ASK YOUR TEACHER PRACTICE ANOTH Consider a simple economy consisting of three sectors: food, clothing, and shelter. The production of 1 unit of food requires the consumption of 0.4 unit of food, 0.2 unit of clothing, and 0.2 unit shelter. The production of 1 unit of clothing requires the consumption of 0.1 unit of food, 0.2 unit of clothing, and 0.3 unit of shelter. The production of 1 unit of shelter requires the consumption 0.3 unit of food, 0.1 unit of clothing, and 0.1 unit of shelter. Find the level of production for each sector in order to satisfy the demand for $120 million worth of food, $20 million worth of clothing and $230 million worth of shelter. (Round your answers to one decimal place.) food $ clothing $ shelter $ million million million

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The answer choices for the fill in the blank is local department store, store in the neighboring city, and store across town

Felicity is studying economics and political science. She can read 30 pages of political science per hour but only 5 pages of economics per hour. This week she has a 50-page assignment in economics and a 150- page assignment in political science. Because of sorority rush, she cannot devote more than 10 hours to studying these subjects this week. She realizes she cannot complete all of her assignments but is determined to complete at least 30 pages of her economics reading. Draw a graph with pages of economics on the horizontal axis and pages of political science on the vertical axis. On this graph, show the possibilities that are consistent with the constraints that Felicity has imposed on herself, i.e. show her choice set. (She is NOT allowed to read ahead in either subject.) Label key points on your graph with their numerical values.

Felicity is studying economics and political science. She can read 30 pages of political science per hour but only 5 pages of economics per hour. This week she has a 50 -page assignment in economics and a 150 -page assignment in political science. Because of sorority rush, she cannot devote more than 10 hours to studying these subjects this week. She realizes she cannot complete all of her assignments but is determined to complete at least 30 pages of her economics reading. Draw a graph with pages of economics on the horizontal axis and pages of political science on the vertical axis. On this graph, show the possibilities that are consistent with the constraints that Felicity has imposed on berself, i.e, show her choice set. (She is NOT allowed to read abead in either subject.) Label key points on your graph with their numerical values.   Belinda loves chocolate and always thinks that more is better than less. Belinda thinks that a few piano lessons would be worse than none at all, but…

Preview File Edit View Go Tools Window Help 81% Wed Mar 25 5:10 PM Eco4100MidtermSpring2020.pdf (page 9 of 9) Search Eco4100MidtermSpring2020.. creen Shot -0....01.06 PM _13) The graph below shows George's indifference curves and budget lines. From A to B, we Goods Per Day B2 creen Shot -0....02.41 PM B1 creen Shot -0...09.34 PM thigern e f da 12 creen Shot -0...09.46 PM 8. L'L2 24 Leisure Hours Per Day creen Shot -0....10.04 PM can conclude A) leisure is a normal good. B) leisure is an inferior good. C) George will increase his working time with a higher wage. D) the substitution effect is greater than the income effect. De heine 3. PAGES MAR 25

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Store Travel Time Each Way        (minutes) Price of a Skirt (Dollars per skirt)     Local Department Store 15 103 Across Town 30 87 Neighboring City 60 64   Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Skirt Total Cost (Dollars) (Dollars per skirt) (Dollars) Local Department Store   103   Across Town   87   Neighboring City   64

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Digital Apps per Period 0 1 2 3 4 5 Total Utility of Digital Apps per Period (utils) which 0 50.0 95.0 135.0 171.5 200.0 Marginal Utility (utils) 50.0 45.0 40.0 36.5 28.5 Marginal Utility Portable per Dollars Spent Power Banks (price = $5.97) per Period | 8.4 7.5 6.7 6.1 4.8 0 1 GTA W N 3 4 5 Total Utility of Portable Power Banks per Period (utils) 0 25 47 65 80 89 Marginal Utility (utils) 25 22 18 15 9 Marginal Utility per Dollars Spent (price = $2.70) 9.3 8.1 6.7 5.6 3.3 Consider the table above. Suppose the consumer's income is $26. Does the consumer spend all of her income if she purchases the optimal quantities of digital apps and portable power banks? The optimum quantity of digital apps purchased is and the optimum quantity of portable power banks purchased is. (Enter your responses as whole numbers.) Spending on digital apps is $ and spending on portable power banks is $. (Enter your responses rounded to one decimal place.) Thus, total spending at the consumer optimum is $ the…