The monthly quantity demanded for cars is shown in the table below. Demand for Cars Price (dollars) $23,000 21,000 19,000 17,000 15,000 Quantity of Cars Demanded (thousands of cars) 600 620 640 660 688 An increase in income increases the quantity demanded by 10% at every price. Which of the following columns represents the new monthly quantity demanded for cars (in thousands of cars)? Price (dollars) D $23,000 668 532 660 680 21,000 688 552 682 620 19,000 708 572 784 648 17,000 728 592 726 660 15,000 748 612 748 688 O Column A O Column B O Column C O Column D

Typed plz Please provide me a high quality solution as you always do and take care of plagiarism also thanks

Mike has a decreasing marginal uity of income We know that Mike's income in greater than S10, but we de not know his exact inome Adam offers Mika the folloeing bet Adam wil throw a fair coin (that is, heads and tals have equal probatilty) a heada. Mke pays Adam $10. ta Adam pays Mke S10 What can we conclude from this infonmation? O Mike will reject the bet only it his income is high emought Ob. Mike will reject the bet, independently of how high his income is Oc Mke wil accept the bet independently of how high his income is Od Mke will accept the bet only if his income is high enought O Mka will always be indiferent between accepting and rejecting the bet

How does household made choices based on budget or their utility satisfaction? Justfiy

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…

ADDED DISCUSSION WITH QUESTIONS TOPIC: MARGINAL UTILITY 5 6 7 No. of Pieces Total Utility (Q) 1 2 3 4 (TU) 150 225 250 220 8 9 10 11 Marginal Utility is calculated using the formula given below 12 Marginal Utility (TU-TU)/(Q-Q) 13 14 D For 1 Piece For 2 Piece For 3d Piece (86-0)/(A6-0) -(87-86)/(A7-A6) 150 75 (88-87)/(AS-A7) 25 Marginal 15 Utility Formula 16 Marginal Utility 17 For 1st Piece of the Cake Marginal Utility1 = (150-0)/(1-0) Marginal Utility1 = 150 For 4th Piece (89-88)/(AS-AS) -30 For 2nd Piece of the Cake Marginal Utility2=(225-150)/(2-1) Marginal Utility2 = 75 For 3rd Piece of the Cake Marginal Utility3 = (250-225)/(3-2) Marginal Utility3 = 25 For 4th Piece of the Cake Marginal Utility4 = (220-250) / (4-3) Marginal Utility4 = -30 Therefore, here we can see how the marginal utility of a piece of cake declines after the consumption of the previous one. Here, the highest utility is reached at the consumption of the 3rd piece, beyond whichthe total declined. This is a…

Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…

Number Consumed Total Utility Marginal Utility 0 0   1 9   2 19   3 27   4 35   5 42   6 42   7 40   Find Marginal utility for each one.

QUESTION 23 Quantity Per Week 0 1234 00 0 5 6 7 8 9 Amy 0 5.0 9.9 14.7 194 24.0 28.5 329 37.2 414 Total Utility David 0 600 1200 1800 2400 3000 3600 4200 4800 5400 Robert 0 100 190 270 340 400 450 490 520 510 Michelle 0 60 130 220 310 425 575 900 1275 1770 Refer to the above table. Which of the four people have utility schedules characterized by the law of diminishing marginal utility? O Michelle and David only O Amy and Robert only Michelle only Amy, Robert, and David only

Summarize in a table or diagram classifying the following items: normal, inferior, luxury, necessary, ordinary, giffen