Caroline is an artist. She purchases canvas, paints, brushes, and accessories for $100. She sells one of her original paintings to an art gallery for $2.000, even though an art lover will pay the gallery $5,000 for that painting. How much value does the art gallery add? O $5,000 O $1,900 O $4,900 O $100 O $3,000
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- 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.)2.You were planning to spend Saturday working at your part-time job, but a friendasks you to go skiing. What is the true cost of going skiing? Now suppose you had been planningto spend the day studying at the library. What is the cost of going skiing in this case? Explain24- 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)4
- Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…Rick buys an old Mustang for $3,000, planning to restore and sell the car. He goes on to spend $9,000 restoring the car. At this point, he can sell the car for $10,000. As an alternative, he can spend an additional $3,000 replacing the engine. With a new engine, the car would sell for $13,000. Rick should O a. complete the repairs and sell the car for $13,000. O b. be indifferent between (i) selling the car now and (ii) replacing the engine and then selling it. O c. sell the car now for $10,000. O d. keep the car as it would not be rational to carry out the renovation.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 Ivan
- 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?4. Explain all resources that economy relies?Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.
- What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Becky and Sarah are sisters 1who share a room. Their room can easily get messy, and their parents am always telling them to tidy it. Here are the costs and benefits to both Becky and Sarah, of taking the time to clean their room: If both Becky and Sarah clean, they each spends two hours and get a clean room. If Becky decides not to clean and Sarah does all the cleaning, then Sarah spends 10 hours cleaning (Becky spends 0) but Sarah is exhausted. The same would occur for Becky if Sarah decided not to clean—Becky spends 10 hours and becomes exhausted. If both girls decide not to clean, they both have a dirty room. What is the best outcome for Becky and Sarah? What is the worst outcome? (It would help you to construct a prisoners dilemma table.) Unfortunately, we know that the optimal outcome will most liker not happen, and that the sisters probably will choose the worst one instead. Explain what it is about Beckys and Sarahs reasoning that will lead them both to choose the worst outcome.