Suppose your total benefits of renting x DVD's next month is: -²2² +14x+50 The cost of renting a DVD is $2, and so the total cost of renting x DVD's is $2x. Calculate your net benefit from watching 1, 2...8 DVDs. Complete column (2). (Enter your responses as integers.) (1) DVDs Rented 0 1 N345678 2 (2) Total Net Benefit
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- How did you arrive at -0.15 here? MB = (1/3)(90 - 0.6(9,588 + g)½- 0.3g½)To find Susan's optimal contribution, we need to calculate her marginal benefit, which is the derivative of MB with respect to g:MB' = (1/3)(-0.15(9,588 + g)(-1/2) - 0.15g(-1/2))You have k20per week to spend and two possible uses for this money,:telephoning friends back home and drinking coffee. Each hour of phoning costs k2 and each cup of coffee costs k1. Your utility functions U(X,Y)=XY,where X is the hours of phoning you do and Y the number of cups of coffee you drink. How much income per week will enable you to achieve the same quantities at the new process the ones you chose before? What income will enable you to attain the same utility as you did before.? Comment on your answer in the context of equivalent variation and compensation variationSuppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations: B (Q) = 100 + 36Q -4Q and C (Q) = 80 + 12Q Write out the equationfor the net benefits. What are the net benefits when Q= 1? Q= 5? Write out the equation for the marginal net benefits. What are the marginal net benefits when Q= 1? Q= 5? What level of Q maximizes net benefits? At the value of Qthat maximizes net benefits,what is the value of marginal net benefits?
- 10 - You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose that you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? (Answer the question according to the definition of opportunity cost.) (5 points)(18 points) Suppose you have $30 and you are going to rent some movies and buy some sodas. Suppose movie rentals are $6.00 each and sodas are $1.00 each. Your original consumption bundle is 3 movies and 12 sodas. Show all calculations. (Hint: put movie rentals on the X axis) (2 points) Draw your budget line showing the different combinations of Movies that you can rent and sodas that you can purchase. (2 points) Suppose that movie rentals turn out to be half off ($3.00). Draw your new budget line on the same graph. (4 points) Draw the income compensated budget line and show the calculation for the income compensated budget line (2 points) Draw an indifference curve tangent to your original budget line at your original purchase point. (2 points) Draw an indifference curve showing where you will purchase at the new prices (6 points) Breakdown the shift from the original point of consumption to the new point of consumption using the income and substitution effects. Please provide a…Assume that the price per hamburger is $2.50. The incremental value to you of each hamburger is described in the table below. If you are seeking to maximize total net gains from hamburgers, how many hamburgers should you purchase? Pairs of jeans Marginal Benefit 1 $8.00 2 $6.00 3 $4.00 4 $2.00 5 $0.00 Group of answer choices 3 2 4 5 1
- Suppose that at current consumption levels an individual's marginal utility of consuming an extra sandwich is 10 whereas the marginal utility of consuming an extra coffee is 2. Then the MRS (of coffee for sandwiches) that is, the number of sandwiches the individual is willing to give up to get one more coffee is a 5 b. 2 C.1/2 d. 1/5Consider a demand curve given by Q D = 60-13p. What is the consumer's total benefit when he/she consumes 10 units? (round only your final answer to one decimal place if necessary)One type of systematic error arises because people tend to think of benefits in percentage terms rather than in absolute dollar amounts. As an example, Samir is willing to drive 20 minutes out of his way to save $4 on a grocery item that costs $10 at a local market. But he is unwilling to drive 20 minutes out of his way to save $10 on a laptop that costs $400 at a local store. In percentage terms, how big is the savings on the grocery item? On the laptop? In absolute terms, how big is the savings on the grocery item? On the laptop? If Samir is willing to sacrifice 20 minutes of his time to save $4 in one case, shouldn’t he also be willing to sacrifice 20 minutes of his time to save $10?
- Q 1) WHAT IS THE AMOUNT OF THE PRODUCER'S EXPENDITURES IN THE MARKET BELOW, GIVEN Pe and Qe YOU DEFINE? Q 2) WHAT IS THE AMOUNT OF NET BENEFITS THAT CONSUMERS EXPECT TO RECEIVE FROM CONSUMING THE FOURTH BANANA?Because one’s productivity in the workplace is likely to be affected by one’s health, investment in health could increase earnings to the extent that one might spend money on health care without reducing his or her consumption of other goods. True or FalseBecause one’s productivity in the workplace is likely to be affected by one’s health, investment in health could increase earnings to the extent that one might spend money on health care without reducing his or her consumption of other goods.