The economy of Mistania produces Oranges, Pears, and Grapefruits. In 2009, it produced 8 Oranges at $1.60 per unit, 10 Pears at $1.50 per unit, and 5 Grapefruits at $1.00 per unit. What was the cost of a market basket in Mistania in 2009? $
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- 6. Quick Freeze Inc. sells small 'easy carry' coolers suitable for chilling beer and soft drinks. They also sell and packets of dry ice in sealed 16 oz. containers for use in the coolers. Last month Quick Freeze ran a 'welcome baseball season, cooler sale, and reduced the price of dry ice packets from $2.00 to $1.00. As a consequence, sales of easy carry coolers increase from 15 per day to 25 per day. On the basis of this information, which of the following is true? a. b. EQxPy = -1.5 and coolers and dry ice are complements. EoxPy =-.75 and coolers and dry ice are complements. .75 and coolers and dry ice are substitutes. d. EQxPy = 1.50 and coolers and dry ice are substitutes. c. EQxPy =Same anwers in the first blank space5. Quick Freeze Inc. sells small 'easy carry' coolers suitable for chilling beer and soft drinks. They also sell and packets of dry ice in sealed 16 oz. containers for use in the coolers. Last month Quick Freeze ran a 'welcome baseball season, cooler sale, and reduced the price of dry ice packets from $2.00 to $1.00. As a consequence, sales of easy carry coolers increase from 15 per day to 25 per day. On the basis of this information, which of the following is true? a. Nxy = -1.5 and coolers and dry ice are complements. b. Nxy = -.75 and coolers and dry ice are complements. nxy = .75 and coolers and dry ice are substitutes. d. 7xy = 1.50 and coolers and dry ice are substitutes. c.
- 4. What's wrong with this way of thinking? "Economists argue that lower prices will result in fewer units being supplied. However, there are exceptions to this rule. For example, in 1972, a very simple 10-digit electronic calculator sold for $120. By 2000, the price of the same type of calculator had declined to less than $5. Yet business firms produced and sold many more calculators in 2000 than they did in 1972. Lower prices did not result in less production or in a decline in the number of calculators supplied." 99Why has there been such a surge in the number of different products available in our economy?The following graph shows the monthly demand and supply curves in the market for combs. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per comb) 528 && 28 72 64 56 48 40 16 Supply Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Combo) Graph Input Tool Market for Combs Price (Dollars per comb) Quantity Demanded (Combs) 24 500 Quantity Supplied (Combs)
- Twenty-five years ago, tofu was available only from small businesses operating in predominantly Asian sections of large cities. Today tofu has become popular as a high-protein health food and is widely available in supermarkets throughout the United States. At the same time, tofu production has evolved to become factory-based using modern food-processing technologies. Using the graph below, show how the tofu market has changed over the last 25 years. Instructions: Click on and drag one or both of the lines below to depict the changes in supply and/or demand in the tofu market. Price ($/pound) p* Market for tofu Q* Quantity (pounds/year) S DQuestion 1 Laurasia has identified the following goods as its market basket. Here are the prices of those goods over three years. Compute the cost of that market basket in all three years. Instructions: Round your answers to two decimal places. Product Burgers Shoes Scissors Cost Basket Quantity 18 2015 3 2 2015 Price 2016 Price $ 8.00 $ 55.00 $ 7.00 $6.00 $ 50.00 $ 8.00 2016 2017 2017 Price $ 9.00 $ 45.00 $ 9.00The reaping, processing and sale of sugarcane is a booming sector. However, the late1990s and early 2000s saw a crisis for sugarcane producers. During this period, thequantity supplied of sugarcane outweighed quantity demanded and the market was inturmoil.Over time the price of sugarcane recovered after 2014, peaking in July 2018. In part, thiswas due to farmers diversifying into other crops; in part, it was due to buoyant globaldemand for alternate products. In 2019, however, a combination of good harvests and afall in fertilizer sugarcane prices caused supply to increase substantially. Althoughdemand was still growing in developing countries, the onset of recession in developedcountries was halting the growth in demand. a. Illustrate and explain how the market for sugarcane will maintain equilibriumover time given the problem that exists in the late 1990s and early 2000s. B. Explain how revenue for sugar cane would have been impacted in July 2018relative to the early 2000s.
- What is the size of market aslo explain the character of the commodity in our daily lives,?Suppose there are only 3 goods in the consumer basket. Based on the following table, answer the following (show your work for at least one year): Price and quantity for consumer's basket Goods Quantity Price 2015 Price2016 Price 2017 $3.25 500 gallons $3/gallon $3.50 gas candy bar 365 packs $1.20 $1/pack $0.90 $50 internet 12 months $50/month $65 a. Calculate the cost of the market basket for all years. b. Consider 2015 as the Base Year and compute the Consumer Price Index (CPI) for each year. c. Use the CPI to calculate the inflation rate for 2017David and Morgan äre farmers. Each one owns an 18-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. David Morgan Malze (Pounds per acre) 28 18 Squash (Pounds per acre) 7 6