Daniel can spend no more than $40 at the fair. If admission into the fair is $10 and the rides cost $1.50 each, which inequality represents the greatest number of rides Daniel can go on?
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Daniel can spend no more than $40 at the fair. If admission into the fair is $10 and the rides cost $1.50 each, which inequality represents the greatest number of rides Daniel can go on?
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- 1. Why might someone who is trying to decide whether to see a movie be more likely to focus on the $10 ticket price rather than the $20 she would fail to earn by not working during that time.Brian has income of $3200. He spends it on fruits(x) and vegetables (y). The price of fruits is $100 per kilo, and the price of vegetables is $70 per kilo. Assume u(x,y) = 2x^1/2 +4y^1/2 The government want to impose a tax to minimize consumption of vegetables. A tax of $10 per kilo of vegetables is applied if consumption exceeds 5 kilos of vegetables. Plot Brian's budget line with and without the tax and interpret.Monika eats only steak and carrots for dinner. A serving of steak gives 250 calories and 10 units of vitamins. A serving of carrots offers 100 calories and 30 units of vitamins. Monika’s doctor instructs her to get a maximum of 2000 calories and at least 150 units of vitamins. NOTE: THE CALORIE CONSTRAINT AND VITAMIN CONSTRAINT ARE INEQUALITIES, BUT BOTH DO INCLUDE EQUALITY AS WELL. With ‘serving of carrots’ on the horizontal axis and ‘servings of steak’ on the vertical axis, draw BOTH the CALORIE constraint (= BUDGET) line, AND ‘VITAMIN’ (= BUDGET) line [Write at least 4 combinations of ‘steak’ and ‘carrots’]. Shade all the bundles of carrots and steaks that satisfy both ‘calorie’ and ‘vitamin’ requirements (= AS CONSTRAINTS) suggested by Monika’s doctor. On the graph, draw an indifference curve to show that Monika prefers to have X OZ steak and a Y OZ cup of carrots. More of either steak or carrots will not change the utility. SHOW THE OPTIMAL BUNDLE OF CARROTS AND STEAKS on the…
- If you buy something, you are never ripped off, at least according to the way economists think. If you are willing to spend the money for something, then it has at least that much utility to you. Think about the following three situations: In this very moment A baseball game in a ballpark that does not allow outside food and drink The end a three-mile hike in the desert when you forgot water In each situation, how much would you be willing to pay for the first bottle of water? Would you buy a second bottle of water? If so, how much would you pay? Discuss how utility changes in different circumstances and with each additional unit you buy.Let's say that two neighbors have a problem with one another. Johnson's dog (call him J-Dawg) keeps "doing his business" in Smith's yard at a cost of $4,000 (PV) to Smith. Smith is upset and says so, but Johnson won't do anything to stop the mayhem. Smith consults an attorney who tells Smith that the court could either grant rights to Johnson to leave J-Dawg unfettered, or grant rights to Smith to have a dog-free yard. The problem could be fixed by Johnson if he simply bought a $40 leash and tether system to keep J-Dawg on his own yard. Smith could also fix the problem if he put a fence around his yard at a cost of $1,800. (Note: Smith would rather have a fence than have the dog problem continue.) Assume that costs are low when the neighbors bargain with one another. Assume that the parties divide any surpluses equally (using "fair" prices). A. Complete the following table to show the outcome when the court grants rights to Johnson to have J-Dawg unfettered. Neighbor Johnson Smith…Suppose buyers are affected when a new tax on soda is introduced to curb obesity. What action do the sellers take when there is a reduction in the soda tax? Demonstrate the change in the graph below by shifting the appropriate curve.
- There are only two people in the market - Amber and Zoe. Amber’s Marginal Willingness to Pay (MWTP) for the Qth bit of the good is given by MWTP=383-2*Q. Zoe’s Marginal Willingness to Pay (MWTP) for the Qth bit of the good is given by MWTP=51-3*Q. Based on this information, what is the market MWTP for the 32th bit of the good? Enter a number only.You have $100 to spend on food and clothing. The price of food is $4 and the price of clothing is $10. Graph your budget constraint. Suppose that the government subsidizes food such that each unit of food is half-price, up to the first 10 units of food. Graph your budget constraint in this circumstance. Will you and others be well-off from this subsidy? Use indifference curves on the old and new budget constraints to answer this.Assume the price of a particular paint brush is $3.50. Denise purchases the paint brush for $3.50 but was wiling to pay $5.00. Ted purchases the paint brush for $3.50 but was willing to pay $4.00. What is the total consumer surplus for Denise and Ted? Group of answer choices $2.00 $4.00 $5.00 $3.55 $1.50
- Basil is a broke college student who consumes only coffee and pizza. No one is really sure how he can survive on those two goods alone, but somehow he does. Coffee is $2 per cup, and pizza is $5 per pizza. Basil's weekly budget constraint is shown below. On the graph below show how his budget constraint would change if Basil gets an additional $10 per week from his grandmother. Coffee (cups per week) 15 14 13 3 210 000 654 120 w 2 -N Budget Constraint 0 01 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Pizza (number per week)Consider Ron’s demand for after school care for his children. The marginal benefit Ron receives for every hour of child care is provided in the accompanying table. Using the Rational Rule for Buyers, if an hour of child care costs $24, how many hours would Ron purchase each day? What about for $18 per hour? Draw Ron’s marginal benefit curve and his demand curve. Hours of after school child care Marginal benefit (per hour) 1 $32 2 $30 3 $20 4 $14You have $100 to spend on food and clothing. The price of food is $4, and the price of clothing is $10. Suppose that the government subsidizes clothing such that each unit of clothing is half-price, up to thefirst five units of clothing. Graph your budget constraint in this circumstance.
