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- Mike 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 betwhat is theimpact demasnd CurVes of geld 'úsds? when trend ef gdel jeweliyy introduces in pmaiket upply and on when when I When ' income of buyer increases price of fuel tises. governimentcharge taves.Nimbus, Inc., makes brooms and then sells themdoor-to-door. Here is the relationship between thenumber of workers and Nimbus’s output during agiven day:Workers OutputMarginalProductTotalCostAverageTotalCostMarginalCost0 0 ____ ________ ____1 20 ____ ________ ____2 50 ____ ________ ____3 90 ____ ________ ____4 120 ____ ________ ____5 140 ____ ________ ____6 150 ____ ________ ____7 155 ____ ____a. Fill in the column of marginal products. Whatpattern do you see? How might you explain it?b. A worker costs $100 a day, and the firm has fixedcosts of $200. Use this information to fill in thecolumn for total cost.c. Fill in the column for average total cost. (Recallthat ATC T 5 C Q/ .) What pattern do you see?d. Now fill in the column for marginal cost.(Recall that MC TC 5 D ∆ / Q.) What patterndo you see?e. Compare the column for marginal productwith the column for marginal cost. Explain therelationship.f. Compare the column for average total costwith the column for marginal cost. Explain…
- 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 2007Akua is a school of Agriculture graduate and consumes 2 products:yoghurt and bread.Akua also earns a typical student income from the parent .400 cedis a month.She can either spend all on yoghurt and get 50,or she can spend it all on bread and get 200 loaves. Given the information answe the following (b)The following are the bundles that Akua can afford with her income: Yoghurt Bread 10 0 80 20 Fill the blanks in the table with the quantities that will exhaust Akua’s income.nentQu102 Search (Alt+Q) Mailings Review View Help As 三、=、m。田H T AaBbCcDd AaBbCcDd AaBbC AaBbCc =三、 、田 1 Normal 1 No Spac. Heading 1 Heading Paragraph Styles 3) Use the table below to answer the following question. Table 3 Price of Jolt Income Level Jolt Sales $25,000 Price of Coke $1.00/can $1.40/can 2014 $1.00/can 15,000 cases 2015 $1.00/can $1.00/can $25,000 25,000 cases 2016 $1.40/can $35,000 15,000 cases 2017 $1.40/can $1.40/can $35,000 5,000 cases a. Refer to Table 3. What is The Income elasticity of demand for Jolt? b. What type of good is Jolt when it comes to price elasticity of demand? What type of good is Jolt when it comes to income elasticity of demand? d. What is the cross-Price elasticity between Coke and Jolt? Are Coke & Jolt Complements or substitutes? C. e.
- 3rian earns income equal to $82,000 in the first period, but his income will drop to $19,170 in the second period. a Sketch his intertemporal budget constraint, ansuming a 6.5% interest rate. Add an indifference curve that assumes he optimally chooses to save $40,000 in the first period. Be sure to CLEARLY graph your answer, with labeln on the axes and any other important points. Also show work for any calculations done. b. Show the offect of a 50% tax on interest income, assuming the substitution and income effects cancel each other out. Again, be sure to clearly graph your answer and show work for any calculations done.Given the gellowing hypothetical data on ingut (x) amd tätal Physical Pro duct (TPP) oy xZ corperation. Input (x) Tatal Physical Prě du ct (TPP) Average Physi cal Product CAPP) Marginal Physical Pro du ct (MPP) 3 4 14 3.5 4 24 4 8. 32 4 4 10 38 3.8 3 12 42 3.5 2 14 44 3.14 1 44 2.75 18 42 2.33 -1 20 30 1.5 - 6An efficeent Produc hin 9.uo1a 25: ci) is esfzient becouse it nesur Over produchiom, is under produchin . a riuent becaese it rensts ettiu huaruse it remus c3 Enefpicient becaus it remts in Underpnduchim, vchin. ii ónefgiuent because it neuults
- by e MPC-0,75, a decrease in pursonal te trons St00 blion to seo bollion will uverense al GP A) S20 bion 8) $40 bllion OS60 bellion D) S0 biltion.Garfield enjoys pizzas and hanging out (leisure). He sleeps 8 hours per day. Of the remaining16 hours, for each hour he chooses to work he gets paid 2 pizzas. Garfield must pay 6 pizzas intaxes but receives dividends equivalent to 6 pizzas.1. Draw Garfield’s budget constraint (put consumption on the vertical axis and leisure of thehorizontal). Make sure to show the vertical and horizontal intercepts as well as the slope.b. Now suppose that Garfield chooses to work 10 hours per day. Find how many hoursof leisure and how many pizzas he will consume.c. Using your answer from b, show Garfield’s optimal point on the budget line and drawthe indifference curve passing from that point.4. Suppose that Garfield’s wage falls to 1 pizza per hour. Draw Garfield’s new budgetconstraint. Make sure to show the value of any intercept that has changed.5. Suppose that in response, Garfield decides to work for 6 hours per day. How much leisurewill he take, and how much pizza will he consume?6. Use an…Garfield enjoys pizzas and hanging out (leisure). He sleeps 8 hours per day. Of the remaining16 hours, for each hour he chooses to work he gets paid 2 pizzas. Garfield must pay 6 pizzas intaxes but receives dividends equivalent to 6 pizzas.1. Draw Garfield’s budget constraint (put consumption on the vertical axis and leisure of thehorizontal). Make sure to show the vertical and horizontal intercepts as well as the slope.b. Now suppose that Garfield chooses to work 10 hours per day. Find how many hoursof leisure and how many pizzas he will consume.c. Using your answer from b, show Garfield’s optimal point on the budget line and drawthe indifference curve passing from that point.4. Suppose that Garfield’s wage falls to 1 pizza per hour. Draw Garfield’s new budgetconstraint. Make sure to show the value of any intercept that has changed.5. Suppose that in response, Garfield decides to work for 6 hours per day. How much leisurewill he take, and how much pizza will he consume?6. Use an…