O a. -520O'b.-600OC. -560O d.-480QUESTION 25Tim loves to collect Lego architecture sets. Suppose that Tim's willingness to pay for different Lego sets is given below:SetWillingness.to PaySears Tower40Hancock Center70Fallingwater100Shanghai80Robie House80Suppose that Tim can purchase a lego bundle with all 5 sets for the price of $200, what is his CS from the bundle?a. 150O b. 130O c. 170O d. 200OUESTION 26

Consumer Surplus = Maximum Willingness to pay Price - Actual Price of the product. Tims willingness…

Answered: O a. -520 O'b.-600 Oc. -560 O d. -480…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that coconuts and bananas are complements in consumption. Suppose further that the price of coconuts decreases while, at the same time, a fungal disease kills ten percent of the world's banana crop. Everything else held constant, the equilibrium price of bananas will equilibrium quantity of bananas transacted will and the Select one: O A. be ambiguous; be ambiguous O B. be ambiguous; increase O C. decrease; be ambiguous O D. decrease; increase O E. increase; decrease OF. decrease; decrease O G. be ambiguous; decrease O H. increase; be ambiguous increase; increase
P2
FIGURE 2-4 Production possibilites curve Food Refer to Figure 2-4. If the economy chooses to shift more of its resources into clothing, what will it have to give up? Select one: O a. larger and larger amounts of food per unit of added clothing as the quantity of clothing produced increases O b. nothing, since food and clothing are NOT substitutes O c. relatively equal amounts of food per unit of added clothing as the quantity of clothing produced increases Clohing
7
3
A numeraire good is O A) A good worth money O B) A good whose value is agreed upon O C) A good widely used in trade O D) A good in which the value of other goods is expressed
P2- P1- X Y Z O a $1223.75 Ob $1980.25 Oc. $1246.00 Od $734.25 O e. $489.50 Of $756.50 Time left 05525 Q1 quantity If in the figure above price P1 equals $3.00, price P2 equals $14.00, price P3 equals $30.50, and quantity Q1 equals 89 units, then what is the value of consumer surplus the market equilibrium?
O FIGURE ⒸOURE 31 FIGURE 2 FIGURE 3 FIGURE 4 02 DI FIGURE 2 02 DI N FORES 51 Pe 32 01 FIGURE 4 32 31 01 Use FIGURE 1 to FIGURE 4 above Assume that the relevant market is for sour cream. If sour cream and baking potatoes are complements, an increase in the price of baking potatoes would tend to match which Figure for the sour cream.market above? Gany
Rummy 0.27 KB/S 9:43 J םיC |ווי ןוי ל Vo $40 describe the change in his budget line. f. If Rummy's income is $20 and all the money spend to purchase burger, how many burger he can purchase? Flowers TC FC 6 445 300 7 485 8 530 9 580 10 635 11 695 2. Consider Competitive Market where Jamil is selling flowers. If Market Price is $50 answer the following Questions: i. How many flowers should he sell? ii. Calculate Jamil's Profit or Lo. ii. Find the Price at which he will shut down in the short run. iv. Find the Price at which he will exit from the market.
QUESTION 15 Which of the following statements about an indifference curve is true? O a. The slope tells you the ratio of the prices of the two goods O b. It is unique to a specific consumer O c. A producer can use it to judge consumer demand O d. It is always a curve
3 3 A good is called "inferior" if: i) There are other goods that consumers prefer to it. ii) Consumers buy more of it as the price falls. A 0000 i) is the definition of an inferior good and ii) is irrelevant. ii) is the definition of an inferior good and i) is irrelevant. i) and ii) together define an inferior good. Neither i) nor ii) define an inferior good.
5. Study Questions and Problems #5 Suppose war in the Middle East threatened oil supplies, and gasoline prices began rising. Consumers feared future oil shortages, so they rushed to fill up their gas tanks. In this case, as the price of gas increased, consumers bought more, not less. Could this be an exception to the law of demand? In this example, the demand curve T shifting.

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