Homework Answers
Add Answer to:
4. Fatma has an income of 100 TL per week to spend on comic books and...
2. The annual market own-price demand function for good X is estimated as X=142-5PX-1 -3.5 Py...
2. The annual market own-price demand function for good X is estimated as X=142-5PX-1 -3.5 Py where X quantity demanded of good X in units/year Px = price of good X in dollars/unit per capita income in dollarsyear Py price of good Y in dollars/unit a) Calculate the market (own-price) demand curve when I = 25 and Py =12 b) Using your results from part a), calculate the quantity of good X demanded in the market when PX-10 c) Calculate...
1. Suppose that the supply and demand schedules for pizza in the ABC campus are as...
1. Suppose that the supply and demand schedules for pizza in the ABC campus are as follows: QUANTITY DEMANDED (slices/week) 1000 PRICE QUANTITY SUPPLIED (TL/slice) (slices/week) 200 400 600 800 1000 a) Find the equilibrium price and quantity of pizza 600 400 200 b) Find the price elasticity of demand at equilibrium and indicate whether it is elastic, unit-elastic, or inelastic. c) Find the price elasticity of supply at equilibrium and indicate whether it is elastic, unit-elastic, or inelastic. 2....
Brothers Victor and Logan each have $100 to spend on comic books (X) and all other goods (Y). Com...
Brothers Victor and Logan each have $100 to spend on comic books (X) and all other goods (Y). Comic books cost $5 each, and all other goods (AOG) have a composite price of $1 each. Assume that their preferences are represented by convex indifference curves. Their grandfather wants to give each boy either 5 comic books or $25 for their birthday. For the analyses below, include a budget line, indifference curve, and optimal choice for each option (comic books and...
Jake has a budget of $10 per week to spend on song downloads and cookies. The...
Jake has a budget of $10 per week to spend on song downloads and cookies. The table shows his marginal utility from each good. Quantity per week Marginal utility from a song Marginal utility from a cookie 20 2. If the price of a song is $1 and the price of a cookie is $2, how does Jake allocate his $10 between songs and cookies? Jake buys songs and cookies to maximize his utility.
Suppose a consumer has budget of $120 per week to spend on food. Consumer can choose...
Suppose a consumer has budget of $120 per week to spend on food. Consumer can choose to eat at restaurants (R), in which case he spends about $20 per meal (P $20), or spend his money on All-Other-Food (PAOP $1) 2. a. Ilustrate consumer's budget line. Plot R on the horizontal axis. b. If consumer's utility function is U-R AOF, what will be his optimal bundle? What would be the value of his utility at optimal bundle? How much money...
5. By providing an appropriate example, briefly discuss the conditions of utility maximization 6. Due to...
5. By providing an appropriate example, briefly discuss the conditions of utility maximization 6. Due to economic crises average income decrease by 10%.Given the decrease in income by 10%, the demand for meat decrease by 10%. a) What is the income elasticity for meat? b) Is meat a normal good or an inferior good? Why? 7. Suppose that at a given level of satisfaction the marginal rate of substitution of product Y for product X is constant. What does this...
2. Suppose Matt has $20 to spend on movies and books. The price of one unit...
2. Suppose Matt has $20 to spend on movies and books. The price of one unit of movie and the price of one unit of book are both $2. Assume movies and books are normal goods. a) Draw Matt’s budget line (Draw Movies on the X-axis). Suppose Matt optimally consumes 6 movies and 4 books. Label this bundle as point A on your graph, and draw the indifference curve associated with this bundle. b) Consider the bundle (5 movies, 5...
Ben spends $100 per month on playing video games (G) at an arcade or going to...
Ben spends $100 per month on playing video games (G) at an arcade or going to movies (M). His utility function is U(G,M)=2ln(G)+M The price of G is $1 and the price of M is $10. Answer the following questions: Ben would like to choose the consumption of G and M so that he maximizes his utility. How many G and M would Ben like to consume? Label the x-axis as G for quantities of G and y-axis as M...
Mustapha’s utility function is as follows: U = 10x0.8 y0.6 Budget constraint: 100 = 6x +...
Mustapha’s utility function is as follows: U = 10x0.8 y0.6 Budget constraint: 100 = 6x + 4y a. Solve for the utility-maximizing bundle b. Find the equation of the indifference curve that contains the utility-maximizing bundle. c. Sketch the solution, labeling all relevant items, x on the horizontal axis and y on the vertical axis. d. At the utility-maximizing bundle, what is the increase in Mustapha’s utility from the last dollar spent on good X? What about for good Y?...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns a wage of $15 per hour, and works in a fancy modern restaurant that doesn't involve tips from customers. She has no sources of non-labor income, but she does have to pay $200 per week in childcare for her precious baby Carlos (regardless of how many hours she actually utilizes the childcare). Her utility function is U 1. 0.001CL2 (3 points) Each week she...
2. The annual market own-price demand function for good X is estimated as X=142-5PX-1 -3.5 Py where X quantity demanded of good X in units/year Px = price of good X in dollars/unit per capita income in dollarsyear Py price of good Y in dollars/unit a) Calculate the market (own-price) demand curve when I = 25 and Py =12 b) Using your results from part a), calculate the quantity of good X demanded in the market when PX-10 c) Calculate...
1. Suppose that the supply and demand schedules for pizza in the ABC campus are as follows: QUANTITY DEMANDED (slices/week) 1000 PRICE QUANTITY SUPPLIED (TL/slice) (slices/week) 200 400 600 800 1000 a) Find the equilibrium price and quantity of pizza 600 400 200 b) Find the price elasticity of demand at equilibrium and indicate whether it is elastic, unit-elastic, or inelastic. c) Find the price elasticity of supply at equilibrium and indicate whether it is elastic, unit-elastic, or inelastic. 2....
Jake has a budget of $10 per week to spend on song downloads and cookies. The table shows his marginal utility from each good. Quantity per week Marginal utility from a song Marginal utility from a cookie 20 2. If the price of a song is $1 and the price of a cookie is $2, how does Jake allocate his $10 between songs and cookies? Jake buys songs and cookies to maximize his utility.
Suppose a consumer has budget of $120 per week to spend on food. Consumer can choose to eat at restaurants (R), in which case he spends about $20 per meal (P $20), or spend his money on All-Other-Food (PAOP $1) 2. a. Ilustrate consumer's budget line. Plot R on the horizontal axis. b. If consumer's utility function is U-R AOF, what will be his optimal bundle? What would be the value of his utility at optimal bundle? How much money...
5. By providing an appropriate example, briefly discuss the conditions of utility maximization 6. Due to economic crises average income decrease by 10%.Given the decrease in income by 10%, the demand for meat decrease by 10%. a) What is the income elasticity for meat? b) Is meat a normal good or an inferior good? Why? 7. Suppose that at a given level of satisfaction the marginal rate of substitution of product Y for product X is constant. What does this...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns a wage of $15 per hour, and works in a fancy modern restaurant that doesn't involve tips from customers. She has no sources of non-labor income, but she does have to pay $200 per week in childcare for her precious baby Carlos (regardless of how many hours she actually utilizes the childcare). Her utility function is U 1. 0.001CL2 (3 points) Each week she...
Most questions answered within 3 hours.
-
How many liters of 0.669 M KOH will be needed to raise the pH of
0.339...
asked 1 hour ago -
A liquid of density 1270 kg/m 3 flows steadily through a pipe of
varying diameter and...
asked 2 hours ago -
Questions: What should the American executive do?
'A visiting American executive finds that a foreign subsidiary...
asked 2 hours ago -
Activity based costing was introduced as an alternative to
absorption costing.
1. Discuss using illustration the...
asked 2 hours ago -
1. You own shares of Crane DVD Company and are interested in
selling them. With so...
asked 2 hours ago -
How many grams of He are necessary to fill a balloon having a
volume of 4.5E3...
asked 2 hours ago -
The 2 patients, still in the hospital, were interviewed by a
MoH epidemiologist. The interviews revealed...
asked 2 hours ago -
An uncharged capacitor and a resistor are connected in series to
a source of emf. If...
asked 2 hours ago -
If assets are $540,000 and liabilities are $236,000 what is the
amount of owner’s equity?
asked 2 hours ago -
MATH 3421 Maple Assignment 1 Due February 13, 2019 Maple is a
Computer Algebra System that...
asked 2 hours ago -
CODING IN JAVA
Dates are printed in several common formats. Two of the more
common formats...
asked 2 hours ago -
A hydrometer is a device used to measure the density of a
liquid. It is a...
asked 2 hours ago