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- 2. A small college is trying to predict enrolment for the next academic year. Thevice president for business states that enrolment has tended to follow apattern described by E = 18,000 – 0.5P, where E denotes total enrolment andP is yearly tuition.a) If the school sets tuition at €20,000, how many students can it expect to enrol?b) If the school wants to maximize total tuition revenue, what tuition should itcharge?c) As the vice president for business, what tuition would you recommend? Explainbriefly.d) Due to a strong post-COVID-19 recovery, the income conditions in the regionimprove substantially. Explain in one sentence how this could affect the college’senrolment pattern and the enrolment level maximizing its tuition revenue.a. A young connoisseur has $600 to spend to build a smallwine cellar. She enjoys two vintages in particular: a 2001French Bordeaux (wF) at $40 per bottle and a less expensive 2005 California varietal wine (wC) priced at $8. Ifher utility is U (wF, wC))=wF2/3 w C1/3 ,then how much of each wine should she purchase?b. When she arrived at the wine store, this young oenologistdiscovered that the price of the French Bordeaux hadfallen to $20 a bottle because of a decrease in the valueof the euro. If the price of the California wine remainsstable at $8 per bottle, how much of each wine shouldour friend purchase to maximize utility under thesealtered conditions?c. Explain why this wine fancier is better off in part (b)than in part (a). How would you put a monetary value onthis utility increase?Please ASAP. Thank you. QUESTION Slope is sometimes defined as rise over run. If we raise the price of an appointment by $50 and the associated new quantity of visits increases by 10, we can say that for every $50 increase in the prices we can expect an increase of 10 visits. What is the slope with regard to price? A. 50/10 B. Zero C. Undefined D. 10/50 QUESTION In causal terms, slope can be expressed as the magnitude or sensitivity of response.TrueFalse
- True/False/Uncertain: 1. In taking an exam, Atack, a rational student, allocates his time to the various questions so as to equalize hismarginal point utility per minute on all questions. 2. The marginal utility of food to Zecher depends only on the amount of food (and not on the amount ofhousing) and the marginal utility declines as more food is consumed; likewise for housing. Therefore,both food and housing are normal goods. (Hint: Express the optimality condition for Zecher’s [UMP], MUF/MUH = PF/PH. Notice that PF/PH is fixed. If all of an increase in income is spent on F, can the equality be maintained?)A decrease in people's disposable income OA. increases investment demand. B. increases consumption. OC. decreases saving. O D. increases saving and decrease consumption. OE. increases saving. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate.Ann can finish a project either this week or next week. The delayed rewardsare 10 in either case. (The project can be done only once or not at all).Next week is busy and the cost of finishing the project are lower thisweek. Theimmediate costs are 4 this week and 6 next week.Ann has a quasi-hyperbolic utility withδ= 1 andβ <1. Imagine that Anndoes not finish the project this week. Then she should finish it next week (A) ifβ >0.6; (B) ifβ >0.4; (C) only ifβ= 1; (D) for anyβ.11. Suppose thatβ= 0.5 and Ann correctly anticipates her choice next week. Thenshe should finish the project (A) this week; (B) next week; (C) never; (D) not enough information. Suppose thatβ= 0.5, and Ann can commit to finish the project next week (e.g.by imposing a heavy cost on herself if the project is not finished nextweek).Then she will (A) do the project this week;(B) commit to do it next week and finish it then;(C) do it next week without commitment;(D) commit and then not finish it.
- Ann can finish a project either this week or next week. The delayed rewardsare 10 in either case. (The project can be done only once or not at all).Next week is busy and the cost of finishing the project are lower thisweek. Theimmediate costs are 4 this week and 6 next week.Ann has a quasi-hyperbolic utility withδ= 1 andβ <1. Imagine that Anndoes not finish the project this week. Then she should finish it next week (A) ifβ >0.6; (B) ifβ >0.4; (C) only ifβ= 1; (D) for anyβ.11. Suppose thatβ= 0.5 and Ann correctly anticipates her choice next week. Thenshe should finish the project (A) this week; (B) next week; (C) never; (D) not enough information. Suppose thatβ= 0.5, and Ann can commit to finish the project next week (e.g.by imposing a heavy cost on herself if the project is not finished nextweek).Then she will (A) do the project this week;(B) commit to do it next week and finish it then;(C) do it next week without commitment;(D) commit and then not finish it. Can you…Suppose a new employer is also relocatingto Lampard City and will be attractingmany new people who will want to buynew houses. Assume that the change in licensing requirements mentioned in Ques-tion 7 occurs at the same time. What do you think will happen to the equilibriumquantity of new homes bought and sold inLampard City?a. It will decrease substantially.b. It will decrease but not by much.c. It will increase.d. Not enough information.I NEED HELP WITH PART B! (a) A consumer has utility u(x,y,z) = ln(x) + 2ln(y) + 3ln(z) over the three goods, x,y and z and pz=1. Optimally she consumes 30 units of z. What is her income? How much money does she spend on x? (HINT: MUx = 1/x, MUy= 2/y, MUz = 3/z and remeber the "equivalent bang for the buck" condition). (b) Forget about (a). Suppose you have t= 29 hours in total to spend on 3 projects X,Y and Z to make some money. If you spend x hours on project X, you make 2 sqrt(x) dollars; If you spend y hours on project Y, you make 3 sqrt(y) dollars; If you spend z hours on project Z, you make 4sqrt(z) dollars; Writing down your "utility function" u(x,y,z) and the constraint, solve the utility maximization problem; what is the optimal amount of time to spend on x? on y? on z?
- A4 A known phenomenon in everyday life is that often in a purchase situation there is a deviation between the original asking price from the seller (in form of “manufacturer’s suggested retail price” (MSRP), list price etc.) and the transaction price you as a consumer actually pay in the end. This deviation is due to different forms of tactical discounting practices according to Smith. The seller company usually put in a lot of efforts to managing these price variances. But could you theoretically explain this deviation in a purchase situation out of the consumer’s perspective. This on how it impacts the behavior and decision making of the consumer? Use concepts e.g., like customer utility, willingness-to-pay, consumer surplus, and reference price in your explication. Also, out of your above answer and your now extensive knowledge in pricing theory – what could be major flaws in the proposing argument that it would be better for everybody (society, citizens, consumers, companies etc.)…. Evaluate whether it violated or justify WARP conditionality: A consumer makes the following choices (when you develop the matrix, show the calculation process for the first row) a. At prices (p1,p2)=($4,$4) the choice was (x1,x2) = (20,4). b. At (p1,p2)=($2,$2) the choice was (x1,x2) = (10,10). c. At (p1,p2)=($2,$4) the choice was (x1,x2) = (10,8).Co. XYZ manufactures a productand sells it for $8 per unit. Her fixedcosts are $5,000 and her variablecost per unit is given by the equationCalculate the equilibrium quantity qalgebraically. 2.444 (X)-2200 A. (q-800) B. q=900 C. (q 650) D. None of the above In the previous problem (27), calculate the amount ofequilibrium Total Income. A. 4,500 B.$3,000 C. $7,200 D. $9,000 In the above problem (27), calculate thebreak-even Total Cost amount. A. 4,500 B. $3,000 C. $9,200 D. 7,200 In the previous problem (27)determine the profit when q-1800.modes of A. $4,500 B. 5,000 C.$6,000 D. 7,000 In the previous problem (27), determine the gain when q-450. A. $2,500 B. -$2,500 C.$6,000 D. -$4,500 In the aboveproblem (27), find the required output (q), to make a profit of$10,000. A. 3,000 B. 4,000 C. 2,500D. 2,700