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- Time remaining:00 :09 :39EconomicsUse the following to answer questions (29) - (31):In the town of “One Horse” there is one movie theater. Two groups of consumers, adults (A) andchildren (C), attend this theater. Suppose the demand for movies by adults is given by:QA = 50 - 0.50PA, where PAis price ofan adultmovie ticket(in cents)and QAis the numberofmovie tickets sold to adults atthe theater. Suppose the demand for movies by children is given by:QC = 20 - 0.50PC,where PCispriceofa children’s movie ticket(in cents)and QCis the numberofmovie tickets sold tochildren atthe theater. Also, imagine totalcostis fixed at$450, thus makingmarginalcostofprovidingonemore movie ticket to either an adult or a child constant at zero.[29]Ifthe movie theateris able to price discriminate amongits two groups ofconsumers, then itshouldcharge a higher price to group A.A.TrueB.False[30]Ifthemovie theateris able to price discriminate amongits two groups ofconsumers, then itsmaximum profit is closest in value…29. A consumer is trying to decide between purchasing one smoothie or one cappuccino. They get 30 utils of enjoyment from cappuccino and the cappuccino cost $5 and they get 40 utils of enjoyment from the smoothie. Below what price will they decide to buy the smoothie? This cannot be solved unless we are given the price of the smoothie. $8.00 $6.00 $6.67Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100
- 1. What are the 3 components for Economics Efficiency ? 2. Economic Systems rarely exist in a pure form. Kindly enumerate the 6 classification of systems based on the dominant characteristics of Economic system? 3. What is the Capitalist Ideology? 4. What is supply and demand in simple terms and cite an example? 5. Price Elasticity of Demand is how economists measure the responsiveness of quantities demanded to changes in prices?Let Qd=1600-300P ; and Qs=1400+700P for dark chocolate bars. Explain and illustrate in a graph the changes in equilibrium if a. Ads featuring dark chocolate as "good for the heart" b. Price of cocoa becomes cheaper and the ad enticed consumers to buy more[MUST SHOW WORK] Consider the above table for the market for oranges. A deep frost destroys many or the orange juice businesses to go put of business. As a result, quantity supplied decreases hper kg and the new equilibrium quantiy is.........? kg of oranges The new equilibrium price is .............? kg of oranges Select one: O A. 1.70;400 O B. 1.10; 700 O C. 1.20;650 O D. 0.90;400 O E. 1.50;500
- Suppose that the demand schedule for rice for a Saudi family is as follows:PriceQuantity DemandedOf Rice Per Month(income = SR 10,000)Quantity DemandedOf Rice Per Month(income = SR 15,000)SR 5 60 70SR 4 80 95SR 3 100 120SR 2 120 145SR 1 140 170a. Given the table above, draw the demand curve of rice using Excel.b. Show what will happen to your graph if this family like now less rice as they are eatingmore outside.c. Use the midpoint method to calculate the price elasticity of demand as the price of riceincreases from SR 4 to SR 5 if (i) family’s income is SR 10,000 and (ii) family’s income is SR15,000.d. Calculate the income elasticity of demand of this family as their income increases fromSR 10,000 to SR15,000 if (i) the price is SR 3 and (ii) the price is SR 1.please solve C by midpoint method Suppose that the demand schedule for rice for a Saudi family is as follows:PriceQuantity DemandedOf Rice Per Month(income = SR 10,000)Quantity DemandedOf Rice Per Month(income = SR 15,000)SR 5 60 70SR 4 80 95SR 3 100 120SR 2 120 145SR 1 140 170a. Given the table above, draw the demand curve of rice using Excel.b. Show what will happen to your graph if this family like now less rice as they are eatingmore outside.c. Use the midpoint method to calculate the price elasticity of demand as the price of riceincreases from SR 4 to SR 5 if (i) family’s income is SR 10,000 and (ii) family’s income is SR15,000.Q.4. In a recent speech, the governor of your state announced: "One of the blggest causes of juvenile delinquency in this state is the high rate of unemployment among 16 to 19 year olds. The low wages offered by employers in the state have given fewer teenagers the incentive to find summer employment. Instead of working all summer, the way we used to, today's teenagers slack off and cause trouble. To address this problem, I propose to raise the state's minimum wage by $1.50 per hour. This will give teens the proper Incentive to go out and find meaningful employment when they are not in school." Evaluate the governor's plan to reduce juvenile delinquency.
- 5. Vera is an impoverished graduate student who has only $100 a month to spend on food. She has read in a government publication that she can assure an adequate diet by eating only peanut butter and carrots in the Öxed ratio of 2 pounds of peanut butter to 1 pound of carrots, so she decides to limit her diet to that regime. a) If peanut butter costs $4 per pound and carrots cost $2 per pound, how much can she eat during the month? b) Suppose peanut butter costs rise to $5 because of peanut subsidied introduced by a politically sensitive government. By how much will Vera have to reduce her food purchases? c) How much in food stamp aid would the government have to give Vera to compensate for the e§ects of peanut subsidy? d) Explain why Veraís preferences are of a very special type here. How would you graph them?3. Individual and market demand Suppose that Manuel and Poornima are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price Manuel’s Quantity Demanded Poornima’s Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 30 80 2 15 60 3 10 40 4 5 30 5 0 20 On the following graph, plot Manuel’s demand for pizza slices using the green points (triangle symbol). Next, plot Poornima’s demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. Manuel’s DemandPoornima’s DemandMarket Demand0204060801001206543213. Individual and market demand Suppose that Jacques and Kyoko are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price Jacques’s Quantity Demanded Kyoko’s Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 40 80 2 25 60 3 15 40 4 5 30 5 0 20 On the following graph, plot Jacques’s demand for pizza slices using the green points (triangle symbol). Next, plot Kyoko’s demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.