George and Jerry are friends that like swimming and skiing. George likes swimming > skiing. Jerry likes skiing > swimming.
(a) Which indifference curve belongs to George and which belongs to Jerry?
Assume George and Jerry have the same income and face the same prices for swimming and skiing.
(b) Will George and Jerry ever choose the same amounts of swimming and skiing?
Homework Answers
a-The Indifference curve closer to the vertical axis swimming is of Jerry because after a certain point of time Jerry will prefer skiing over swimming as the IC becomes parallel to skiing axis. On the other hand, the Indifference curve parallel to the vertical axis and is above the other IC is of George because after a certain point of time George will prefer swimming over skiing as the IC becomes parallel to swimming axis.
b-With same income and same prices of both skiing and swimming the real budget for both of them are equal. So they will go with their natural likings that is George will prefer swimming over skiing and Jerry will prefer skiing over swimming.
Add Answer to:
George and Jerry are friends that like swimming and skiing.
George likes swimming > skiing. Jerry...
(birthdate July 1, 1988) and Amy (birthdate July 4, 1990) Booth have brought you the following...
(birthdate July 1, 1988) and Amy (birthdate July 4, 1990) Booth have brought you the following information regarding their income, expenses, withholding for the year. They are unsure which of these items must be used to calculate taxable income. Income: $28,500 Ken's salary (salesman) Amy's wages (part-time nurse) Insurance reimbursement for repairs from an auto accident 17,500 500 Gift from Unde George 2,000 Interest income from Lodge State Bank 840 Federal income taxes withheld: From Ken's salary 2,600 From Amy's...
Complete Form 1040, Schedule 1, Schedule C, Schedule D, Form 8949 Instructions Comprehensive Problem 3-1 Ken...
Complete Form 1040, Schedule 1, Schedule C, Schedule D,
Form 8949
Instructions Comprehensive Problem 3-1 Ken (birthdate July 1, 1988) and Amy (birthdate July 4, 1990) Booth have brought you the following information regarding their income, expenses, and withholding for the year. They are unsure which of these items must be used to calculate taxable income. Income: Ken's salary (salesman) $28,500 Amy's wages (part-time nurse) 17,500 Insurance reimbursement for repairs from an auto accident 500 Gift from Uncle George 2,000...
When answering, please fill in the boxes like how they are shown in the question. It...
When answering, please fill in
the boxes like how they are shown in the question. It really helps
me get a better understanding when the answer is in the same format
as the question. Thanks!
On January 1, 2017. AmerEx Transportation Company purchased a used aircraft at a cost of 564,400,000. AmerEx expects the plane to remain useful for five years (7,000,000 miles) and to have a residual value of $6,400,000. AmerEx expects to fly the plane 775,000 miles the...
You might be familiar with Crazy Eddy, an owner of the “Crazy Eddy’s” home electronics stores...
You might be familiar with Crazy Eddy, an owner of the “Crazy Eddy’s” home electronics stores that used to exist when you were younger (though maybe too young to remember). Some of the larger superstores like Best Buy and Circuit City moved in and began squeezing Eddy. As it turned out his tagline, “where the prices are insane,” was quite true, and he was forced out of business. Unbeknownst to many, Eddy was an avid skier, and his desire to...
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the...
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the item described should be INCLUDED IN or EXCLUDED FROM the Gross Income of the taxpayer who receives the item. • Darken Box A on the Scantron sheet if the item should be INCLUDED IN gross income • Darken Box B on the Scantron sheet if the item should be EXCLUDED FROM gross income 6. $25,000 scholarship for tuition and books received by a full-time...
песк my work Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $120 per...
песк my work Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $120 per unit. Variable expenses are $60.00 per unit, and fixed expenses total $180,000 per year. Its operating results for last year were as follows Sales Variable expenses Contribution margin Fixed expenses 3,120,000 1,560,000 1,560,000 180,000 $ 1,380,000 Net operating income Required Answer each question independently based on the original data 1. What is the product's CM ratio? 2. Use the CM ratio to determine the...
**Only [Harder] Question** Problem 2. Consider a firm that has a cost function of c(y) =...
**Only [Harder] Question** Problem 2. Consider a firm that has a cost function of c(y) = 5y 2 + 50, 000. In other words, this is a firm with a fixed cost of $50,000 (which might be something like the cost of rent on the firm’s building, which they have to pay whether they produce any output or not) and a variable cost of $5Y 2 , (which we’ll think of as the cost of the labor and machinery necessary...
The Question (ANSWER ALL PARTS) Part (a) Paul was playing golf with two friends at his...
The Question (ANSWER ALL PARTS) Part (a) Paul was playing golf with two friends at his local golf course in a weekend golf competition. Paul hit a drive and proceeded to walk forwards along the fairway towards where his golf ball landed. Paul was approximately 50 metres from Wayne when Wayne decided to hit his golf ball. Wayne thought it was safe to hit because Paul was near a line of trees that provided some cover. Unfortunately Paul is hit...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods:...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods: toques (T) and maple syrup (M). Suppose Louis monthly budget is 100 and the price of the two goods are (PT,PM) (4,2). (a) Make a properly labeled diagram illustrating Louis'budget constraint with T on the hori- zontal axis and M on the vertical axis. Indicate the area corresponding to the set of bundles (M, T) that Louis can afford. (b) What is the maximum...
Calculate net employment income for the taxpayer
Ms. Susan Snow is a linguist, specializing in Asian languages. As the daughter of a Canadian diplomat, she has become familiar with the many customs and practices found throughout Asia. In 2019, a headhunting firm in B.C. connected her with Golden Mountain Experiences (GME), a public company, which had begun operations in Whistler, B.C. GME had need of a representative to promote their Canadian services to Asian tour operators and executives. When GME offered her a position in November, 2019 with...
(birthdate July 1, 1988) and Amy (birthdate July 4, 1990) Booth have brought you the following information regarding their income, expenses, withholding for the year. They are unsure which of these items must be used to calculate taxable income. Income: $28,500 Ken's salary (salesman) Amy's wages (part-time nurse) Insurance reimbursement for repairs from an auto accident 17,500 500 Gift from Unde George 2,000 Interest income from Lodge State Bank 840 Federal income taxes withheld: From Ken's salary 2,600 From Amy's...
Complete Form 1040, Schedule 1, Schedule C, Schedule D,
Form 8949
Instructions Comprehensive Problem 3-1 Ken (birthdate July 1, 1988) and Amy (birthdate July 4, 1990) Booth have brought you the following information regarding their income, expenses, and withholding for the year. They are unsure which of these items must be used to calculate taxable income. Income: Ken's salary (salesman) $28,500 Amy's wages (part-time nurse) 17,500 Insurance reimbursement for repairs from an auto accident 500 Gift from Uncle George 2,000...
When answering, please fill in
the boxes like how they are shown in the question. It really helps
me get a better understanding when the answer is in the same format
as the question. Thanks!
On January 1, 2017. AmerEx Transportation Company purchased a used aircraft at a cost of 564,400,000. AmerEx expects the plane to remain useful for five years (7,000,000 miles) and to have a residual value of $6,400,000. AmerEx expects to fly the plane 775,000 miles the...
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the item described should be INCLUDED IN or EXCLUDED FROM the Gross Income of the taxpayer who receives the item. • Darken Box A on the Scantron sheet if the item should be INCLUDED IN gross income • Darken Box B on the Scantron sheet if the item should be EXCLUDED FROM gross income 6. $25,000 scholarship for tuition and books received by a full-time...
песк my work Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $120 per unit. Variable expenses are $60.00 per unit, and fixed expenses total $180,000 per year. Its operating results for last year were as follows Sales Variable expenses Contribution margin Fixed expenses 3,120,000 1,560,000 1,560,000 180,000 $ 1,380,000 Net operating income Required Answer each question independently based on the original data 1. What is the product's CM ratio? 2. Use the CM ratio to determine the...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods: toques (T) and maple syrup (M). Suppose Louis monthly budget is 100 and the price of the two goods are (PT,PM) (4,2). (a) Make a properly labeled diagram illustrating Louis'budget constraint with T on the hori- zontal axis and M on the vertical axis. Indicate the area corresponding to the set of bundles (M, T) that Louis can afford. (b) What is the maximum...
Most questions answered within 3 hours.
-
4. Determine the theoretical yield of P2O5, when 3.07 g of P
reacts with 6.09 g...
asked 43 minutes ago -
Explain the PEST analysis and how a marketer would use this when
putting together a marketing...
asked 26 minutes ago -
S sells property with a $500 basis to B for $450, and B later
sells the...
asked 1 hour ago -
True/False Questions
1.
In interpreting an agreement, courts generally apply a
subjective standard.
2.
If, after...
asked 31 minutes ago -
On January 1, 20X7, Green Corp. paid $1,020,000 to acquire Wax
Co. Wax maintained separate incorporation....
asked 1 hour ago -
C++
Write a class Fraction that defines adding, subtracting,
multiplying, and dividing fractions by overloading standard...
asked 2 hours ago -
This java code won't run and I can't figure out the problem with
it. Please help...
asked 3 hours ago -
Trace the following recursive methods:
a) isPal with the string “abccda”
b) isAnBn with the string...
asked 4 hours ago -
1. Which of the following is false about photosynthesis?
A. ATP is the molecule used to...
asked 5 hours ago -
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 6 hours ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 7 hours ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 8 hours ago