e there are 100 consumers with identical individual demand curves. When the price of a movie ticket is $8, the quantity demanded for each person is 5. When the price is $4, the quantity demanded for
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a movie ticket is $8, the quantity demanded for each person is 5. When the price is $4, the
quantity demanded for each person is 9. Assuming the
following choices is the most likely quantity demanded in the market when the price is $6?
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- Recent research confirms that the demand for cigarettes is not only inelastic, but it also indicates that smokers with incomes in the lower half of all incomes respond to a given price increase by reducing their purchases by amounts that are more than four times as large as the purchase reductions made by smokers in the upper half of all incomes. How can the income and substitution effects of a price change help explain this finding?If a good is free, when will a consumer stop wanting to buy the good? Once the total utility equals zero At the quantity where marginal utility is at its maximum Once the marginal utility equals zero When marginal utility is negative Once the marginal utility equals total utility What is used to measure a consumer's entire satisfaction or happiness of a choice? Total utility Marginal cost Marginal utility Total Revenue Total costs Which of the following best defines the term utility as it is used by economists? when a market allocates resources in a way that maximizes consumer and producer surplusou are having lunch at an all-you-can-eat buffet. If you are rational, what should be your marginal utility from the last morsel of food you swallow?Marginal utility from the last morsel of food you swallow should be .
- What is a willingness to pay? How does this relate to the concept of demand? When determining the cost of manufacturing a product, what considerations are included in the cost? Provide an example of a product and explain each consideration in relation to your example. When purchasing construction materials for a home renovation, what factors should a homeowner consider? Provide an example of a green building product—a sustainable alternative construction material—and explain each factor in relation to your example. Address how the choice of using this particular green building product might influence and be influenced by supply and demand. What assumptions do economists make? Why does each assumption matter in environmental economics? Is the environment an economic asset? Is the environment a social asset? How does global demand for fish affect marine natural resource economics? How is the supply of forest goods influenced by privately and publicly owned forests? Why has supply and…Using the table below, fill in the quantity of Good X where the consumer will maximize his/her utility. Assume the consumer only has $10.00 and Price of X is $1.00 each and the Price of Y is $1.00 each Quantity of Good X 1 Quantity of Good Y Marginal Utility of Y Marginal Utility of X 150 140 125 2 120 130 90 80 70 60 50 40 30 3 4 6 A) 5 OB) 7 The consumer will maximize his/her utility by consuming. C) 1 D) 3 120 110 F) 2 100 90 80 70 1 2 3 4 5 6 7 8 9 units of Good X.Suppose the price of good Y is $18. Use the information given in the figure below to answer this question. is Quantity of Y 6 Multiple Choice 36 42 n -40; +15; -25 -24; +12; -12 -20;-12-8 -36; +15; -21 11 Quantity of X Quantity demanded of X When the price of Xincreases from point S to point R along the demand curve, the substitution effect of the price increase is the income effect of the price increase is .. and the total effect of the price increase Price of X 15 R Demand for X S
- Refer to the information provided in table below. MU/P for Number of Cinema Tickets Total Utility Marginal Utility Price of a Cinema Ticket Cinema Tickets 140 240 330 400 4 5 440 470 MU/P for Number of Concert Tickets Total Utility Marginal Utility Price of a Concert Ticket Concert Tickets 240 440 600 720 800 850 If the price of a cinema ticket is 20 TL, the price of a concert ticket is 40 TL and the income is 120 TL, draw the budget line. а. b. Find marginal utility for each consumption level for both products and show your work in Table. Find the utility maximizing level of consumption bundle if the income of the consumer is 120 TL. Show the utility maximizing level of consumption for each product on the table. Explain your answer by stating the utility maximizing rule. C.The following table shows three demand schedules for a person who likes toplay football and/or go swimming. In scenario S1, his income is $100,000 per yearand swimming cost $18 each. In scenario S2, his income is also $100,000 peryear, but the price of swimming rises to $22 per round. And in scenario S3, hisincome increases to $140,000 per year while swimming cost $22 per round.A. Use data under S1 and S2 to calculate the cross elasticity of demand for footballat all three prices. (Use the midpoint formula) Is the cross elasticity the same at allthree prices? What type of goods are football and swimming? Why?b. Use data under S2 and S3 to calculate the income elasticity of demand forfootball at all three prices. (Use the midpoint formula) Is the income elasticity thesame at all three prices? Is football an inferior good? Why?Quantity DemandedPrice S1 S2 S3$100 30 20 3070 50 30 6040 80 40 100Consider the two questions about utility. The table refers to the first question only. Tod loves to travel, and he takes several river cruises per year. The table contains information about the utility Tod gets from the river cruises. Number of river cruises Total utility Marginal utility 0 0 1 12 12 2 20 8 3 25 5 From this information, it can be concluded that the number of river cruises Tod takes is indeterminable without knowing Tod’s income or the price of the cruises. that total utility is maximized when Tod takes one river cruise. that Tod will take two river cruises. that Tod will take three river cruises. Suppose that Jim has $4 to spend on a snack and that the only thing available is tea and scones. Jim’s marginal utility of the first cup of tea is 30 and his marginal utility of the second cup of tea is 20. Each cup of tea costs $1. Jim’s marginal utility of the first scone is 80 and his marginal utility of the second scone is 60. Each scone costs…
- Suppose there are three (3) consumers in a market for bottles of perfume; Mutumbu, Jasanu and Julius The individual demand for perfumes for each of these consumers is given as 10 bottles for Mutumbu, 15 bottles for Jasanu and 25 bottles for Julius at $60 per bottle for perfume. Thus, the market demand for perfumes if the market price is $60 is: (a)40 bottles (b)60 bottles (c)80 bottles (d)None of the aboveSuppose there are three (3) consumers in a market for bottles of perfume; Mutumbu, Jasanu and Julius The individual demand for perfumes for each of these consumers is given as 10 bottles for Mutumbu, 15 bottles for Jasanu and 25 bottles for Julius at $60 per bottle for perfume. Thus, the market demand for perfumes if the market price is $60 is: (a)40 bottles (b)60 bottles (c)80 bottles (d) None of the aboveWhat do you mean by the inverse relationship between the quantity demanded for acommodity and its price. How would you explain, that a fall in the price of Matchboxdoes not make a consumer buy more of it? Please answer it in 30 min if possible
