In the entire world, there are 10 apples, 10 bananas, 20 bottles of wine, and 10 Gruyere cheese traded in the market economy at the price of 1, 2, 3, and 4 CHF respectively. You as an individual have 60 CHF. (i) What is the set of commodities in the economy?
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In the entire world, there are 10 apples, 10 bananas, 20 bottles of wine, and 10 Gruyere cheese traded in the market economy at the
(i) What is the set of commodities in the economy?
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- Economics Your car gets 28 miles per gallon (mpg) at 55 miles per hour (mph) and 22 mpg at 65 mph. At what speed should you make a 500-mile trip:- If gas costs $ 2.50 per gallon and your time is worth $18 per hour? If gas costs $3.25 per gallon and your time is worth $15 per hour? If gas costs $3.75 per gallon and your time is worth $12 per hour? Build a spreadsheet to calculate the total trip cost for gas costs of $2.50, $3.25, and $3.75, and values of time of $10, $12, $15, 18 and $20 per hour. Do two tables: one at 55mph and one at 65 mph_______ Refers To an upper limit on the amount of a commodity that can be purchased by an individual unit?6. For your birthday, you receive a hamper from your friend, which contains food and drink. They have chosen to buy you 8 packs of hot chocolate and 10 packs of luxury biscuits. Unfortunately, the hot chocolate is not milk chocolate and the biscuits are chocolate chip and not your favourite ginger biscuits! They haven't provided the receipt, but you return to the shop where the hamper was bought and ask to exchange the items. Each pack of hot chocolate was priced at £5 and each pack of biscuits was priced at £6. You face a utility function of U (Hċ, B) = H²B. When you return to the shop, you see that all of the biscuits are now half price, but all of the types of hot chocolate haven't changed in price. You are able to exchange your biscuits and hot chocolate, but can only receive a refund based on the current marked price of the products in the shop. Given this information and assuming hot chocolate is on the horizontal axis and your aim to maximise utility, what should you do? (a) You…
- Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940Janice really likes potatoes. Potatoes cost $1.10 per pound, and she has $6.00 that she could possibly spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30. Instructions: Enter your answers as whole numbers. a. How many pounds of potatoes will she purchase? pound(s) of potatoes b. What if she only had $3.00 to spend? pound(s) of potatoes(PLEASE READ THE QUESTION!!) someone has been copying and pasting the wrong answers on my questions. Suppose you have $400,000 to spend on a house and "other goods." The price of 1 square foot of housing is $100 and you choose to purchase your optimally sized house at 2000 square feet. Call this house A. After you bought the house, the price of housing falls to $50 per square foot. a. Call the new house you would buy given your new budget set house B. (Illustrate your answer on a graph showing your budget set before you bought the house as well as the budget set after you bought house A and the price fell. Put "square feet of housing" on the horizontal axis and "$ of other consumption" on the vertical axis.) Is house B smaller than house A? Does your answer depend on whether the good is normal, regular inferior or Giffen? b. Suppose that the price had fallen before you purchased the original house. Call the house you would have bought house C. Is house C larger than house B? Larger…
- 3) Now suppose you have $500 to spend. You can buy computer software, which costs $50 or go on a ski trip for $100. Draw the budget set, labeling the end points. Just a pick a point on the budget set and tell how much of each good you bought. Suppose you now have $700 to spend. Draw the new budget set and pick a point for this budget set. Are you buying more or less software and ski trips after the income change?What does 'ceteris paribus' mean? (a) Other things remaining constant (b) Price of other goods remaining constant (c) Other things are simultaneously changing (d) None of the aboveJanice really likes potatoes. Potatoes cost $1.00 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30. Instructions: Enter your answers as whole numbers. a. How many pounds of potatoes will she purchase? b. What if she only had $3.00 to spend?
- Jayden's grandmother gives him $240$240 each month, which he spends on pizzas and burgers. Usually, he buys 44 pizzas for $180$180 and spends the remaining $60$60 on 44 burgers. However, the price of 11 pizza has increased by $5$5; the price of a burger has not changed. Now, Jayden will buy only 33 pizzas per month.Calculate how many burgers Jayden can afford to buy if he still wants to spend all the money. If necessary, round any intermediate calculations to two decimal places. For your final answer, write the exact value; do not round.1. Consider the winter activity of skiing. Assume that the rental cost of ski equipment is $120 and the lift ticket costs $66. If you go skiing, you would wear the ski jacket you purchased last year for $190. If you do not go skiing, you could either work at your part-time job, which would earn you $101, or study at the library, which you value at $28. Suppose that you were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the opportunity cost of going skiing? Enter a whole number and no dollar sign. 2. Country A and country B both produce toasters and sweaters. In country A each worker in a day can produce either 5 toasters or 20 sweaters. In country B each worker in a day can produce either 3 toasters of 18 sweaters. Each country has constant opportunity cost of production and each has 100 workers. Enter whole numbers in each blank. Initially the two countries do not trade. Country A allocates 60 workers to toaster production and…12. Fill in the blank
