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- True or False explain 2. A consumer’s budget line is kinked towards the origin (i.e., the kink is pointing towards the origin) if this consumer faces a lower price per unit of x as more x is consumed.14) An Indifference curve slope down towards right since more of one commodity and less of another result in which of the following? A) Decreasing expenditure B) Maximum satisfaction C) Greater satisfaction D) Same satisfactionIt is known that the indifference curve is convex. What does this tell you about the relationship between the goods? 2. Using examples, does an increase in income affect a consumer’s budget line? Does it impact their total utility. 3.You are interested in starting a coffee shop at the University of the West Indies. Provide examples with explanations of explicit costs, implicit cost and sunk costs related to this business.
- Psy QUESTION: Use the sheet 1( picture below) utility function and parameter values to find the optimal solution via analytical methods (calculus/lagrangean/algebra). Show your work. Note that x1<a/b, so we will use the first utility function given in the yellow box in the sheet.- (Multi-Variable Constrained Optimization goods, z and y. The price of good z is $2 and the price of good y is $1. If Finn's utility is U(z, y) = min{8z, 2y}, how much of good z and good y does Finn demand? 8 points) Finn has $24 to spend on two %3D- Some restaurants offer "all you can eat" meals. How is this practice related of diminishing marginal utility? What restrictions must the restaurant impose on the customer in order to make a profit?
- Number Consumed Total Utility Marginal Utility 0 0 NA 1 9 9 2 19 10 3 27 8 4 35 9 5 42 7 6 42 0 7 40 -2 When does diminishing marginal utility begin to set in?1. A firm is said to be earning normal profit whenever:A. Accounting profit is zero.B. Economic profit is positive.C. Accounting profit is positive.D. Total revenue equals explicit and implicit costs.2. If a 10% increase in inputs results in a 20% increase in output, then the firm is said to exhibit:A. Diseconomies of scaleB. Diminishing marginal returns to scaleC. Constant returns to scaleD. Economies of scale3. Economists have traditionally attempted to avoid the trap of:A. Thinking in terms of total utility.B. Computing marginal utilityC. Making interpersonal utility comparisons.D. None of the above.4. According to the water-diamond paradoxA. Water has a lower MU than Diamond.B. Water has a higher TU than Diamond.C. Prices reflect MU and not TUD. All of the above.Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. What is the value of M? a. $50 b. $140 c. $360 d. $410
- Mega Partner is selling two products Marker(m) and Eraser(e) and their budget is given with thefollowing equation: 15Qe+ 30Qm= 3000. Now answer the following questions. I. Draw the budget line for Mega PartnerII. What would be the highest amount spend on Marker with the existing budgetIII. If Total budget increases to 4500 what would be the new budget line (use diagram)IV. If Price of the Marker becomes 15, how this changes the existing budget line keeping allthe values remain same.6 Is examining the intersection of budget lines and indifference curves a valid means of assessing consumer behavior? Why or why not? How does your analysis of this topic apply to making business decisions? Something newGive 2 examples of an economic decision wherein ; 1. The cost outweighed the benefit. 2. The benefit outweighed the cost.
