Suppose that the expected exam scores from studying economics for 0, 1, 2, or 3 hours are 65, 80, 90, and 95 points, respectively, while the expected exam scores for studying 0, 1, 2, or 3 hours of accounting are 50, 65, 70, and 70 points, respectively. With 3 total hours of study time, your combined scores can be maximized by spending _______ hours studying accounting. Group of answer choices A. 1 B. 3 C. 2 D. 0
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- Q. 5. For auto makers, an important decision is to determine what features a new car model should be provided based on cost-benefit analysis. In what ways can economists help auto manu- facturers estimate the marginal rate of substitution between features such as vehicle interior size and acceleration? (a) Examining production cost data (b) Conducting consumer surveys about willingness to pay for auto features (c) Solving the standard consumer model (d) Statistically analyzing historical data on purchases of different types of autos (e) B and D only Q. 10. When firms determine whether to invest in research and development (R&D), they need to consider many factors. Which of the following is NOT one of the important factors that should be considered? (a) The market size of the product today. (b) The market potential for the product in the next few years. (c) The R&D investment of the competitors on similar products. (d) Potential new products that may be substitutes of the…3. Suppose that individuals with a strong enthusiasm for technology are willing to pay $500 now for the latest iPhone, but only $350 if they must wait a year. Normal people are willing to pay $250, and their desire to purchase does not vary with time. Assume for simplicity that there are equal numbers of each customer type (strong enthusiasm and normal), that the MC of the iPhone is $100, ignore the time value of money, and there are only two years. (Hint: With discrete problems consider all the different options and evaluate each of them to determine the optimal strategy. In this case, there are only three prices given and two time periods, so a total of 6 pricing strategies exist but some of them will.) What is the highest profit level that can be achieved if the price for an iPhone is fixed for both years (uniform pricing)? What is the highest profit level that can be achieved if the price for an iPhone can be altered across the two years?Suppose Natasha currently makes $ 50,000 per year working as a manager at a cable TV company. She then develops two possible entreprenuiral business opportunities. In one, she will quit her job to start an organic soap company. In the other, she will try to develop an Internet-based competitor to the local cable company. For the soap-making opportunity, she anticipates annual revenue of $ 465, 000 and costs for the necessary land, labor, and capital of $ 395, 000 per year. For the Internet opportunity, she anticipates costs for land, labor, and capital of $ 3, 250,000 per year as compared to revenues of $ 3, 275,000 per year. What opportunity should she persue? a) She would persue the soap business b) She would persue the Internet business c). She would continue working for the cable TV company.
- 1.15 Refer to Problems 1.13 and 1.14. If charles lackey's utility costs remain constant at $500 per month, labor at $8 per hour, and cost of ingredients at $0.35 per loaf, but Charles does not purchase the blender suggested in Problem 1.14, what will the productivity of the bakery be? What will be the percent increase or decrease?edian household incomes tend to increase from one year to the next. In 2019, the median household income was $64,101 in Madison, Wisconsin, and $42,087 in Milwaukee. In 2020, the median household incomes were $66,847 in Madison and $44,192 in Milwaukee. Find the absolute and relative changes for median household incomes in Madison and Milwaukee from 2019 to 2020. Give any percentage values rounded to the nearest tenth of a percent and dollar values to the nearest whole dollar amount. (a) From 2019 to 2020, the absolute change for median household income in Madison was$ . (b) From 2019 to 2020, the relative change for median household income in Madison was %. (c) From 2019 to 2020, the absolute change for median household income in Milwaukee was$ . (d) From 2019 to 2020, the relative change for median household income in Milwaukee was %. Use the "Add Work" button to show your work and thought process for these calculations. You may typeMichael, his mother, and his four siblings orally agreed that they would all play the lottery and that if any one of them should purchase a winning lottery ticket, all of them would share the money equally. Michael’s mother purchased the sole winning ticket for the $6 million lottery prize and informed the lottery commission that, per the family agreement, a six-person partnership had won the prize. Each of the six family members took an equal one-sixth share of the lottery proceeds. Explain whether Michael’s share of the lottery proceeds was income resulting from a partnership or a gift from Michael’s mother.
- Suppose you are considering whether to purchase a house off of Lake Erie for $400,000. You expect thetotal costs of maintaining the property (utilities, repairs, etc.) to equal $15,000/year, and that you would be able togenerate $35,000/year in revenue if you were to put the house on the short term rental market.a. (3) Suppose you are deciding between purchasing the home or whether to invest $400,000 in an interest-bearingaccount. If your objective is to maximize your own net income, what would the interest rate have to equal for youto invest in the interest-bearing account?b. (4) Suppose you decide to buy the house, and now you have to decide whether/when to list the house on theshort term rental market (like Airbnb) or stay in the house yourself. Briefly explain what this decision woulddepend on. What are the implicit (opportunity) costs associated with renting the house to someone else on a givenday? What are the implicit costs associated with the staying in the house yourself?c.…Suppose that Verania and Josimar are roommates that need to complete some household chores. Vacuuming and washing dishes need to be done. They know from the last time they did these chores that it takes Verania 2 hours to vacuum and 1 hour to wash dishes. It takes Josimar 3 hours to vacuum and 2 hours to wash dishes. Josimar says it does not matter which task each of them performs because Verania is faster at both tasks. Josimar’s reasoning a. is wrong. Because Verania has a comparative advantage in washing dishes, she should wash dishes, and Josimar should vacuum. b. is correct. Because Verania is faster at both tasks, there is no benefit in each volunteer specializing in one task or the other. c. is wrong. Because Verania has an absolute advantage in both tasks, she should perform both tasks herself. d. is wrong. Because Josimar has a comparative advantage in washing dishes, he should wash dishes, and Verania should vacuum.Suppose that you have a lottery with two states Yes and No. You are asked to toss a coin andthat if it comes up head, you will win 5% of your investment and if it comes up tail you willlose 3% of your investment. Assume that your initial investment is K1000 and that you havedecided to only toss a coin three times.i. Determine all the possible outcomes of the game at the end of the third toss andpresent your answer on a tree diagram. ii. What is the total wealth for each of the outcomes in (i) above? iii. Find the expected value of the outcomes.
- 5) Factoring in the market price of oil (as a random event, depicted by a circle) to determine revenues. Planners might use a continuous random variable, like a normal distribution with a known mean and standard deviation. They also might use a limited set of discrete values to approximate a continuous random variable. For this example, we'll assume that, for the expected distribution of oil prices, the planners would select an extraction option giving an expected payoff of $120M. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Suppose the total benefit derived from a given decision, Q, is B(Q) = 20Q – 2Q2 and the corresponding total cost is C(Q) = 4 + 2Q2.Instructions: Use a negative sign (-) where appropriate and round up your answers to no decimal. Do not round values if needed to complete other calculations.a. What is total benefit when Q = 2? Q = 10?When Q = 2: $ When Q = 10: $ b. What is marginal benefit when Q = 2? Q = 10?When Q = 2: $ When Q = 10: $ c. What level of Q maximizes total benefit? Q = units. d. What is marginal cost when Q = 2? Q = 10?When Q = 2: $ When Q = 10: $ e. What level of Q maximizes net benefits? Q =In some ways the state of the world economy is less hostile today than when (then) finance minister Tito Mboweni read his Budget Speech a year ago. Global economic growth rebounded significantly in 2021, after the decimation brought about by the Covid-19 induced recession in 2020.One of the outcomes of this was a sharp recovery in commodity prices, which has resulted in much higher-than-expected mining tax revenue in South Africa. This, in turn, has provided some welcome – albeit limited – breathing space on the fiscal front.The local economy is thought to have grown by more than 4.5 percent in 2021 – the highest annual increase in more than a decade. On balance, the finance minister should be able to meet spending demands (including the extension of the Sassa payments) for the year ahead, without widening the Budget deficit or resorting to punitive upwards adjustments to tax rates.” Define fiscal policy Describe the role of the budget in fiscal policy. Discuss how the policy…