Jia is considering whether to go out to dinner at a restaurant with her friend. The meal is expected to cost $40, Jia typically leaves a 20% tip, and an Uber will cost $5 each way. Jia values the restaurant meal at $25. Jia enjoys her friend s company and is willing to pay $30 just to spend an evening with her.

Ning owns an Iphone 5. One day she loses her phone and contemplates a replacement.  She considers buying an IPhoneXR for $1200 but eventually decides it's too expensive and buys a used IPhone 5, identical to the one she lost for $100 on Ebay. Pick from the bold answer choices below.  Her behavior has revealed her preferences for the IPhone XR. The value of an IPhone XR to Ning is More than, less than, equal to $1200.  Her behavior has also revealed her preferences for the IPhone 5. The value of an IPhone 5 to Ning is More than, less than, equal to $100. Before she can buy a replacement phone, Ning's boyfriend offers to buy her a new phone. He is a very nice person and says he will buy any phone she wants. Ning chooses an IPhone XR. Ning's behavior has revealed that An iphonexr has more value to her than a iPhone 5 or an iPhone 5 has more value to her than a iPhone xr  She has also revealed that the value of IPhone XR to  her is less than zero or greater than zero.

Myrtle has $400 per month to spend on Transit (X) and all other goods (Y). She currently buys a bus pass for $100 and rides 80 times per month.If she didn't buy the pass, bus rides would cost $2/ride and she would take 20 trips. She is indifferent between the $100 bus pass and $2 per ride. Myrtle is offered to join a Transit program that would allow her to pay a registration fee and then could ride the bus for $1 per trip. The most Myrtle would pay for the membership is $30 and then she would ride 40 times a month. If she were given the membership for free, she would ride the bus 45 times per month. Myrtle also reveals that she would be indifferent between a free membership (and $1 per ride) versus simply having the traditional bus pass reduced to $50 per month (flat rate), where she would again choose to ride the bus 80 times a month. Using all the information provided, draw all the relevant budget constraints and indifference curves. Be sure to label all equilibrium points and have…

You have an income of $100,000. You can buy an electric car (which costs $60,000) or an internal- combustion car (which costs $30,000). The electric car has a lower mileage than an internal-combustion car: it costs you $1/km if you drive an electric car, but it costs you $2/km if you drive an internal- combustion car. You enjoy driving (measured in kilometers driven) and spending on other goods ( measured in dollars). Draw your budget line (in a diagram measuring all other goods on the vertical axis) if you buy an electric car. What is its slope and what is the economic meaning of its value?

Refer to the table below. If the subscription price for a sports app is $2 per week, the subscription price of a game app is $1 per week, and a student has $9 per week to spend, what quantities will she purchase at a consumer optimum? Quantity of Sports Apps per week Marginal Utility (utils) Quantity of Game Apps per Week Marginal Utility (utils) 1 1,200 1 1,700 2 1,000 2 1,400 3 800 3 1,100 4 600 4 800 5 400 5 500 6 100 6 200

On your way home from Super Groceries, your car breaks down. It is a hot summer day and you have nobody to call. With little time before the food spoils, you decide to prioritize what to carry on the walk home. You choose to take three items with you. Since you will need all five items today, you will replace the two abandoned items at the corner store near your house, Convenient Grocers. The table contains the prices you paid for each good at Super Groceries and the prices you will need to pay at Convenient Grocers to replace the goods. Which three items should you save? OOOOO vegetables fruits eggs ham milk Item milk eggs ham vegetables fruits Price at Super Groceries $3.75 $3.80 $2.95 $3.80 $2.50 Price at Convenient Grocers $4.25 $2.95 $5.25 $3.05 $3.80

You have $3,000 to spend on entertainment this year (lucky you!). The price of a day trip (T) is $40 and the price of a pizza and a movie (M) is $20. Suppose that your utility function is U(TM) T1/3M2/3. a. What combination of T and M will you choose? b. Suppose that the price of day trips rises to $50. How will this change your decision?

Don Trump, a consumer in Washington, D.C. purchases a combination of products Y and Z and that the MU/Py=25/5 and MUZ/P₂=40/8. To maximize utility, without spending more money, Mr. Trump should

You have preferences u(x,y) = xy over games (X) and videos (Y) you can buy on a platform and a $360 budget, with prices px = 9 and py = 6. How much would you be willing to pay (at most) as a subscription fee for each of the following plans (you can buy any amount of Y in each plan at the original price, unless otherwise stated): (a) Plan A : You can buy (any amount of) X at a discounted price px = 4(b) Plan B : You are given 40 units of X for free, but you cannot buy any more of X. (surely can buy any amount of Y)(c) Plan C : You are given 30 units of X for free, but you cannot buy any more of X; you also have a discounted price for good Y; py = 4.

Mika earns $379 per week which she spends entirely at the grocery store, purchasing either food or alcohol. The price of food is $1/unit, while the price of alcohol is $4/unit. Mika receives an additional $50/week in food stamps that can only be only be used to buy food at the grocery store (so, this money could be used to buy food but NOT alcohol). Mika knows someone who will give her cash in exchange these food stamps at a rate of $0.50 in cash for every $1 in food. stamps. Cash, of course, can be used to buy either food or alcohol. What is the vertical coordinate of the vertical intercept of Mika's budget constraint if she were to graph quantity of food on the horizontal axis and quantity of alcohol on the vertical axis? (Note: The answer may not be a whole number, so round to the nearest hundredth)