Production of good X creates positive externalities to all firms in Boulder. Free competitive markets will results in: A. Efficient provision of good X; B. Underprovision of good X; C. Overprovision of good X;.
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- A consumer has $300 to spend on goods X and Y. The market prices of these two goodsare Px = $15 and Py = $5. b. Illustrate the consumer’s opportunity set in a carefully labeled diagram.Explain with practical examples four (4) problems that could prevent the government from leading the market to optimal allocation of resources?Economics 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. 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.
- #7. The social optimum occurs where price is ________ and quantity is ________. a. $4; 6 b. $8; 4 c. $10; 3 d. $10; 5 e. $12; 6Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal benefit of consuming each cup of coffee? How many cups should he consume each day? Quantity of Coffee Total Benefits Marginal Benefit 1 $8 2 $14 3 $18 4 $20 5 $21(2) ________ is the satisfaction or value people extract from consumed services or goods and those derived from pursued activities. Select one: a. Equilibrium b. Rational behavior c. Utility (3) Technology and entrepreneurship are examples of what? Select one: a. economies of scale b. natural resources c. factors of production (4) Price ceilings attempt to make consumer prices ________. Select one: a. higher b. at equilibrium c. lower
- 7) By definition, an inferior good is aa) Good for which demand decreases when income increase. b) Want that is not expressed by demand.c) Normal substitute good.d) Good for which demand decreases when its price rises.8) The study of the decisions of individual units in the economy is known asa) Microeconomicsb) Macroeconomicsc) The Study of incentivesd) Ceteris Paribus Study 9) If a good has a price, then it is considered _______ ?Define each of the 5 concepts of scarcity, choice, opportunitycost, rational behavior, and marginalism (6% each). Then, foreach concept, give an example (6% each) to show that youunderstand it. i need in words (not handwritten) no copy paste please plagrism free text1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gas
- whith practical examples distinguish between sacale of preference and opportunity costGowri 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.I want you to please to solve this. It's super easy, and the deadline is in 1 hr. A student has a monthly budget of $120 to spend on eitherburritos, which cost $6 each, or sodas, which cost $4 each.1. What is the largest number of burritos that the studentcould afford to purchase in one month?2. What is the largest number of sodas the student couldafford to purchase in one month?3. Draw the student's budget constraint. Put burritos on thex-axis and sodas on the y-axis.Graded Assignment due Monday4. Which combinations of burritos and sodas are unaffordable--those tothe left of the line in the graph or those above the line in the graph? Why?5. Which combinations would leave some budget unspent - those to theleft of the line in the above graph or those to the right of the line in theabove graph?6. What is the equation for the student's budget constraint? In yourequation, use Q1 as the variable to represent the quantity of burritos andQ2 to represent the quantity of sodas.7. What is…