apples would Kevin have to consume before he considers purchasing another banana? A C E Number of Apples 2 3 4 5 6 7 6 3 4 QUESTION 3 Total Utility 130 180 220 Bratent for in 250 270 280 B D 2 5 ana? OC 20A 320 225 llob The villbu Isnipasmodi 02.2 i slugs ne te 023 129T | 1nU 01 080 2siqqa to 19dm
Q: Use Exhibit to answer question Price PB Po Ps B C Size of tax per unit F Supply Demand Quantity…
A: Answer: The burden of tax/ Tax burden: The burden of tax refers to the amount paid by a consumer or…
Q: Find the present value, in pesos, of an annuity of P20,000 payable annually for 8 years, with the…
A: Given Annuity =P20,000 Rate of interest =10% The first payment is made after 5 years and then the…
Q: Expenitures 3000 2000 1000 45 1000 3000 Disposable Income ($) CHI 2000 1. When disposable income is…
A: Disposable income is the income which is available for the expenditure with the income earner. The…
Q: Which of the following items is included in GDP? the sale of stocks and bonds the sale of…
A: Items that are included in GDP are the one that are produced for final consumption in the specfiic…
Q: g. Construction and operation of the bridge will involve creating jobs that would not otherwise be…
A: Net Generated income from the expenditure on bridge product would be earnings of the local people…
Q: Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to…
A: The labor force consists of a number of employed people and unemployed people who are looking for…
Q: Suppose that a small business sells 725 units of goods per month at $15 per unit. The unit cost of…
A: Revenue minus explicit costs minus opportunity cost can be used to determine an economic profit (or…
Q: An early freeze in California sours the lemon crop. Explain what happens to consumer surplus in the…
A: In microeconomic theory, consumer surplus is a key idea. The advantages that the consumer has as a…
Q: If real GDP is $21 trillion and potential GDP is $20 trillion, how big is the output gap? ____…
A: Real GDP is the value of final goods and services produced in the year within the country, valued at…
Q: What is the optimal example to illustrate. K - Distinguishes between positive and normative…
A: Two features of economy are - 1) wants are unlimited 2) resources are scarce so rational decision…
Q: Which is true for a "rational" individual, who maximizes her payoff? She may or may not play a…
A: The dominant strategy is the best course of action and it provides the maximum outcomes irrespective…
Q: In five years, P18,000 will be needed to pay for the retrofitting of the barangay hall. To generate…
A: Sum required in future = 18000 Total Time Period = 5 years Number of Annual Payments to be made = 3…
Q: Types of Unemployment
A: The term unemployment alludes to a circumstance where an individual effectively looks for employment…
Q: The first era in marketing was a focus on producing as much as possible because of high demand. This…
A: As per Keith, showcasing developed into its present-day noticeable quality inside firms during four…
Q: The constant price elasticity of demand for cigarettes has been estimated to be-0.5. To reduce…
A: In order to comprehend the burden and incidence of taxes, it's vital to understand both taxes and…
Q: Suppose the supply curve for cucumbers is perfectly inelastic. The government applies a specific tax…
A: When the supply curve is perfectly inelastic then it is parallel to the vertical axis. Perfectly…
Q: Based on the utility maximizing rule, Is Angel maximizing their utility? OYes ONO ONot enough…
A: Utility maximisation level is the point where slope of Indifference curve is equal to the slope of…
Q: What is Money? What makes it useful? Explain its primary and derivative functions of Money? explain…
A: Answer: Money: Money is anything that is generally accepted as a medium of exchange, a measure of…
Q: 1. Charlie Chaplin borrowed P100,000.00 on October 31, 2019 from Mr. Beans and the loan has an…
A: According to the question, it is given that : Principal = P 100,000 Rate of Interest = 6% Time…
Q: According to the law of demand, a. quantity supplied and quantity demanded are positively related.…
A: The law of demand holds that, all other things being equal (cetris peribus), the relationship…
Q: With the use of a diagram, explain when a monopoly corporation maximises its profit
A: Competition: When a market has many firms, there will typically be competition between them. The…
Q: Question 3n On January 1, 2020, California initiated a state-wide rent control. Landlords may not…
A: Price ceiling is defined as the binding imposed by the government on the upper limit of the prices…
Q: A painting from an Italian art gallery bought by a Canadian citizen a month ago, is considered when…
A: The GDP deflator is measured by the ratio of nominal GDP and real GDP. It only considers goods…
Q: Que All of the following are fundamental concepts of economics EXCEPT O marginalism. O profit…
A: When talking about fundamental concepts of economics, it can be said that these concepts explains…
Q: he table below includes data for a one-year period required to calculate GDP from the income side…
A: Gross domestic product (GDP) refers to the summation of all market value of goods and services which…
Q: Figure 1 Capital Goods M N K Consumer Goods 1. Which movement between two points represents economic…
A: Production possibility frontier shows the different different combination of production of two…
Q: Which of the following best defines scarcity? multiple choice Having unlimited wants.…
A: Scarcity is the main concept of economics. It means that the demand is more than the resources we…
Q: Follow-up questions d. In this model, workers earn the same total assets whether they work L1 or L2…
A: DISCLAIMER “Since you have asked many questions, we will solve the first 3 subparts for you. If you…
Q: The following graph shows an increase in aggregate demand in a hypothetical country. Specifically,…
A: The aggregate demand and aggregate supply are the factor which determines the equilibrium level.…
Q: Suppose that in a closed economy, GDP is $15 trillion, Consumption is $6 trillion, Government…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first 3 subparts question…
Q: I Conceptual 1. The following data give the percentage of women working in five companies in the…
A: We have given the data on the percentage of women working in 5 companies and the percentage of…
Q: A company mines 300,000 tons of coal per year in a rural county. The coal is worth $65 per ton. The…
A: In economics, comparative statics is the examination of two unique economic outcomes, before and…
Q: The table below shows the total utility from consuming different quantities of tacos. Use the…
A: In economics utility refers to benefit or enjoyment received from consumption of a good or service.…
Q: Why does SMC curve cut AVC curve at the minimum point of AVC curve?
A: The change in total cost per unit of change in output is known as short-run marginal cost (SMC).…
Q: Which of the diagrams illustrates the effect of an increase in automobile worker wages on the market…
A: The concept behind this question is the input prices and cost of production. When input prices…
Q: The GDP deflator in the United States in 2015 was 105, and The GDP deflator in the United States in…
A: Given information: GDP deflator in 2015 = 105 GDP deflator in 2019 = 112 Real GDP in 2015 = $17.4…
Q: In light of Adam Smith, Ricardo, and Say, please explain the classical political economy perspective…
A: The market mechanism is viewed from the perspective of classical political economy as a…
Q: Consider the two mutually exclusive alternatives given in the table below. n 0 1 23 Net Cash Flow…
A: IRR in capital budgeting refers to the discount rate that results in a 0 value Net Present Value.…
Q: Consider a government that raises money in a two-good economy by taxing good 1 at a rate of t per…
A: Given, Government raises money in a two-good economy by taxing good 1 at a rate of t per unitThe…
Q: A young man has decided to go into a business at age 40. He wishes to accumulate P200,000 at that…
A: Given, Future value FV = P 200,000 Growth rate g = 10%Interest rate r = 9.6%
Q: Ari intends to purchase a new car and has narrowed it down to a Dodge Ram truck or a Toyota Camry. A…
A: Introduction Marginal utility refers to the additional utility derived from the consumption of an…
Q: nts Question 5 If your tuition is $2,000 this semester, your books cost $400, you can only work 10…
A: The value of what you have to give up in order to choose something else is referred to as the…
Q: Suppose that Sony Corporation has developed a new all in one, easy to use, big screen computer / TV…
A: Given, Two Players : Sony and Samsung Sony has developed a big screen computer/TVDemand for BCTV :…
Q: Talk about how the idea of positive and negative incentives can be used to boost employee…
A: Incentives, both positive and negative: The rewards provided to induce or inspire the workers to…
Q: Which of these economic variables is procyclical? O investment spending O unemployment O the credit…
A: Procyclical Variables: In economics, the variable that moves with the GDP or moves in the same…
Q: Consider an economy that produces wood, boats, and has a marketing agency. This year domestic wood…
A: GDP estimates the monetary value of final goods and services — that is, those that are purchased by…
Q: e price of product A changes from $1100.00 to $200.00 and as a result, Jerome's purchases of product…
A: Cross price elasticity of demand depicts how much a good responds with the change in the price of…
Q: 4. The table below presents the demand and supply schedule for tomatoes. Price (in Pesos) 30 40 50…
A: Given:
Q: Marginal cost is $26, and Average total cost is $33 when 20 units are produced. What will happen to…
A: Introduction Total cost includes all the implicit and explicit expenditures that are made during the…
Q: When output increases from 10 to 11, total cost increases from $60 to $65. Fill in the blank. Round…
A: The additional cost incurred in the creation of extra units of goods or services, most frequently…
Step by step
Solved in 2 steps
- Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round—trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to confirm the choice of phone minutes and round trips that maximize Jeremys utility.Is it possible for total utility to increase while marginal utility diminishes? Explain.
- Would you expect total utility to rise or fall with additional consumption of a good? Why?Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.DmISIIng Margifal Otmty n. TOTAL AND MARGINAL UTILITY Reset E UTILITY CALCULATIONS Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 40 10 14 2 3 4 54 Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 3. 6. -10 6. 72 -20 -2 7 70 Quantity Consumed Quantity Consumed -6 8. 64 8 Prev 1 of 3 Score answer > ...
- NIVERSITY DURAI Consider the following data describing the change in Nora's utility when she consumes various levels of Nuts and chocolate per week, the price per portion for the considered goods are respectively AED 20 and AED10. Nora has a budget equal to 160 per day to spend on her snack. Q Nuts Total UtilityQ Chocolate Total Utility ChocolateMU Nuts MU ChocolateMU/ AEDMU/AED MRS Chocolate Nuts Nuts 40 1 28 72 52 100 3. 72 4 124 88 144 5. 102 160 6. 114 7 172 122 1. Complete the table above by calculating the marginal utility, the marginal utility per dollar spent and marginal rate of substitution for each good. 2. Identify the potential set of equilibrium points Where MUI/P1=MU2/P2 Nuts Chocolate Income 2. 2. 6.Mylie’s total utility from singing the same song over andover is 50 utils after one repetition, 90 utils after tworepetitions, 70 utils after three repetitions, 20 utils afterfour repetitions, 250 utils after five repetitions, and 2200utils after six repetitions. Write down her marginal utilityfor each repetition. Once Mylie’s total utility beginsto decrease, does each additional singing of the songhurt more than the previous one or less than the previousone?Five consumers have the following marginal utility ofapples and pears:Marginal Utilityof ApplesMarginal Utilityof PearsClaire 6 12Phil 6 6Haley 6 3Alex 3 6Luke 3 12The price of an apple is $1, and the price of a pear is$2. Which, if any, of these consumers are optimizingtheir choices of fruit? For those who are not, howshould they change their spending?
- The table below shows Cedric's marginal utility for soda and cookies at each quantity. What is his total utility if he consumes 6 soda and 3 cookies? Quantity of Soda Marginal Utility Quantity of Cookies Marginal Utility 1 48 1 39 2 46 2 37 3 44 3 35 4 41 4 32 5 37 5 29 6 34 6 25 7 31 7 22 8 25 8 18 9 18 9 14 10 12 10 10 11 5 11 7 Group of answer choices 379 total utility units 66 total utility units 314 total utility units39. The following chart shows the total utility that Ammar receives from conşuming various amounts of chocolate candy bars each day: Number candy bars consumed per day Total utility 40 2. 70 3. 90 100 80 Which of the following statements about Ammar's marginal utility is correct? a) His marginal utlty from the first candy bar is greater than his marginal utility from the second candy bar b. His marginal utility from the fourth candy bar is greater than his marginal utility from the third candy bar c. His marginal utility increases at a constant rate d. His greatest marginal utility comes from his consumption of the fourth candy barthrough 6. Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Answer here 1 Total utility of swimming 40 22666 72 76 76 Jenny spends an average of $3 each hour she plays video games. What is her marginal utility per dollar for the second half hour?