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- Define veblen goods and give some example.Corisiuer tie market ior minivaris. ASsume iminivaris are a normai goou. For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because it creates only a supply change, select the "None" option under the "Demand Determinant" column. Similarly, if supply is unaffected by this event because it creates only a demand change, select the "None" option under the "Supply Determinant" column. Event Demand Determinant Supply Determinant People decide to have more children. A strike by steelworkers raises steel prices. Engineers develop new automated machinery for the production of minivans. The price of sports utility vehicles rises. A stock-market crash lowers people's wealth. Show the effect of the following event on the market for minivans: People decide to have more children. (? Supply Demand Supply Demand Quantity of Minivans Price of MinivansThe New York Times reports that cruise lines have been slashing prices and cruise sales are up. It says this surge of interest tells us that despite the uncertain economic climate, people clearly need more fun in their lives and view their vacations as a valuable and necessary part of it. How would you make a rational choice about taking a cruise? To make a rational choice you would O A compare the marginal benetit from taking the cruise with the marginal cost of the cruise O B. consider the length of the cruise and the route it will take OC. chose the cruise line with the cheapest prnce regardless of its amenities O D. check with the National Hurricane Center about weather onroute O E chose the ship with the most amenities regardless of the price of the cruise
- What is economics constants?Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?The table shows the Gabrielle's total staty from manicures What is Cat's total unity when she boys 4 manicures? What is the marginal unity she receives from her fourth manicure? When Gabriele buys 4 manicures, the totalutty that she receives units Gabrieles marginal uity from the fourth manicure is units Marginality OA increases a more of a good is consumed OB has no relationship oluy Oc the chance in total usey that results from Manicures (per 0 1 2 4 5 Total uality 8 50 90 122 150 176
- Eleanor is a talented artist who sells hand-crafted goods on her website. Eleanor currently crafts and sells both picture frames and cutting boards. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. CUTTING BOARDS A Hours Crafting Choice (Picture frames) (Cutting boards) (Picture frames) (Cutting boards) 30 20 25 10 5 0 с D E B 0 1 8 6 2 4 On the following graph, use the blue points (circle symbol) to plot Eleanor's initial production possibilities frontier (PPF). 2 0 3 5 PICTURE FRAMES 0 2 4 4 6 8 6 7 4 3 2 1 0 8 Produced O Initial PPF 0 New PPF 11 16 19 20 Suppose Eleanor is currently using combination D, producing one picture frame per day. Her opportunity cost of producing a second picture frame per day is per day. Now, suppose Eleanor is currently using combination C, producing two picture frames per day. Her opportunity cost of producing a third picture frame per day is…For Question 2 there is a typo. It is supposed to say consider Ronald from question 1. Both question 1 and 2 are provided, i would appreciate if someone could complete them as soon as possible. Also this is not a graded question from an exam, it is homework l have been given although l did not purchase the textbook so cant get the solutions for it.What is fisher'sconcept explain it in moths.?
- Question Which scenario is not an example of marginal decision-making? Select the correct answer below: O Sam thinks about the effort that goes into making a sandwich, and the utility he gets for each sandwich he eats, to determine how many sandwiches to make. O For every hour that Dan is parked in the wrong parking lot, he receives a $3 fine. Dan weighs the cost of the $3 fine to the amount of money that he earns each hour, to determine if he should continue to park illegally. O At the theme park, Julie goes on the roller coaster as many times as she can - even if she starts to feel sick - because she wants to get her money's worth for her day pass. O Ron determines that ordering another slice of pizza will not be worth the price of the slice as he might not be able to finish it.E Unit 3 Midterm Economics A docs.google.com/forms/d/e/1FAlpQLSfDzcagnpq9EUKBs3AWMb. is determined by the interaction of supply, demand, and price. * 2 points Effective Demand O Simple Demand Quantity Demand Actual Demand All of These O None of These Market Systems/Capitalist Economies are controlled by is what is actually bought by consumers, businesses, and government) (which Effective Demand Simple Demand Quantity DemandedSolve the problem. Show work and do not use AI