This problem gives you a preview of something you might see in a microeconomics class. Suppose there's an appliance store that sells air conditioners. It could set its price high and sell very few air conditioners, or it could set its price low and sell many more air conditioners. The following table shows some possible choices this store could make: A B Price (Dollars per air conditioner) 720 540 Quantity (Air conditioners per year) 0 100 Total Revenue (P x Q) (Dollars per year) 0 54,000
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first part options: 300,100,400,200
second part options: negative, at its maximum, equal to 0, at its minimum, positive
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- Q.No.1. Differentiate the following by giving at least one practical exampleMacro Economics Vs Micro EconomicsYou are a professor of economics at a university. You've been offered the position of serving as department head, which comes with an annual salary that is $6,500 higher than your current salary. However, the position will require you to work 200 additional hours per year. Suppose the next best use of your time is spending it with your family, which has value of $20 per hour. What is the difference in the net benefit from becoming the departmenthead? The change in net benefit is (Enter your response as an integer.) To optimize, you ▼ should or should not become a department head.You are a University student who must live off-campus in the second year. There are two types of one-bedroom apartment where you prefer to live because it is near the campus. One rents for $400 per month and the other $360. According to the University Students’ Housing Bureau 80 percent of apartments in the area consists of the $400 type while the remaining 20 percent are of the $360 type. You need to visit the apartments to discover the rent. Suppose the first apartment you visit cost $400 and the opportunity cost of your visit is $6 per visit. 1. If you are risk neutral person should you visit another apartment or rent the one you have found.2. Suppose you visit another apartment and find out that it rents for $400, should you visit another apartment?
- Suppose you are part of an economic analysis team charged with recommending a policy response to pesticide risks. Explain the steps your team should take and why.Four individuals who live around a large lake are hosting separate New Year’s Eve parties, and all are considering purchasing aerial fireworks; any fireworks purchased will be set off over the lake, and thus will be visible to everyone at all of the parties. Kevin’s marginal benefit from having an additional package of fireworks (which includes the benefit to himself and all of his guests) is given by MBK = 300 – 5Q, Jen’s is given by MBJ = 600 – 10Q, Laura’s is given by MBL = 900 – 15Q, and Emily’s is given by MBE = 1,200 – 20Q, where Q is the total number of packages of fireworks set off at all parties. Each package of fireworks costs $800 (i.e., MC = 800 A)Assuming there are no other relevant costs or benefits, what is the efficient quantity of fireworks? B)How many packages of fireworks will actually be set off if it is left to the free market? (Assume that these individuals each care only about their own benefits [including benefits to their guests] from the fireworks and are…A U.S. emergency relief agency is considering sending a team of experts to another country to treat a severely contagious disease outbreak. Each team costs $100,000 for this one-week-long job. The agency estimates effectiveness as follows: 0 teams = 1000 deaths;1 team = 500 deaths;2 teams = 250 deaths,3 teams = 50 deaths;4 teams = 50 deaths Number of Teams Number of Deaths 0 1,000 1 500 2 250 3 50 4 50 If the Agency is considering sending 3 teams vs. 2 teams, what is the marginal cost (in dollar terms) of sending the third team? If saving a life is valued at $200,000 then the optimal number of teams to send is _____.
- Define economics. What are the differences between microeconomics and macroeconomics.Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.https://www.washingtonpost.com/local/trafficandcommuting/tolling-on-395-express-lanes-starts-sunday-heres-what-you-need-to-know/2019/11/16/07742088-07d4-11ea-818c-fcc65139e8c2_story.html Using the principles of Opportunity Cost and Rational Decision Making, explain why (or why not) drivers might pay up to $30 to save 30 minutes of travel time during the rush hour. How much would you pay to use the HOT lane and why?
- Lane and Riley are the only two residents in a neighborhood, and they share the same driveway. They would like to have the driveway paved. The value of the paved driveway is $1,500 to Lane and $900 to Riley. Regardless of who pays for the paving both people will benefit from it. If the cost of paving the driveway is $2,000 and Lane proposes that they each pay 50 percent of this cost, then Riley ______ agree to Lane’s proposal because ______. A. will; repaving the driveway would increase total economic surplus B. will not; repaving the driveway would lower total economic surplus C. will; if they split the cost, then Riley’s economic surplus would increase D. will not; if they split the cost, then Riley’s economic surplus would decreaseSuppose that a surfboard designer owns a building and is renting part of the building's space to a doctor. Further suppose that because the surfboard designer is the owner, he has the right to make noise during the day while he sands the boards. While the doctor cannot insist on a quiet environment, the doctor could move to a quieter building. However, rent in the next best building is $400/month more than rent in the noisy building. The surfboard designer can adopt a new technology that eliminates the noise for $325/month. Given this situation, can the doctor find a private solution with the surfboard designer that will make both better off? What is the minimum and maximum payment the doctor would make to the surfboard designer to get the doctor to install the noise-reducing equipment? NOTE: Round your answers to the nearest dollar. Minimum: $ Maximum: $Suppose that MASU managed to get Olivia Rodrigo to play a concert at Convocation Hall. Tickets cost $600. At the same time, Gheorghe Zamfir (The Master of the Pan Flute) is playing in Brunton Auditorium. Tickets cost $50. You've always wanted to see Zamfir, and consistently told your friends that you would pay up to $250 to see him in concert. What is your economic cost of going to the Olivia Rodrigo concert? Please provide your answer in monetary terms and show your reasoning.