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A: We know that , TC=TFC+TVC AVC=TVC/TP AFC=TFC/TP AC=TC/TP
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A: TC = FC + VC VC = TC - FC MC = (TC2 - TC1)/(Q2 - Q1) AVC = VC / Q ATC = TC / Q
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- Freds enjoys smoking cigars but cigar smoke makes his wife , Wilma feels ill. Use a graph to show that Fred's consumption of cigars will be inefficient if he ignores the costs imposed on Wilma.Consider your decision about how many hours towork.a. Draw your budget constraint assuming thatyou pay no taxes on your income. On the samediagram, draw another budget constraintassuming that you pay a 15 percent income tax.b. Show how the tax might lead you to work morehours, fewer hours, or the same number of hours.Explain.Consider a parent, with $200 in nonlabor income per week, who can earn $10per hour working between 0 and 60 hours per week. If this parent decides to work at allthen high-quality day care will cost a fixed $100 per week. a) Draw the budget line for this parent.
- What is the impact of covid 19 on socioeconomic? List down 10 points with an explanationTable 24-5The table below pertains to Wrexington, an economy in which the typical consumer’s basket consists of 20 pounds of meat and 10 toys. Year Price ofMeat Price of aToy 2004 $3 per pound $2 2005 $1 per pound $7 2006 $4 per pound $5 Refer to Table 24-5. The cost of the basket Group of answer choices increased from 2004 to 2005 and increased from 2005 to 2006. increased from 2004 to 2005 and decreased from 2005 to 2006. decreased from 2004 to 2005 and increased from 2005 to 2006. decreased from 2004 to 2005 and decreased from 2005 to 2006.You were promoted as the manager of a new Clean-Well Sanitary Store that sell cleaning andsanitation products wholesale. You recently read in an article that there the price of vitamins isexpected to increase by 20 percent. How will this affect your store’s sales of sanitationproducts?
- A consumer has income of 15000. Masks costs $35 per mask, and sanitizers cost $70 per bottle. How a consumer should allocate expenditure in order to achieve maximum satisfacion and analyse how a rise in income might affect that allocationInput either "increase" or "decrease" where relevant: A decrease in the price of a complementary good will cause its complement’s equilibrium price to ...... and the equilibrium quantity to .....Explain three basic sources of deviationsfrom PPP.
- The many identical residents of Whoville lovedrinking Zlurp. Each resident has the followingwillingness to pay for the tasty refreshment:First bottle $5Second bottle 4Third bottle 3Fourth bottle 2Fifth bottle 1Further bottles 0a. The cost of producing Zlurp is $1.50, and thecompetitive suppliers sell it at this price. (Thesupply curve is horizontal.) How many bottleswill each Whovillian consume? What is eachperson’s consumer surplus?b. Producing Zlurp creates pollution. Each bottle hasan external cost of $1. Taking this additional costinto account, what is total surplus per person inthe allocation you described in part (a)?c. Cindy Lou Who, one of the residents of Whoville,decides on her own to reduce her consumptionof Zlurp by one bottle. What happens to Cindy’swelfare (her consumer surplus minus the cost ofpollution she experiences)? How does Cindy’sdecision affect total surplus in Whoville?d. Mayor Grinch imposes a $1 tax on Zlurp. Whatis consumption per person now?…8. Problems and Applications Q8 Consider your decision about how many hours to work. The following graph shows your budget constraint assuming that you pay no taxes on your income. On the following graph, show the effect of a 15 percent income tax on your budget constraint. Deborah is awake for 100 hours per week. Use the green line (triangle symbol) to draw Deborah's budget constraint if she earns $12 per hour. Then use the blue line (circle symbol) to draw her budget constraint if she earns $16 per hour. Finally, use the purple line (diamond symbol) to draw her budget constraint if she earns $20 per hour.Anya is awake for 100 hours per week. Using onediagram, show Anya’s budget constraints if sheearns $12 per hour, $16 per hour, and $20 per hour.Now draw indifference curves such that Anya’slabor-supply curve is upward-sloping whenthe wage is between $12 and $16 per hour andbackward-sloping when the wage is between $16and $20 per hour
