Amber bakes muffins and cookies to sell at the market. If she bakes more cookies and fewer muffins, her marginal Question content area bottom Part 1 A. benefit of baking muffins increases.
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- 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?Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal benefit of consuming each cup of coffee? How many cups should he consume each day? Quantity of Coffee Total Benefits Marginal Benefit 1 $8 2 $14 3 $18 4 $20 5 $21Altruism: now consider the case where each individual cares about the benefit from the museum to the other two. For example, any additional utility to Alice or Bianca is also a utility gain for Claire. Hint: for each person, the total marginal benefit is TMB= MBA+ MBB+MBC Find each person’s optimal number of art works. Who will contribute and how many works of art will be provided?
- A consumer has $300 to spend on goods X and Y. The market prices of these two goodsare Px = $15 and Py = $5. b. Illustrate the consumer’s opportunity set in a carefully labeled diagram.whith practical examples distinguish between sacale of preference and opportunity cost1.(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.
- Scott loves to go to baseball games, especially home games of the Cincinnatti Reds. All else equal, he likes to sit close to the field. He also likes to get to the stadium early to watch batting practice. The closer he parks to the stadium the more batting practice he is able to watch (the garages all open simultaneously). Find Scott's optimal seat type and parking garage using the information that follows. Location/Seat Price Scott's Value of View Diamond Seats $233 $140 Club Home 93 135 Club Seating 83 130 Scout Box 77 125 Scout 67 105 Parking Location Parking Fee Arrival Time Missed Batting Practice Benefit of Arrival Time Westin parking garage $6 6:20 PM 60 min $0 Fountain Square South Garage 11 5:50 PM 50 min 10 West river parking 18 5:25 PM 25 min 35 East river parking 25 5:10 PM 10 min 50 Under stadium parking 35 5:00 PM 0…explains that the two most important assumptions of economics are scarcity and cost. Please explain each in your own words and give one example each, one from the film and one of your own that helps clarify the meaning and relevance of these two assumptions.Scott loves to go to baseball games, especially home games of the Cincinnatti Reds. All else equal, he likes to sit close to the field. He also likes to get to the stadium early to watch batting practice. The closer he parks to the stadium the more batting practice he is able to watch (the garages all open simultaneously). Find Scott's optimal seat type and parking garage using the information that follows. Location/Seat Price Scott's value of View Diamond Seats $231 $128 Club Home 91 123 Club seating 81 118 Scout Box 75 115 Scout 65 95 Parking Location Parking Fee Arrival Time Missed Batting Practice Benefit of Arrival Time Westin parking garage $6 6:20 PM 60 Min $0 Fountain Sqaure South Garage 11 5:50 PM 50 Min 10 West river parking 18 5:25 PM 25 Min 35 East river parking 25 5:10 PM 10 Min 50 Under stadium parking 35 5:00 PM 0 Min 65 Scott's optimal seat type is.... Scott's optimal parking is....
- 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?1 explain the role of ceteris paribus in economic analysisExplain the concepts appraisal well and production well in brief ?
