a. Suppose you are given this information from a consumer making rational, optimized decisions. Sketch a...
a. Suppose you are given this information from a consumer making rational, optimized decisions. Sketch a graph of demand for “theater movies” using the available data.
| Budget | Price of Theater Movies | Price of Home Videos | Quantity of Theater Movies | Quantity of Home Videos |
| 100 | 20 | 2 | 3 | 25 |
| 100 | 15 | 2 | 3 | 25 |
| 100 | 10 | 2 | 5 | 25 |
| 100 | 6 | 2 | 8 | 25 |
Homework Answers
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a. Suppose you are given this information from a consumer making
rational, optimized decisions. Sketch a...
1. Estimate Demand a. Suppose you are given this information from a consumer making rational, optimized...
1. Estimate Demand
a. Suppose you are given this information from a consumer making
rational, optimized decisions. Sketch a graph of demand for
“theater movies” using the available data.
b. Estimate the linear demand curve (i.e., ??? = ? + ????) for
“theater movies” that best approximates the data and add it to your
graph.
c. What is the point (price and quantity) at which demand is
“unit elastic”?
Price Quantity Price of of : «พื้ @พื้ of Quantity Theater...
3. Estimate Supply a. Suppose you are given this information from a movie theater making rational,...
3. Estimate Supply
a. Suppose you are given this information from a movie theater
making rational, optimized decisions. Sketch a graph of supply
(total cost and quantity) for “theater movies” using the available
data.
b. Estimate the quadratic cost function (i.e., ??? = ? + ???? 2
) for “theater movies” that best approximates the data and add it
to your graph
c. What are the average and marginal cost equations based on
your estimate? Is there a non-zero quantity...
3. Estimate Supply a. Suppose you are given this information from a movie theater making rational,...
3. Estimate Supply
a. Suppose you are given this information from a movie theater
making rational, optimized decisions. Sketch a graph of supply
(total cost and quantity) for “theater movies” using the available
data.
b. Estimate the quadratic cost function for “theater movies”
that best approximates the data and add it to your graph
c. What are the average and marginal cost equations based on
your estimate? Is there a non-zero quantity that minimizes these
unit cost measures?
Price of...
a. Estimate the linear demand curve for “theater movies” that best approximates the data and graph...
a. Estimate the linear demand curve for “theater movies” that best approximates the data and graph it. Budget Price of Theater Movies Price of Home Videos Quantity of Theater Movies Quantity of Home Videos 100 20 2 3 25 100 15 2 3 25 100 10 2 5 25 100 6 2 8 25 b. What is the point (price and quantity) at which demand is “unit elastic”?
A Consumer's Demand for Burgers Suppose that the consumer has income, I = $20, and the...
A Consumer's Demand for Burgers Suppose that the consumer has income, I = $20, and the price of French fries is pe = $2. You are given the following information about the price of burgers and the number of burgers the consumer will buy at that price: Price of Burgers Quantity of Burgers A B C $1.00 $2.00 $5.00 10 5 2 Use an indifference curve and budget line diagram to draw the consumer's three budget lines and three optimal...
There are two types of consumers of movies at home. The first type of consumer is...
There are two types of consumers of movies at home. The first type of consumer is impatient and wants to see the latest films as soon as they are available for streaming or on DVD. The second type of consumer is more patient and is happy to watch any movies that have been released in the past few years. Demand for the first type of consumer is given by the function D(p) = 16 – . Demand for the second...
$4 then what is the Suppose a consumer had a utility function given by U-9x 2Y....
$4 then what is the Suppose a consumer had a utility function given by U-9x 2Y. If the price of Good X (Px) is $8 and the price of Good Y is utility maximizing quantity of Good X the consumer will purchase with a budget of $32? (Round to the nearest two decimal places if necessary) Answer 2 Suppose a consumer had a utility function given by Uxasy02. If the price of Good X (Px) is $10 and the price...
Need help with this practice problem 2. (20 points) Suppose a consumer has $250 to spend...
Need help with this practice problem
2. (20 points) Suppose a consumer has $250 to spend on two goods, Good X and Good Y. The price of Good X is given by Py = $10. The price of Good Y is given by Py = $25. Graph the consumer's budget constraint. Please put the quantity of Good X on the horizontal axis, and the quantity of Good Y on the vertical axis. Be sure to label your graph carefully and...
4. Suppose you are given the following demand schedule for 4 individuals. Use this information to...
4. Suppose you are given the following demand schedule for 4 individuals. Use this information to complete the rest of the question. Price Ringo Paul John George Market 0 0 0 248 9 6 8 16 10 10 12 32 11 | 14 | 16 40 50 12 18 20 48 a) (5 points) Fill in the blanks above to determine the market demand schedule. b) (4 points) How does Ringo's own-price elasticity of demand compare with the market's own-price...
7. Suppose you know that a demand function of consumer for good 1 is p-, where...
7. Suppose you know that a demand function of consumer for good 1 is p-, where pi is price of the good and xi is the quantity consumed. You know that the consumer can buy only good 1 or good 2. Her income is $2000 and the price of good 2 is P2 〉 0. (a) Find an utility function that represents the preferences of this consumer (b) Given the above utility function derive demand for good 2. (c) Suppose...
1. Estimate Demand
a. Suppose you are given this information from a consumer making
rational, optimized decisions. Sketch a graph of demand for
“theater movies” using the available data.
b. Estimate the linear demand curve (i.e., ??? = ? + ????) for
“theater movies” that best approximates the data and add it to your
graph.
c. What is the point (price and quantity) at which demand is
“unit elastic”?
Price Quantity Price of of : «พื้ @พื้ of Quantity Theater...
3. Estimate Supply
a. Suppose you are given this information from a movie theater
making rational, optimized decisions. Sketch a graph of supply
(total cost and quantity) for “theater movies” using the available
data.
b. Estimate the quadratic cost function (i.e., ??? = ? + ???? 2
) for “theater movies” that best approximates the data and add it
to your graph
c. What are the average and marginal cost equations based on
your estimate? Is there a non-zero quantity...
3. Estimate Supply
a. Suppose you are given this information from a movie theater
making rational, optimized decisions. Sketch a graph of supply
(total cost and quantity) for “theater movies” using the available
data.
b. Estimate the quadratic cost function for “theater movies”
that best approximates the data and add it to your graph
c. What are the average and marginal cost equations based on
your estimate? Is there a non-zero quantity that minimizes these
unit cost measures?
Price of...
A Consumer's Demand for Burgers Suppose that the consumer has income, I = $20, and the price of French fries is pe = $2. You are given the following information about the price of burgers and the number of burgers the consumer will buy at that price: Price of Burgers Quantity of Burgers A B C $1.00 $2.00 $5.00 10 5 2 Use an indifference curve and budget line diagram to draw the consumer's three budget lines and three optimal...
There are two types of consumers of movies at home. The first type of consumer is impatient and wants to see the latest films as soon as they are available for streaming or on DVD. The second type of consumer is more patient and is happy to watch any movies that have been released in the past few years. Demand for the first type of consumer is given by the function D(p) = 16 – . Demand for the second...
$4 then what is the Suppose a consumer had a utility function given by U-9x 2Y. If the price of Good X (Px) is $8 and the price of Good Y is utility maximizing quantity of Good X the consumer will purchase with a budget of $32? (Round to the nearest two decimal places if necessary) Answer 2 Suppose a consumer had a utility function given by Uxasy02. If the price of Good X (Px) is $10 and the price...
Need help with this practice problem
2. (20 points) Suppose a consumer has $250 to spend on two goods, Good X and Good Y. The price of Good X is given by Py = $10. The price of Good Y is given by Py = $25. Graph the consumer's budget constraint. Please put the quantity of Good X on the horizontal axis, and the quantity of Good Y on the vertical axis. Be sure to label your graph carefully and...
4. Suppose you are given the following demand schedule for 4 individuals. Use this information to complete the rest of the question. Price Ringo Paul John George Market 0 0 0 248 9 6 8 16 10 10 12 32 11 | 14 | 16 40 50 12 18 20 48 a) (5 points) Fill in the blanks above to determine the market demand schedule. b) (4 points) How does Ringo's own-price elasticity of demand compare with the market's own-price...
7. Suppose you know that a demand function of consumer for good 1 is p-, where pi is price of the good and xi is the quantity consumed. You know that the consumer can buy only good 1 or good 2. Her income is $2000 and the price of good 2 is P2 〉 0. (a) Find an utility function that represents the preferences of this consumer (b) Given the above utility function derive demand for good 2. (c) Suppose...
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