Sam is a skilled toy maker who is able to produce both cars and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice ABCDE Hours Producing (Cars) (Puzzles) 8 0 6 2 4 4 2 6 0 8 Produced (Cars) 4 3 2 1 0 (Puzzles) 0 10 16 19 20

. TOTAL AND MARGINAL UTILITY E UTILITY CALCULATIONS Reset Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 2 40 10 14 3 4 6 8 3 54 Quantity Consumed Marginal Utility 10 20 4 64 6. 10 70 4 6. -10 72 -20 -2 Quantity Consumed 70 Quantity Consumed -6 8 64 2. 4 6 8

Use the figure below to answer the following questions. Average cost (dollars per sweater) 12 H Select one: OA. Plant A OB. Plant B O C. Plant C O D. Plant D O E. none of the above 10 8 6 4 2 0 5 10 ATCA ATCB ATCC ATCD 15 20 25 30 Output (sweaters per day) Figure 11.4.2 Refer to Figure 11.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?

The table below shows the maximum output levels for Here and There. Cloth Computers Here 110 or 60 There 70 or 120 a. What is the cost of 1 unit of cloth and a computer in Here? Round your answers below to 2 decimal places. 1 cloth computers. 1 computer units of cloth. b. What is the cost of 1 unit of cloth and a computer in There? Round your answers below to 2 decimal places. 1 cloth = computers. 1 computer = units of cloth. c. In which product does each country have a comparative advantage? Here: (Click to select) v There: (Click to select) v. d. What is the range of feasible terms of trade between the two countries? Round your answers below to 2 decimal places. Feasible terms of trade computers to between 1 unit of cloth to units of cloth. between 1 computer 8 of 33 Next > < Prev

PROBLEM (1) Suppose a consumer has just enough money to afford the bundle of 3 apples and 2 oranges, and similarly she also has just enough money to afford the bundle of 2 apples and 4 oranges. (a) Denoting the number of apples with x and oranges with y, plot the two given bundles on a graph, and calculate the relative price of apples; px/ py. (b) If she buys only apples with her budget, how many can she buy? If she buys only oranges, how many can she buy? Write down the budget equation for the consumer. (Notice that knowing two points on the budget line, you can write down the budget equation, even though you weren't given the prices nor the income explicitly!) (c) Suppose MUx = 20 and MUY = 30 at some point on the budget line. Is she maximizing utility by choosing this bundle? If not, should she buy fewer apples (and more oranges), or more apples (and fewer oranges), to increase her utility? (d) Forget about (c); instead, you learn that her utility function is u(x,y) = Axy³. What is…

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Price per arginal Utility Fron Current Consumption Product Unit $ 10 20 20 30 The table shows the marginal utite derived trom curent consumpton leves of three new products. A B and C at are being sold in the maet at the prces isted The contumer can imniediately gan the most extra total utity by winching spending from Mnple Choce ANE

741 Ny 7:0 Mond Content X + ultra/courses/_99030_1/cl/outline manipic cempo me manipic accompis. INIU Force Completion. This test can be saved and resumed later. BILLETTE Your answers are saved automatically. * Question Completion Status: QUESTION 1 The goal of the consumer is to maximize the total utility or satisfaction derived from their purchase choices, given the unique budget constraint. To calculate total utility of a given combination of T-shirts and movies, one would use the following approach: O a. For a given combination of T-shirts and movies, survey a group of individuals to determine an average for utils to be assigned to the number of T-shirts and movies. O b. For a given combination of T-shirts and movies, use Google to identify the number of utils associated with the number of T-shirts and movies and thenlum them. O c. For a given combination of T-shirts and movies, assign a number of utils to that combination. O d. Use utils as a measure of utility, assigning a…

Consider the following graph, which shows the relationship between an individual's income and the number of times he or she eats out each month. QUANTITY (Dinners out per month) 20 10 16 14 12 O 7 INCOME (Thousands of dollars per month) 10 Brian ? Hint: When answering the following, be sure to specify the appropriate units. The blue point already shown on the graph shows the data for Crystal. According to the graph, Crystal's income is has Suppose Crystal's friend Brian has an income of $2,000 per month and has 4 dinners out per month. $8,000 $8,000 per month $16 per month $16 and she

2. A store sells widgets at 25 cents each for small orders or at 20 cents each for orders of 100 or more. Write a program that requests the number of widgets ordered and displays the total cost. Enter number of widgets: 200 Cost is $40.00