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- Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.Suppose that the prie<> of basketball tickcts at yourcollege is determined by market forces. Currently. thedemand and supply schedules arc as follows:Price Quantity Demanded Quantity Supplied$4 10,000 tickets 8.000 tickets8 8,000 8,00012 6,000 8,00016 4,000 8,00020 2,000 8,000a. Draw the demand and supply curves. What isunusual about this supply curve? Why might thisbe true?b. \oVhat arc the equilibrium price and quantity oftickets?c. Your college plans to increase total enrollmentnext year by 5,000 students. 1he additional stu·dents will have the following demand schedule:Price Quantity Demanded$4 4,000 tickels8 3,00012 2,00016 1,00020 0Now add the old demand schedule and thedemand schedule for the new students tocalculate the ne\"' demand schedule for theentire college. What will be the newcquUibrium price and quantity?
- . It is a hot day, and Bert is thirsty. Here is the value heplaces on each bottle of water:Value of first bottle $7Value of second bottle $5Value of third bottle $3Value of fourth bottle $1a. From this information, derive Bert’s demandschedule. Graph his demand curve for bottledwater.b. If the price of a bottle of water is $4, how manybottles does Bert buy? How much consumersurplus does Bert get from his purchases? ShowBert’s consumer surplus in your graph.c. If the price falls to $2, how does quantitydemanded change? How does Bert’s consumersurplus change? Show these changes in yourgraph.Let Qd=1600-300P ; and Qs=1400+700P for dark chocolate bars. Explain and illustrate the changes in equilibrium if a. Ads featuring dark chocolate as "good for the heart" b. Price of cocoa becomes cheaper and the ad enticed consumers to buy moreAndy's monthly demand (in number of bars) for "Clif Builder's" protein bars is given by 9 = 8 - 2P + (I - T) /1000, where I is Andy's monthly income, T is his monthly income tax expense and P is the price of Clif bars. a) Suppose the price of Clif bars is $3.00, Andy's monthly income is $7,500, and his monthly income tax expense is $2,500. Calculate Andy's Clif bar consumption at that price, and determine his consumer surplus. b) Suppose Andy's income tax expense is decreased by 40% (his income and the price of Clif bars remain the same. Calculate the change in Andy's consumption and the change in his consumer surplus after the tax decrease. c) Illustrate your answers to parts a) and b) on a graph. Briefly explain.
- 2. TheMarketinquestionisthechickenmarket.If the price of beef rises, what do you expect to happen to the demand for chicken? A). Will the demand change (shift of the curve) of will the quantity demanded change (movement along the line)? Answer:______________________________________ B). If demand changes, will the curve shift to the right (increase in demand) or shift to the left (decrease in demand)? Please draw this on the graph above. C). If the demand changes, what is the factor or determinant affecting the change? Please see Supply/Demand Cheat Sheet...Hint: income (normal or inferior good, complement or substitute good), prices of related goods, tastes, expectations, population or numbers of buyers? Answer:_____________________________________Table 3.9 illustrates the market's demand andsupply for cheddar cheese. Graph the data and find theequilibrium. Next, create a table showing the change inquantity demanded or quantity supplied, and a graph ofthe new equilibrium, in each of the following situations:a. The price of milk, a key input for cheeseproduction, rises, so that the supply decreases by80 pounds at every price.b. A new study says that eating cheese is good foryour health, so that demand increases by 20% atevery price.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?
- Economics ASAP) Average waiting time for ordering is 2minutes. However, in peak - hours, the timeincrease up to 6 minutes. Around 2- 4 people in line during thenormal time, and in the peak- hours, about4 - 6 people in the line for ordering. Customers usually wait 8 minutes to get their orders. In No peak- hour, No customers in the line.In No peak- hour, It took 3 minutes to getthe order. {ONLY ONE CASHIER AND ONE BARISTA CAN U CALCULATE THE ARRIVAL RATE,SERVICE RATE (CASHIER), SERVICE RATE (BARISTA)? AND BOTTLE NECK }Give typing answer with explanation and conclusion Graphically illustrate and explan the impact of expensive and erratic electrivity on the market for Ferrochrome?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?…
