pamela sells 10 bottles of olive oil per week at $5 per bottle. she can sell 11 bottle per week if she lowers the price to $4.50 per bottle. the output effect would be A. $4.95 B.$50 C.$4.50 D. $45
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pamela sells 10 bottles of olive oil per week at $5 per bottle. she can sell 11 bottle per week if she lowers the
A. $4.95
B.$50
C.$4.50
D. $45
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- Raymond consumes meatloaves and pineapples. He has decided that hismonthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150. Suppose Raymond decides to cut his monthly budget in half. Coincidentally, the next time he shops, he learns that meatloaves and pineapples are on sale for half price. Show what happens to Raymond’s budget line?Sven makes rocking chairs for a cost of $75 each, and he sells the rocking chairs for a market price of $130 each. Deidre is willing to pay $200 for a rocking chair. However, the government believes that rocking chair manufacturers should receive more money, and set the lowest legal price rocking chairs can be sold for at $250. At the market price, Sven is willing to sell a rocking chair to Deidre, and Deidre is willing to buy a rocking chair from Sven. Unfortunately, with the new legal minimum, Sven and Deidre cannot trade with one another, and miss out on additional gains from trade. Which of the effects of a price control best fits the scenario above? O Deadweight Loss Reduction in Quality O Misallocation of Resources Wasteful Increase in QualitySven makes rocking chairs for a cost of $75 each, and he sells the rocking chairs for a market price of $130 each. Deidre is willing to pay $200 for a rocking chair. However, the government believes that rocking chair manufacturers should receive more money, and set the lowest legal price rocking chairs can be sold for at $250. At the market price, Sven is willing to sell a rocking chair to Deidre, and Deidre is willing to buy a rocking chair from Sven. Unfortunately, with the new legal minimum, Sven and Deidre cannot trade with one another, and miss out on additional gains from trade. Which of the effects of a price control best fits the scenario above? A)Deadweight Loss B) Reduction in Quality C) misallocation of resources D)wasteful increase in Quanity
- You have just opened a new grocery store. Every item you carry is generic (generic beer, generic bread, generic chicken, etc.). You recently read an article in the Wall Street Journal reporting that the price of recreation is expected to increase by 15 percent. How will this affect your store’s sales of generic food products?The figure below shows Serena's demand curve for days in the hospital. The marginal cost of an additional day in the hospital is $200 Price (5/day 400 300 200 100 D Length of hospital stay (days) If Serena had to pay the entire marginal cost of spending a day in the hospital, then she would choose to stay. Multiple Choice days)An increase in price, all else held constant, would cause a change from Multiple Choice point 3 to point 4. point 4 to point 5. point 5 to point 1. point 1 to point 3.
- Demand and Utility Table for Milkshakes Price $4 $3.50 $3.00 $2.50 $2.00 Quantity Marginal Demanded Utility 1 2 3 4 5 Total Utility If the price of milkshakes were $2.50 each, your total utility would be and your marginal utility would beGrubHub, a food delivery service, has recently expanded to your area. The accompanying table contains the number of deliveries per month that you demand at various delivery prices. Use this information to plot (draw) your individual demand curve. Describe the slope of your individual demand curve. Price Deliveries $10 2 $7 4 $5 6 $4 8 $2 10 $1 12Jane is maximizing total utility while consuming food and clothing. Her marginal utility from food is 50 and her marginal utility from clothes is 12.5. If food is priced at $20 per unit the price of clothing per unit must be: a- 2,50 b-2 dollars C- 5$ d- 20$
- Starting a gluten free and nut free restaurant has been a lifelong dream of Sydney Quintero, since he realized his dietary restrictions as a teenager. Now, that Sydney has graduated with his business degree, he is pursuing his dream. He has researched geographic locations around his state and selected three different cities, Fort Alden, Central City and Roseville, as possibilities for his flagship restaurant. The market for gluten/nut free products often changes due to health awareness, current trends and general demographic changes in population. Sydney's marketing research has given him some estimates for the different locations as described in the decision table below. Alternatives Fort Alden Central City Roseville Answer Decision Table Strong Market 75,000 68,000 105,000 State of Nature Fair Market Step 1 of 2: Using the maximax strategy, where would Sydney decide to start his restaurant? O Roseville O Fort Alden 48,500 52,000 76,000 O Central City Poor Market 25,000 27,000 30,000…Starting a gluten free and nut free restaurant has been a lifelong dream of Sydney Quintero, since he realized his dietary restrictions as a teenager. Now, that Sydney has graduated with his business degree, he is pursuing his dream. He has researched geographic locations around his state and selected three different cities, Fort Alden, Central City and Roseville, as possibilities for his flagship restaurant. The market for gluten/nut free products often changes due to health awareness, current trends and general demographic changes in population. Sydney’s marketing research has given him some estimates for the different locations as described in the decision table below.Decision Table State of Nature Alternatives Strong Market Fair Market Poor Market Fort Alden 75,00075,000 49,50049,500 35,00035,000 Central City 70,00070,000 54,00054,000 29,00029,000 Roseville 115,000115,000 80,00080,000 40,00040,000 Step 2 of 2 : What would Sydney’s anticipated payoff be…Starting a gluten free and nut free restaurant has been a lifelong dream of Sydney Quintero, since he realized his dietary restrictions as a teenager. Now, that Sydney has graduated with his business degree, he is pursuing his dream. He has researched geographic locations around his state and selected three different cities, Fort Alden, Central City and Roseville, as possibilities for his flagship restaurant. The market for gluten/nut free products often changes due to health awareness, current trends and general demographic changes in population. Sydney's marketing research has given him some estimates for the different locations as described in the decision table below. Alternatives Fort Alden Central City Answer Roseville Decision Table Strong Market 75,000 68,000 105,000 Step 2 of 2: What would Sydney's anticipated payoff be for the maximax strategy? State of Nature Fair Market 48,500 52,000 76,000 Poor Market 25,000 27,000 30,000 Keypad Keyboard Shortcuts Tables