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- Hi, I only need number 3. 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. Compute for the slope based on the illustrated results. What is the implication of the result?Alda is willing to pay $2,000 to visit her favoritecousin over spring break. A month ago, she bookeda trip costing $1,200. Spring break has arrived, butAlda needs one day to finish an important paperbefore she goes. Alda could cancel her trip and geta refund of $800. Or, she could pay an additional$1,000 (on top of the $1,200 she already paid) torebook the trip for two days later. Explain whatAlda should do.Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $104 for the skirt: Store Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department Store 15 104 Across Town 30 87 Neighboring City 60 80 Juanita makes $36 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total…
- Teresa works mowing lawns and babysitting. She earns 8.40 an hour for mowing and 6.90 an hour for babysitting. How much will she earn for 5 hours of mowing and 1 hour of babysitting?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.)New York Giants star quarterback Eli Manning can sell 5 times more Giants memorabilia than any other employee of the team or stadium. Realizing this, Eli decides to stand behind a concession stand at MetLife Stadium and sell Giants merchandise during the team’s next home game. Why shouldn’t Eli do this, even though he’s better than anyone else at doing it?
- 1. Determining opportunity cost Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $103 for the skirt: Store Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department Store 15 103 Across Town 30 89 Neighboring City 60 63 Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the…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? 2. If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 3. Show in an illustration where pokemon cards is in the x-axis and y-axis is the sticker.Last year, Amir left a job that paid $60,000 to run his own nonprofit, The Utah Valley Bike Project. Part of the nonprofit provides bicycle repairs to general customers at a price of $65. The other part accepts broken bicycle donations. Those who cannot afford a bicycle may volunteer in the shop for 5 hours, where they will be taught basic bike maintenance and help repair some of the donated bicycles. After their 5 hours, they may choose one of the donated bikes to take home. Amir promised himself that he would only maintain the nonprofit if he could be at least as well off as he was in his prior job. However, as the nonprofit founder and CEO, he wanted to pay himself last. Help Amir determine whether he should continue running the nonprofit. In the first year, the shop did 3,000 paid repairs. Amir’s production costs for the year included rent, wages, and equipment. He spent $50,000 on rent, and $80,000 total on wages for his four employees. To cover the cost of equipment, Jared used…
- Stephanie has $200 left over this week, and she wants to contribute to a charitable cause. She can either feed 20 homeless persons two meals in a day or she can provide shelter for 10 homeless persons one night. What is the opportunity cost of Stephanie using all her money to shelter homeless people? 2. Mike’s Auto Art is a company that applies pinstripes to vehicles. Mike's cost for a basic 1-color pinstriping job is $35, and he charges $95 for this service. For a total price of $175, Mike will apply a fancier 3-color pinstripe application to an automobile, a service that adds an additional $40 to the total cost of the package. What is the marginal cost of moving up from the 1-color application to the 3-color application? 3. Mexico can cultivate either 120 bushels of Oranges per acre or 200 bushels of Bananas per acre. What is the opportunity cost of cultivating 1 bushel of Oranges per acre?Use real life example of autarky and explain the term.2. Determining opportunity cost Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $104 for the suit: Store Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 104 Across Town 30 87 Neighboring City 60 80 Juanita makes $36 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the…