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- Q. 5. For auto makers, an important decision is to determine what features a new car model should be provided based on cost-benefit analysis. In what ways can economists help auto manu- facturers estimate the marginal rate of substitution between features such as vehicle interior size and acceleration? (a) Examining production cost data (b) Conducting consumer surveys about willingness to pay for auto features (c) Solving the standard consumer model (d) Statistically analyzing historical data on purchases of different types of autos (e) B and D only Q. 10. When firms determine whether to invest in research and development (R&D), they need to consider many factors. Which of the following is NOT one of the important factors that should be considered? (a) The market size of the product today. (b) The market potential for the product in the next few years. (c) The R&D investment of the competitors on similar products. (d) Potential new products that may be substitutes of the…(a) Dividing MUX and MUY by their respective prices compute the weighted marginal utility or marginal utility of money expenditure and draw up Table 2 showing diminishing returns for the consumption of the 6 units? (b) Briefly state what you can infer on this equation; MUX/PX = MUY/PY as far as equi marginal principle and managerial economics is concerned? C)Given that MUX/PX and MUY/PY are equal to 6 when 5 units of X and 3 units of Y are purchased. By purchasing these combinations of X and Y, calculate the amount the consumer will spend and derive the maximum satisfaction from combination of these units. (d) Applying the above principle illustrate in terms of a figure, and draw marginal utility curves for goods X and Y. You need to use marginal utility and price i.e. Marginal utility per Kwacha spent on good X = MUX/PX, and that of Y = MUY/PY. The MUX/PX curve should be shown in figure (a) while the MUY/PY curve should be shown in Fig (b). Please do not draw negative…i wil 5 upvotes. do fast no use chagpt answer.
- Microeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 2. Show in a budget line illustration where pokemon cards is in the x-axis and y-axis is the sticker. 3. Find the slope using the illustrated result.(I only need the answer for number 3.)Edna is living in a retirement home where home where most of her needs are taken care of, but she has some discretionary spending. Based on the basket of goods in Table 22.5, by what percentage does Ednas cost of living increase between time 1 and time 2Title Suppose that Lynn enjoys coconut oil in her coffee. She has very particular preferences, and she mus Description Suppose that Lynn enjoys coconut oil in her coffee. She has very particular preferences, and she must have exactly two spoonfuls of coconut oil for each cup of coffee. Let C be the number of cups of coffee, and O be the number of spoonfuls of coconut oil. Also, let PC be the price of a cup of coffee. Suppose Lynn has $12 to spend on coffee and coconut oil. Also, the price of coconut oil is $.50 per spoonful.a) Graph Lynnâs Price Consumption Curve for prices, PC = $1, PC = $2, and PC = $3. Please put the number of cups of coffee on the horizontal axis, and the number of spoonfuls of coconut oil on the vertical axis. Be sure to label your graph carefully and accurately.b) Graph Lynnâs demand curve for coffee. You may assume that both coconut oil and coffee are continuous variables so she can consume any amount of coffee and coconut oil that she could afford.…
- Draw cobweb model for 1. Fluctuation of market price 2. cobweb model for market economy graph for given data D=12.4-1.2P S= 8.0-0.6p-1 D=S P=1(initial value?xercise 5: Production and income distributionConsider and economy with the following production technology: ,Y = 9K1/3L2/3 wherethe aggregate capital stock is K=100, and aggregate labor is L=100. The price of output is1.a) Write down the maximization problem of the firm.b) Compute the equilibrium wage and capital return.c) Compute total payments to labor and capital. Show Euler’s Theorem holds, i.e. showthat total payments to capital and labor equal the value of output.d) What share of output goes to labor and capital?e) Suppose there is an increase in L, what would be impact on wages and capital returns?Explain.What assumptions about the economy must he true for the invisible hand to work? To what extent are those assumptions valid in line real world?
- 24- In equilibrium, if a consumer gets 4 units of marginal utility from a pear and the price of a pear is 2 TL per kg, if he gets 6 units of marginal benefit from an apple, how much should the kg price of an apple be?a)6 B)2nd NS)5 D)3 TO)4Are these micro or macro questions ? v) How large is KFC’s share of the fast food industry? (vi) How will implementation of a minimum wage rate affect your 17 year old brother’s budget?4 Discuss(in detail:step by step) the cantillon effect. What was so notable about this and ehat did he ultimately conclude? Explain need done asap please, thank you!