Answered: Mr. Ömer buys a laptop for his daughter…

Mr. Ömer buys a laptop for his daughter Ms. Asiya. In this scenario,Ms. Asiya is a O a. User O b. Producer OC. Customer O d. Influencer

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Costs And The Supply Of Goods

Section: Chapter Questions

Problem 1CQ

See similar textbooks

Related questions

Q: QUESTION 5 Even though local newspapers are very inexpensive, people rarely buy more than one of…

A: When an additional (marginal) benefit derived from reading a second newspaper is less than the…

Q: At some colleges and universities, economicsprofessors receive higher salaries than professors…

A: a. This statement can be true because in some colleges or in universities professors are paid…

Q: Total grain 10.5 produced What Bruno gets Feasible frontier. Angela and Bruno combined G 5.25 What…

A: Pareto efficiency, is that state of economy where resources cannot be reallocated once it allocated…

Q: If the deadweight loss in the market represented by the graph is $1,400, what is the actual economic…

A: Economic surplus refers to the sum of consumer surplus and producer surplus.

Q: When a farmer decides to harvest oranges by huge machines instead of by migrant workers, the farmer…

A: When we take into account the basic questions which are to be answered by the economics as the…

Q: Suppose your doorbell rings and it is your neighbor's son, offering to weed your flowerbed, which…

A: In the given situation it is best recommended for owner to pay based on performance or pay based on…

Q: In the factors of production market Select one: Oa households are buyers and firms are sellers O b.…

A: In the factor market, household sell their labor in exchange of salary/wage, and provide capital in…

Q: Mr. Ali buys salt from the grocery store near his house. Which type of buying behavior it is? O a.…

A: Buying behavior of consumer depicts the decision making act of a consumer while making a purchase.…

Q: The figure shows the market for college education. The efficient quantity of education is Price and…

A: MB- Marginal benefit shows marginal private benefit MSB- Marginal social benefit Good with…

Q: Number of cassette tapes per month Mark's budget constraint is AB. It would pivot to AC if the price…

A: Budget constraint of an individual explains the combinations of two goods that can be purchased with…

Q: A mechanism that brings about an interaction between buyers and sellers is best described as: O a.…

A: In economics, different mechanisms are used to describe different economic activities such as…

Q: Suppose that Congress caps executive pay at a level below the equilibrium. The quantity of…

A: The demand curve depicts the quantity demanded at each price level, keeping other factors of demand…

Q: We can have control over: O a. consequences O b. alternative O c. demand o d. state of nature O e.…

A: A producing firm or individual can control over supply of goods and service to manipulate the price…

Q: Refer to the following graph to answer the next two questions. 540 530 $20 50 100 150 According to…

A: Demand curve is negatively sloped that shows an inverse relationship between price and quantity…

Q: Mary works on a part-time job with a monthly income $300. She spends money only in fitness centre…

Q: a situation in which markets fail to allocate resources efficiently is called Select one: O a.…

A: Corporate bankruptcy occurs when a firm cannot pay all the creditors due to insufficient income and…

Q: otal number of coconuts is 100, total number of bananas is 50. At some allocat 1 hat Yoosoon's…

A: Tangency between the MRS(Y) = MRS(b)

Q: Rent control creates the incentive for landlords to: a. not build and maintain more apartments. Ob.…

A: Rent control is a government policy that limits how much a landlord can charge for renting a…

Q: Variables to consider for consumer markets are? O d. Space specific, race or age, and mental states…

A: While studying the consumer market or selling the product, the businesses study “Demographics of the…

Q: 1. The single most importart elemert in menagerial econorics is the microeconomic theory cf the…

A: Answer is Option (A) True

Q: production of apple pies and pecan pies pecan pies on a gven day. Hoosier Mam faces cpportunity…

A: From the given table we can see that initially, at production point A, Hoosier Mama uses all its…

Q: According to PfizerLipitorMonopoly; it will benefit O Benefit managers and consumers O Pfizer only O…

A: PfizerLipitor is a medicines company. It is a monopoly firm. Now there are various market structure…

Q: Condition where buyers and sellers interact with each other to determine the price and quantity of a…

A: "In economics, buyers demand commodities and services which are produced by the sellers. Demand of…

Q: 39) What is the value proposition of Tastyables versus its com petition? O a. kow sugarandgluten…

A: The given paragraph shows that different brands of food industries are influenced by the marketing…

Q: Amount of input used in the production process affects the Total Utility. O True O False

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: riefly outline and explain some of factors that depend on line amount of a commodity a consumer os…

A: The dependent variable is Quantity demanded. The independent variables are Price and Income. We have…

Q: Mega Partner is selling two products Marker(m) and Eraser(e) and their budget is given with the…

A: (Since you have posted a question with multiple sub parts, we will solve the first three sub parts…

Q: Rаnϲhеrs ϲаn rаisе еithеr ϲаttlе or shеер on thеir lаnd. What would cause ϲаusе thе suррly of shеер…

A: The law of supply states that there is a positive relationship between the price and quantity…

Q: Consider Alexel, who earns a wage of $15 per hour in the hospitality industry. Recently, Alexel won…

A: Each consumer chooses a bundle where utility is maximized.

Q: Figure: Consumer Equilibrium II Quantity of placemats Quantity of tamales Reference: Ref 10-18 At…

A: Answer: A consumer maximizes his/her utility where the slope of the indifference curve (MRS) is…

Q: )ncob buys only milk and cookies.a. In yeor 1, Jocob earns $100, milk costs $2 perqua rt, and cooki…

A: Given, Price of milk = $2 Price of Cookies = $4 Income = $100

Q: O more

Q: Graph Input Tool Market for Big winner's Hotel Rooms 500 480 Price (Delars per room) 350 400…

A: as we know that income increases so demand for normal goods also increases because income increases…

Q: Kip is trying to decide whether to take a one-day martial arts class at Rex Kwan Do. The fee for the…

A: The marginal cost indicates the cost of producing an extra unit of good or cost of making a…

Q: Kiddns ve for fertilizer would shift to the left (up)

A: Explanation: . A negative externality occurs once a cost spills over. A positive externality occurs…

Q: Which arrow reflects the tuition that Andrea pays for this Which arrow reflects the money that a…

A: The circular flow of income is a model to understand the flow of income and factors of production…

Q: All else equal, airline tickets are typically more expensive if bought close to the date of travel.…

A: Businesses employ price discrimination to optimize revenue by charging clients various prices…

Q: Q.4. In a recent speech, the governor of your state announced: "One of the blggest causes of…

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: 5. Probiems and Damell owns a water pump. Because pumping large amounts of water is harder than…

A: Producer surplus is the area below the supply curve and above seller's minimum willingness to accept…

Q: Nimbus, Inc., makes brooms and then sells themdoor-to-door. Here is the relationship between…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: w he real world coages, phices Q. 3. why i in he real world are nol perfeelly flexible especia lly…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: )Refer to the Figure 3 below, the total efficlency loss Is Figure 3 Price, P Pr Pw D DE D Quantity.…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: lowing willingness to pay for the tasty refreshment: zuantity Willingness to Pay (Dollars) irst…

A: The total surplus in a market is a proportion of the total prosperity of all members in a market. It…

Q: Salem Commun x SCC PortalGuard-SCC Portal L X Assignments Microeconomics X Chapter A…

A: Monopolistic competition is a market where many firms compete to sell similar but differentiated…

Q: marginal principe a)Derive the equal marginal principle. (i)What dose it state?(ii) can you…

A: Equi- Marginal Principle is known as the Principle of Maximum Satisfaction. It describes how person…

Q: An example of an income payment is wages. These are paid in exchange for... O A. consumer spending.…

A: Wage is the sum of money paid by the employers to the employees in return for the services rendered…

Q: The many identical residents of Whoville lovedrinking Zlurp. Each resident has the…

A: Since question includes multiple subparts, we will ans. Only 1st three. If want some specific…

Q: Assume Tom is on budget constraint AC and the price of a hamburger is $4.00. Tom's monthly income…

A: Given, Budget constraint of Tom is AC. Tom can purchase maximum of 20 units of hamburger or 40 hot…

Q: a) Discuss the following (Draw neat and labelled diagrams wherever necessary) i. Normal and Inferior…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Question

Mr. Omer buys a laptop for his daughter Ms. Asiya. In this scenario,Ms. Asiya is a
Oa. User
O b. Producer
O C. Customer
O d. Influencer

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Answer

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Just need Q.3 And Q.4;. Asap please , vll upvote and vll share positive feedback
Quantity (Units of Output) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 A.Evaluate the view that the main goal of firms will always be cost minimization .
Fill in the blank and explain the choice of correct answer. When the marginal product--------------------, the marginal cost--------- A) increases; increases. B) increases; remain the same. C) increases; dearases. D) remains the same; increases.
A competitive firm is selling the product for Rs. 30. Is itpossible that he sells the product on Rs. 35? Explain this pointwith the help of a diagram
Must complete chart and graph MR, MC, ATC, AVC, and where Q indicates max profit. FOR CHART, FIND: Mid-point AVG Quantity Total Revenue (pxQ) Fixed costs calculations Variable costs (wages x workers) Total Costs (TC) Total Profit (TR-TC) AVC (VC/Q) ATC (TC/Q) Marginal Revenue (MR) (change in TR/ change in Q) Marginal Cost (MC) (change TC/ change in Q) Change in profit (MR-MC)
(a) Disinguish beween Direct and Indirect production (b) Explain any five (5) reasons why different firms produce different levels of outputshigher costs
3. Understanding the least-cost rule Alex runs a surfing school on the North Shore of Oahu. He has two inputs: surfboards, which he rents from a local shop for $10 per day, and surfing instructors, whom he hires for $50 per day. Alex has figured out that the marginal physical product (MPP) of the last instructor hired is 15 lessons, and the MPP of the last board used is 2 lessons. Which of the following statements is correct? a. Alex could lower his costs without reducing his output if he employed fewer instructors and used more surfboards. b. Any of these answers may be right, depending on the price of a lesson. c. Alex currently employs a cost-minimizing combination of surfboards and instructors. d. Alex could lower his costs without reducing his output if he employed more instructors and used fewer surfboards.
Adam operates a small shop specializing in party favors. He owns the build- ing andsupplies all of his own labor and money capital. Adam incurs no explict rental or wagecost. Before starting his own bussines Adam earned $1,000 per month by renting outthe store and earned $2,500 per month as a store manger for a lrge departmentstore chain. Because Adam use his own money capital, he also sacrificed $1,000 permonth interest earned on U.S government treasury bonds. Adam’s monthly revenuesfrom operating his shop are $10,000 and his total monthly expense for labor andsupplies amounted to $6,000. Calculate Adam’s monthly accounting and economic profits
Complete the missing parts in the table Working hours (input) Wage Yield in lb. (TPP) Price of basil Total Fixed Cost (TFC) TVC (Total Variable Cost) TC (Total Cost) TR (Total Revnue) AVC (Average variable Cost) ATC (Average Total Cost) MC (Marginal Cost) MR (Marginal Revenue) 0 $28 0 $14.0 10 $28 32 $14.0 20 $28 68 $14.0 30 $28 108 $14.0 40 $28 144 $14.0 50 $28 176 $14.0 60 $28 196 $14.0 70 $28 212 $14.0 80 $28 216 $14.0 90 $28 218 $14.0 100 $28 214 $14.0 110 $28 204 $14.0…
Fred currently works for a corporate law firm. He is considering opening his own legalpractice, where he expects to earn $200,000 per year once he gets established. To run his ownfirm, he would need an office and a law clerk. He has found the perfect office, which rents for$50,000 per year. A law clerk could be hired for $35,000 per year. If these figures areaccurate, would Fred’s legal practice be profitable?
A. Explain, how or why the commodity (say bottled water) market can be considered as a good example of perfect competitive market? B. Explain why perfect competitive markets are regarded as the best market structure for the society?
Smiling Cow Dairy can sell all the milk it wants for$4 a gallon, and it can rent all the robots it wants tomilk the cows at a capital rental price of $100 a day.It faces the following production schedule:Number of Robots Total Product0 0 gallons1 502 853 1154 1405 1506 155a. In what kind of market structure does the firm sellits output? How can you tell?b. In what kind of market structure does the firmrent robots? How can you tell?c. Calculate the marginal product and the value ofthe marginal product of each additional robot.d. How many robots should the firm rent? Explain.