Homework Answers
Ans15) the correct option is d) $ 10; $ 15
Price of pizza = 60/6 = 10
Price of CD = 60/ 4 = 15
Ans16) the correct option is a) combination a
Combination a is not affordable because it lies outside the budget line.
CDs (per month) 0 2 4 6 8 10 12 Magazines (per month) 16) The above...
CDs (per month) 0 2 4 6 8 10 12 Magazines (per month) 16) The above figure gives your budget line between CDs and magazines. Which combination of CDs and magazines is NOT affordable? A) combination a B) combination b C) combinationc D) both combinations b and d Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B Quantity of Y Quantity of Y Quantity of Figure C Quantity of Figure D 17) Consider...
Price (dollars per dozen) Market price 40 Quantity (dozens per day 14) The figure tells us...
Price (dollars per dozen) Market price 40 Quantity (dozens per day 14) The figure tells us about the market for red roses. The consumer surplus is __a day. A) $800 B) $200 C) $1,000 D) $20 Pizza (per month) and the price 0 1 2 3 4 5 6 CDs (per month) 15) Given the budget line in the above figure, if income is $60, then the price of a pizza is__ of a CD is ___ A) $5; $200...
Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B...
Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B Quantity of Y Quantity of Y Quantity of X Figure C Quantity of X Figure D 17) Consider the indifference maps shown above. If X and Y are perfect substitutes, your indifference curves between them would look like those in A) Figure A. B) Figure B. C) Figure C. D) Figure D. CDs (number per year) 5 10 15 20 25 DVDs (number per...
Joe purchases 3 sandwiches and 5 slices of pizza per month. At this, consumption bundle, Joe's...
Joe purchases 3 sandwiches and 5 slices of pizza per month. At this, consumption bundle, Joe's marginal rate of substituting pizza for sandwich is 2/5. The price of sandwich is $6 and price of pizza is $4. (1) Show the current consumption bundle in a graph that includes both the budget line and indifference curve. Clearly label the axis. (2) Explain whether or not Joe is maximizing his satisfaction at this consumption bundle. If not, make a suggestion as to...
Rent (dollars per month) 0 1 2 3 4 5 6 Quantity (thousands of apartments per...
Rent (dollars per month) 0 1 2 3 4 5 6 Quantity (thousands of apartments per month) 4) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented? A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct. 5) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is...
Tabe 4.1 Price per pizza Quantity demanded (pizzas per month) Quantity supplied (pizzas per month) $6...
Tabe 4.1 Price per pizza Quantity demanded (pizzas per month) Quantity supplied (pizzas per month) $6 1,000 900 800 700 600 700 750 800 $8 $10 850 $12 900 11. Refer to Table 4.1. If the price per pizza is $10, the price will a. remain constant because the market is in equilibrium. b. increase because there is an excess demand in the market. C. decrease because there is an excess demand in the market d. decrease because there is...
The price of DVDs (D) is $20 and the price of CDs (C) is $10. Philip...
The price of DVDs (D) is $20 and the price of CDs (C) is $10. Philip has a budget of $100 to spend on the two goods. Suppose he has already bought one DVD and one CD. In addition, there are 3 more DVDs and 5 more CDs he would like to buy. a. Given the above prices and income, draw his budget line on a graph with CDs on the horizontal axis and correctly identify where is current market...
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15...
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19 Exhibit 6-1 shows the change in the short-run production of pizzas as more workers are hired. The table shows the marginal product of the labor input is decreasing with the hiring of the third worker. A possible reason for this diminishing marginal product is: a. increased division of labor as additional workers are hired. b. increases in plant size. c....
Figure 4-5 Price (dollars per month $2,500 2.000 Demand 0 200400 800 Quantity (apartments) Figure 4-5...
Figure 4-5 Price (dollars per month $2,500 2.000 Demand 0 200400 800 Quantity (apartments) Figure 4-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1.000 per month. 2) 2) Refer to Figure 4-5. Suppose that instead of a rent ceiling, the government imposed a price floor of 12,000 per month for apartments. What is the quantity of apartments demanded at the new price? B) 200 C) 300 D) 500 A) 3) Refer to...
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 6 Quantity (thousands of units) 7) In the above figure, the amou...
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 6 Quantity (thousands of units) 7) In the above figure, the amount of the tax per unit imposed on the sellers is A) $0.50. B) $1.00 C) $1.50 D) $2.00. 8) In the above figure, the deadweight loss due to the tax is A) $1,000 B) $2,000. C) $4,000. D) $8,000. 9) Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles...
CDs (per month) 0 2 4 6 8 10 12 Magazines (per month) 16) The above figure gives your budget line between CDs and magazines. Which combination of CDs and magazines is NOT affordable? A) combination a B) combination b C) combinationc D) both combinations b and d Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B Quantity of Y Quantity of Y Quantity of Figure C Quantity of Figure D 17) Consider...
Price (dollars per dozen) Market price 40 Quantity (dozens per day 14) The figure tells us about the market for red roses. The consumer surplus is __a day. A) $800 B) $200 C) $1,000 D) $20 Pizza (per month) and the price 0 1 2 3 4 5 6 CDs (per month) 15) Given the budget line in the above figure, if income is $60, then the price of a pizza is__ of a CD is ___ A) $5; $200...
Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B Quantity of Y Quantity of Y Quantity of X Figure C Quantity of X Figure D 17) Consider the indifference maps shown above. If X and Y are perfect substitutes, your indifference curves between them would look like those in A) Figure A. B) Figure B. C) Figure C. D) Figure D. CDs (number per year) 5 10 15 20 25 DVDs (number per...
Rent (dollars per month) 0 1 2 3 4 5 6 Quantity (thousands of apartments per month) 4) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented? A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct. 5) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is...
Tabe 4.1 Price per pizza Quantity demanded (pizzas per month) Quantity supplied (pizzas per month) $6 1,000 900 800 700 600 700 750 800 $8 $10 850 $12 900 11. Refer to Table 4.1. If the price per pizza is $10, the price will a. remain constant because the market is in equilibrium. b. increase because there is an excess demand in the market. C. decrease because there is an excess demand in the market d. decrease because there is...
Figure 4-5 Price (dollars per month $2,500 2.000 Demand 0 200400 800 Quantity (apartments) Figure 4-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1.000 per month. 2) 2) Refer to Figure 4-5. Suppose that instead of a rent ceiling, the government imposed a price floor of 12,000 per month for apartments. What is the quantity of apartments demanded at the new price? B) 200 C) 300 D) 500 A) 3) Refer to...
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 6 Quantity (thousands of units) 7) In the above figure, the amount of the tax per unit imposed on the sellers is A) $0.50. B) $1.00 C) $1.50 D) $2.00. 8) In the above figure, the deadweight loss due to the tax is A) $1,000 B) $2,000. C) $4,000. D) $8,000. 9) Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles...
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