Figure 21-4 Quantity of Y 60 20 3/4 3/1 1/4 1/3 Quantity of X Quantity of Y 15 Quantity of X Refer to Figure 21-4. In graph (a), what is the price of good Y relative to good X (i.e.. Py/Px)?
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- This is the question on my price theory economics homework. I reworked the equations so that P (vertical y axis) was on the left of the equation and Q the x-axis. I, however, cant seem to figure it out. I tried submitting this question earlier, but it wasnt able to be answered. I added the multiple choice options. I reworked Q=1/2P to P=2Q P(with $5 tax)= 2Q+5 I reworked Q=20-2P to P=10-1/2Q Let supply be Q=1/2 P and Demand be Q=20-2P. If a Tax of $5 is imposed the DWL=......., the total tax collected is .........of which the burden of the tax on the consumer = ........... a. 2, 10, 5 b. 5, 10, 2 c. 10, 2, 5 d. None of the aboveQuestion 2: Suppose NAWEC charges D5 for every kilowatt hour of electricity for the first 1000 used in a month and D7.5 for each extra. Kilowatt hour after that. Draw the budget constraint for George who face this price schedule. Discuss why many Gambian may choose to consume exactly 1,000 kilowatt hour. Question 3 Suppose an individual consumes three items: steak, lettuce, and tomatoes. If we were interested only in examining this person’s steak purchases, we might group lettuce and tomatoes into a single composite good called ‘‘salad.’’ Suppose also that this person always makes salad by combining two units of lettuce with one unit of tomato. How would you define a unit of ‘‘salad’’ to show (along with steak) on a two-good graph? How does the price of salad (PS) relate to the price of lettuce (PL) and the price of tomatoes (PT)? What is this person’s budget constraint for steak and salad? Would a doubling of the price of steak, the price of lettuce, the price of tomatoes, and this…You are considering shoplifting a head of broccoli from the farmer’s market in SLO. Your buyer value for the broccoli is $1.75. The broccoli is available for legal purchase for $1.50. For comparison purposes, assume that if you don’t steal the broccoli, you will make the choice that makes you best off within the law. Which statement below is correct? Group of answer choices: -Stealing the broccoli leads to an increase in total surplus but also causes a reduction in surplus for owners of the broccoli. -Stealing the broccoli leads to a decrease in total surplus and also cause a reduction in surplus for owners of the broccoli. -Stealing the broccoli leads to an increase in total surplus and does not harm anyone else. -Stealing the broccoli does not lead to an increase or decrease in total surplus and also causes a reduction in surplus for owners of the broccoli.
- There are only two brands of tennis balls Tom purchases: "Wilson" and "Penn." The more he purchases of a ball, the lower the marginal utility of that ball. He spends all of his income and his marginal utility of a "Wilson" is 6 and his marginal utility of an "Penn" is 12. The price of a "Wilson" ball is $1 and the price of an "Penn" is $2. Which of the statements is true based on the above information? Question 19 options: a) Tom could increase his satisfaction by trading "Wilson" for "Penn." b) In equilibrium, Tom must give up three "Penn" balls for two "Wilson" balls. c) Tom can increase his satisfaction by doing nothing d) Tom would be willing to give up two "Penn" balls for one "Wilson" ball.Marcia spends her money on tee and biscuits and sugar, which she sees as perfect complements. She eats two biscuits with every cup of tea. A cup of tea costs $2 and one biscuit costs $0.2, and she spends $33.60 on tea and biscuits every week. Use a diagram measuring the number of biscuits on the horizontal axis to show her compensated variation and equivalent variation if the price of a biscuit decreases to $0.1. What can you say about the change in her consumer surplus?.1.The price leads to an outcome that is not competitive equilibrium because there is 2. Given tha outcome that is not competitive equilibrium,we expect price ratio to chnage
- Please no written by hand and no image Assume that the consumer's preferences are such that the choice problem has a unique solution. There are two goods in the market, x and y. The price of good x is 3, and the price of good y is 5. With these prices, the consumer chooses the basket (x,y)=(4,4). (a) Due to economic policy actions (e.g., changes in taxation), the price of good x rises to 5, and the price of good y drops to 2. How do these actions affect the consumer's well-being? (b) What if the price of good x rises to 6, the price of good y drops to 2, and the consumer chooses the basket (x,y)=(3,7) at these prices?"Gowri has $6 per day to purchase lunch. She spends all of her lunch money on pizza and iced-tea. The price of pizza is $2.00 per slice and iced-tea costs $1 per bottle. Economics a. Draw Gowri's budget constraint and label it BC0. Put pizza on the horizontal axis and iced-tea on the vertical axis. Be sure to identify the intercept values. b. If the price of iced-tea rises to $1.20 per bottle, show what will happen to her budget constraint in your diagram. Be sure to indicate any new intercept values.Amy has sold 50 eggs for $12 and 70 are sold for $14. What is the conclusion in this price range:
- If the price of a pie is 12, what is the maximum number of pies she could buy in a week?Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?Explain why an economy in which airlines charge different passengers different prices for the same flight will not have exchange efficiency. b. Going back to our two good (Apples, Oranges), two person (Ed, Mary) economy, suppose that at a given allocation, Ed’s MRSAO is 3 and Mary’s MRSAO is 1. Use proof by contradiction to show that this allocation is not exchange efficient. Identify a trade that will increase the utility of Ed and Mary. Explain. Show this graphically (with indifference curves). Going back to our two good (Apples, Oranges), two person (Ed, Mary) economy, suppose that at a given allocation, Ed’s MRSAO is 3 and Mary’s MRSAO is 1. Use proof by contradiction to show that this allocation is not exchange efficient. Identify a trade that will increase the utility of Ed and Mary. Explain. Show this graphically (with indifference curves).