Suppose a market basket consists of 5 pencils, 2 erasers, and 1 calculator. What is the value of this market basket if the price of a pencil is $2, the price of an eraser is $3, and the price of a calculator is $4. $16 $10 $9 $20 $25
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- Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.In Happy Claptown, there are only 3 goods: Burgers, Patties, and Pizza. The following table shows the prices and quantities produced of these goods in 1990, 2000, and 2010: 1990 1990 2000 2000 2010 2010 Price Quantity Price Quantity Price Quantity Burgers 2.00 500 1.00 600 1.10 690 Patties 7.00 300 10.00 200 10.50 110 Pizza 0.70 300 4.00 200 0.75 420 a) A "market bundle" for a typical family is deemed to be 5 burgers, 3 patties, and 4 pizzas. Compute the consumer price index (CPI) for each of the three years, using 1990 as the base year. b) What was the rate of inflation from 1990 to 2000, using the CPI you calculated in (a)?The average 15-year-old purchases 100 song downloads from iTunes and buys 20 cheese pizzas in a typical year. If cheese pizzas are inferior goods, would the average 15-yearold be indifferent between receiving a $50 gift certificate for iTunes and $50 in cash? Explain.
- Suppose that a hypothetical “consumer market basket” consists only of Goods B and C, in the quantity: B = 10 and C = 6. As in question #1, use 2021 as a base year (i.e., 2021 = 100). Year 2020 Year 2021 Year 2022 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25 If an individual’s nominal income rises 50%, what is the…Copy and complete the table below. Q MUx MUy AUx AUy TUx TUy MUx/Px=5 MUy/Py=4 MUy/Py=8 1 60 30 30 30 2 24 55 54 10 3 35 22 145 66 3 1.5 4 6 18 160 3 5 5 3 33 15 75 6 0 12 165 -0.75 -0.375 Given that Q is the units of quantity of commodity X and Y consumed, MUX, AUX, TUX and PX are marginal utility, average utility, total utility and price of commodity X The utilities of commodity Y are similarly defined. Use the information in the above table to answer the questions that follows: Which of the commodities would he pay higher price when 4 units are consumed? Suppose the price of X is 5 and that of Y is 4. How many of the quantity of X and Y should be consumed in order for the consumer to be in equilibrium. If price of Y increase to 8 whiles that of X remains the same, determine the units of X and Y that the consumer need to consume for him to be in equilibrium. Use your results to draw a demand curve for…Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. 2011 2012 2013 Product Quantity Price Quantity Price Quantity Price Textbooks 90 $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 2.25 Shirts 50 30 50 25 65 25 Cotton 100 0.80 800 0.60 120 0.70 Please enter only numbers (no commas, dollar signs etc) in the spaces provided. Calculate the cost of the market basket for 2011. (using 1 decimal place). ____ Calculate the cost of the market basket for 2012. (using 1 decimal place). ____ Calculate the cost of the market basket for 2013. (using 1 decimal place). ____
- B5. I. Suppose a typical Australian household purchases three goods, creatively named good A, good B, good C. The prices of these goods includes, a. If the typical household purchases two units of each good, what was the percentage increase in the price paid by the household for this basket among 2011 and 2012. b. If the typical household purchases 10 units of good B and 2 units of both good A and good C, what was the percentage increase in the price paid by the household for this basket. c. Given answers to a and b, what is the relationship between the market basket and the percentage price change.Suppose that with a budget of $100, Deborah spends $60 on sushi and $40 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. But then, after the price of bagels falls to $1 per bagel, she spends $50 on sushi and $50 on bagels. How many pieces of sushi and how many bagels did Deborah consume before the price change? At the new prices, how much money would it have cost Deborah to buy those same quantities (the ones that she consumed before the price change)? Given that it used to take Deborah’s entire $100 to buy those quantities, how big is the income effect caused by the reduction in the price of bagels?Consider Kharkeez, a hypothetical country that produces only burgers. In 2019, a burger is priced at $2.00. Complete the first row of the table with the quantity of burgers that can be bought with $500. Hint: In this problem, assume it is not possible to buy a fraction of a burger, and always round down to the nearest whole burger. For example, if your calculations result in 1.5 burgers, the answer should be 1 burger. Year Price of a Burger Burgers Bought with $500 (Dollars) (Quantity) 2019 2.00 2020 Suppose the government of Kharkeez cannot raise sufficient tax revenue to pay its debts. In order to meet its debt obligations, the government prints money. As a result, the money supply rises by 10% by 2020. Assuming monetary neutrality holds, complete the second row of the table with the new price of a burger and the new quantity of burgers that can be bought with $500 in 2020. The impact of the government's decision to raise revenue…
- Suppose that the price of oranges is $1 per unit and the price of pencils is $70 per unit. In addition, suppose that your income is $1900. If you spend all your money on oranges, how many oranges can you buy? 1900 orangesSuppose that we have the following price data Year Price of Gasoline Price of Soda 1987 $.89 per gallon $.35 per 16 oz. bottle 2005 $ 2.39 per gallon $1.49 per 16 oz. bottle a) Calculate the percentage change in the price of each good. b) Calculate the percentage change in the relative price of gasoline in terms of soda. Year Relative Price of Gasoline 1987 $.89 / .35 = 2.54 2005 $ 2.39 /1.49 = 1.60 c) Why do we only worry about relative prices in economics?Columns 1 through 4 of the accompanying table show the marginal utility, measured in utils, that Ricardo would get by purchasing various amounts of products A, B, C, and D. Column 5 shows the marginal utility Ricardo gets from saving. Assume that the prices of A, B, C, and D are $18, $6, $4, and $24, respectively, and that Ricardo has an income of $105. What quantities of A, B, C, and D will Ricardo purchase in maximizing his utility? How many dollars will Ricardo choose to save? Check your answers by substituting them into the algebraic statement of the utility‑maximizing rule. In other words, show it works when using this rule.
