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- Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.Explain why individuals make Choices that are directly on the budget constraint, rather than inside the budget constraint DI outside it.
- 1. Describe economics as the study of "choice" and "scarcity".Give typing answer with explanation and conclusion Consider a good or service where consumers pay more than its actual valuation (for eg, products with markup prices at retail significantly higher than their cost: greetings cards, bottled water, stock price, movie theatre popcorn/candy). Based on the irrational decision-making and marginal analysis, explain why such irrational decision-making could take place in this situation.1.(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.
- 1. Suppose you earn $1500 per week and you consume only two types of goods per week- sandwiches and orange juice, which you purchase at a mini mart. Each sandwich cost $150 and an orange juice is $75 per cup. a) Construct a table showing the alternative combinations of the two products that are available. b)Plot the data in your table on a budget line. What is the slope of the budget line? What is the opportunity cost of one more cup of orange juice? And what is opportunity cost of one more sandwich? Do these opportunity cost rise, fall or remain constant as you purchase an additional unit of the product? c)Suppose the price of a cup of orange juice increased to $150. Construct a new table showing alternative combinations of sandwiches and orange juice. Construct the new budget line.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 $6.67This is from Microeconomics Pertains to Chapter 21 Mankiw - Theory of Consumer Choice (Question not in the book, just as a reference I put this) 1) A Culinary Conundrum Assume that Georgetown University President John DeGioia is interested in encouraging healthier eating habits on the part of Georgetownstudents. Assume further that Georgetown Students have two options for their meals: they can eat in the cafeteria on campus or at one of the fancy restaurants in the surrounding neighborhood. Meals on campus are healthier than most off-campus options, so President DeGioia would like to encourage students to eat on campus more often. However, students think it’s fun to go off campus for their meals when they can afford to do so. Thus,you should consider on-campus meals to be inferior good standoff-campus meals to be normal goods. President DeGioia has four options:i) he could lower the price of on-campus meals without discouraging the GRA from offering a discount to Georgetown…
- 1. Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $.75 and the price of peanuts is $1.50. a. Construct a table showing the alternative combinations of the two products that are available.b. Plot the data in your table as a “budget” line in a graph. What is the slope of the “budget” line? What is the opportunity cost of one more candy bar? Of one more bag of peanuts?In May and June, Tammy spent all her clothing budget on bathing suits and beach bags. Each bathing suit costs $75. At Tammy's optimal choice, her marginal utility from the last bathing suit purchased is 300 and her marginal utility from the last beach bag purchased is 200. This means that each handbag must cost: a. $50 b. $25 c. $100 d. $15013. 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