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- Im. aminmagmaycempany Cemsumens by Ht dagsand Hlambursens. The fived basbet. Cemsints oflo Hat dogs and 6 Homburgere A Ret dog cot $3 n 2o06 amd $5.pin 2007. A Homburcer cet 5 m 2006.omd $6in 2o07 Colulate CPTE +Th200615 relected he bove 2006 omd 2007. and what is the imeotion rote betweem 2006 amd 2007heABCCompanyLtd.HasapproximatedthemarginalrevenuefunctionforoneofitsproductsbyMR=20x – 2x 2 .ThemarginalcostfunctionisapproximatedbyMC=81 – 16x+x 2 .Determinetheprofitmaximizingoutput,thetotalprofit,thetotalrevenuefunction,anddemandfunctionMike has a decreasing marginal uity of income We know that Mike's income in greater than S10, but we de not know his exact inome Adam offers Mika the folloeing bet Adam wil throw a fair coin (that is, heads and tals have equal probatilty) a heada. Mke pays Adam $10. ta Adam pays Mke S10 What can we conclude from this infonmation? O Mike will reject the bet only it his income is high emought Ob. Mike will reject the bet, independently of how high his income is Oc Mke wil accept the bet independently of how high his income is Od Mke will accept the bet only if his income is high enought O Mka will always be indiferent between accepting and rejecting the bet
- Exercise B9 Does a change in price both an income effect and a substitution effect? Does a change in income have income effect and a substitution effect?If cross-elasticity of one commodity for another turns out to be zero, it means they areClose substitutesNone of theseGood complementsCompletely unrelatedLIVING IN SPAINJackie moved to Spain to work for a public relations firm. She had health insurance from herprevious employer, but she was surprised to learn that her new employer in Spain did notoffer healthcare coverage. When she asked about this, she was told that more than 90percent of Spaniards use the public healthcare system, which was mostly free. However,her new employer did provide supplementary private health insurance that would allow herto receive quicker care from a private hospital if she desired.Jackie learned that she would be paying 4.7 percent of her salary and her employerwould pay 23.6 percent of her salary to the government for health insurance. She was given a Tarjeta Sanitaria Individual health card to prove that she had health insurance. With this,she could get free care at public hospitals and doctors’ offices. However, before seeing adoctor, she would need to register with a local primary care physician and decide whethershe would use public or private…
- Exercise B10 Would you expect, in some cases, to see only an income effect or only a substitution effect? Explain.Whic h of Lh e follo wix could plausitbly ca use a rixhlwaerd stiTL irs Lhe marxiral efficisrncy of caapilaal curve.cverYLtins clse h cld co nstanL? O HIsher ed ucational attainment O Lo wer waES O Hi her coat ot m edical care O AI or the above ONo ne of the aboveTotal health expenditures are a function of price and O A. Reimbursement O B. Value O C. Assets O D. Quantity
- The manager of a small town grocery store who is in charge of ordering products reads in the newspaper that the unemployment related to the Covid-19pandemic is expected to decrease local incomes by 2596 on average in the next month. He knows that the income elasticity of demand for rice isapproximately -0.5. Given that rice is agood, the manager should stockrice.O A. normal: 109 moreO B. inferior: 12.595 moreO C. inferior: 12.59 lessO D. normal: 12.596 lessPrice per arginal Utility Fron Current Consumption Product Unit $ 10 20 20 30 The table shows the marginal utite derived trom curent consumpton leves of three new products. A B and C at are being sold in the maet at the prces isted The contumer can imniediately gan the most extra total utity by winching spending from Mnple Choce ANESuppose an indinidual has the following utility finction Urey)-2+2" writh a strictly ineveaseng morrginal rate of substitntion. and income of 3 The price of y is $4 CPpi ) The intial price of x is $lcre=) and then increases to 3 px=3). Find the chonge in the quantidy consumed of X.IHow much of the chonge is the income effect? How much by the Substitution effect? Evplan in Econ terms erplainedl by