Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” the bold question i dont understadn

Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” the bold question i dont understadn

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter30: Market Failure: Externalities, Public Goods, And Asymmetric Information

Section30.2: Internalizing Externalities

Problem 2ST

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Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” help explain this to me please in a couple paragraphs
u work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, flopsicles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies increases by 4%, the quantity of flopsicles sold increases by 1% and the quantity of mookies sold decreases by 5%. Your job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the…
Miker, a manufacturer of generic medications, is deciding how much to charge retailers for their generic acetaminophen. The marginal cost for each bottle is provided in the accompanying table. If the price of a bottle is $7.75, how many thousand bottles would Miker produce each day? What about if the price is $9.00 per bottle? Use the Rational Rule for Sellers in Competitive Markets to help explain why the values are different. Finally, draw Miker’s individual supply curve. Quantity of acetaminophen (thousand bottles) Marginal cost (per bottle) 1 $6.00 2 $7.00 3 $7.75 4 $8.25 5 $9.00 6 $9.50
Only typed answer and don't use chat gpt Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 5, the price must be A. $3. B. $6. C. $9. D. $12.
image for question a. If she can visit only one of the stores, which one would she go and what would be her optimal bundle there? Could she afford this very bundle at the other store? (b) If she can freely visit both stores, (buying each commodity from the store where it is cheaper !!) what would be her optimal bundle? What would she buy from each store? (c)Back to (a), how much money would she willing to give up (out of her $720 budget) for the ability to visit both stores rather than only one store? (HINT: After giving up that money, she is left with less money with which optimizing utility with the option of visiting both stores -buying each commodity from the cheaper store- she is able to achieve the same level of utility in the scenario with the original uncut budget but having to choose only one of the stores to shop at)
The table below contains information of three techniques for producing $ 15 worth of bar soap. Assume that we said " $ 15 worth of bar soap" because soap costs $ 3 per bar and all three techniques produce 5 bars of soap ( $ 15=$ 3 per bar multiply on 5 bars). So you know each techniques produces 5 bars of soap. a) What technique will you want to use if the price of a bar of soap falls to $ 2. 75? What if the price of bar of soap rises to $ 4? What if the price of bar of soap rises to $ 5? b). How many bars of soap will you want to produce if the price of a bar of soap falls to $ 2. 00 ? ( a) Five: it is profitable to produce bars of soap at this selling price; b) Zero: It is not profitable to produce bars of soap at this selling price ). c) Suppose that the bar of soap is again $ 3 per bar but that the prices of all four resources are now $ 1 per unit. Which is now the least- profitable technique? d). if the resource prices returns to their original levels (the ones shown in…
question as image a. If she can visit only one of the stores, which one would she go and what would be her optimal bundle there? Could she afford this very bundle at the other store? (b) If she can freely visit both stores, (buying each commodity from the store where it is cheaper !!) what would be her optimal bundle? What would she buy from each store? (c) Back to (a), how much money would she willing to give up (out of her $720 budget) for the ability to visit both stores rather than only one store? (HINT: After giving up that money, she is left with less money with which optimizing utility with the option of visiting both stores -buying each commodity from the cheaper store- she is able to achieve the same level of utility in the scenario with the original uncut budget but having to choose only one of the stores to shop at)
When goods are called homogenous. What does this actually means?
Often, firms offer a larger quantity (milk, paint, toilet paper, a cup of Coke, second dress, second pizza…) at a lower price. For example, a 12 oz cup of Coke is $1, and a 32 oz cup is $1.70. What explains this marketing strategy? With the help of graphs (economic models) demonstrate.
Q15.) Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12. 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is m? 6 magazines 2.) If she buys 1 pie the number of magazines she can buy in a week is? 3 magazines 3.) What is her S opportunity cost of purchasing a pie? $4 What is question 4 answer? 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___
define the terms of trade?what is principle of comparetive advantage
You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: guppy gummies, frizzles, and kipples. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of guppy gummies decreases by 5%, the quantity of frizzles sold decreases by 4% and the quantity of kipples sold increases by 6%. Your job is to use the cross-price elasticity between guppy gummies and the other goods to determine which goods your marketing firm should advertise together. Relative to Guppy Gummies Recommend Marketing with Guppy Gummies Cross-Price…