2nd statement is correct d. 1st statement is correct, 2nd statement is false.