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A student has a monthly budget of S120 to spend on either burritos, which cost $6...
A student has a monthly budget of S120 to spend on either burritos, which cost $6...
A student has a monthly budget of S120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. 1. What is the largest number of burritos that the student could afford to purchase in one month? 2. What is the largest number of sodas the student could afford to purchase in one month? 3. Draw the student's budget constraint. Put burritos on the x axis and sodas on the y-axis. 20 4. Which combinations of...
Choice in a World of Scarcity Problem set: A student has a monthly budget of $120...
Choice in a World of Scarcity Problem set: A student has a monthly budget of $120 to spend on either burritos, which cost $6 each or sodas, which cost $4 each. 1.) Which combinations would leave some budget unspent-those to the left of the line in the above graph or those to the right of the line in the above graph? 2.) What is the equation for the students budget constraint? In your equation, use Q1 as the variable to...
Suppose Latasha has a monthly budget of $80 to spend on coffee and cereal
An individual's budget Suppose Latasha has a monthly budget of $80 to spend on coffee and cereal. Coffee is priced at $4 per cup, and cereal is priced at $2 per box. If she spends her entire $80 on cereal, she can buy _______ cups of coffee. If Latasha spends her entire $80 on coffee, she can buy boxes of cereal. Use the blue line (circle symbol) to plot Latasha's budget constraint on the following graph. Next, use the orange point (square symbol)...
Homework (Ch 21) Suppose Juanita has a monthly budget of $80 to spend on milk and...
Homework (Ch 21) Suppose Juanita has a monthly budget of $80 to spend on milk and cereal. Milk is priced at $4 per gallon, and cereal is priced at $2 per box. If Juanita spends her entire $80 on milk, she can buy cereal 80 gallons of milk. If she spends her entire $80 on cereal, she can buy boxes of Use the blue line (circle symbol) to plot Juanita's budget constraint on the following graph. Next, use the orange...
Suppose Yakov has a weekly budget of $48 to spend on coffee and yogurt.
1. An individual's budget Suppose Yakov has a weekly budget of $48 to spend on coffee and yogurt. Coffee is priced at $4 per cup, and yogurt is priced at $6 per container. If Yakov spends his entire $48 on coffee, he can buy _______ cups of coffee. If he spends his entire $48 on yogurt, he can buy _______ containers of yogurt. Use the blue line (circle symbol) to plot Yakov's budget constraint on the following graph. Next, use the orange point...
1. Armand has a weekly budget of $40 which he can spend on magazines and pies....
1. Armand has a weekly budget of $40 which he can spend on magazines and pies. Magazines cost $10 each and a pie is $5. Indicate the opportunity set on (a) Draw Armand's budget constraint on the graph provided. the graph. Magazines Pies (6) Determine if each of the following combinations are in Armand's opportunity set or not. i. Two magazines and four pies ii. One magazines and five pies iii. Three magazines and three ples (c) What is the...
OPPORTUNITY COST & MARGINAL ANALYSIS the follo b. U.S. sonm ent c. 3. Indicate whether each...
OPPORTUNITY COST & MARGINAL ANALYSIS the follo b. U.S. sonm ent c. 3. Indicate whether each of the following statements applies to microeconomics or macroeconomics: The unemployment rate in the United States was 4.1 percent in January 2018. A U.S. software firm discharged 15 workers last month and transferred the work to India. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise. U.S. output, adjusted for inflation, decreased by 2.4 percent...
Suppose a consumer has income of $100 that she can spend on doctors' visits, which cost...
Suppose a consumer has income of $100 that she can spend on doctors' visits, which cost $20 each or "other goods," which we will represent with a composite good whose price is $1 per unit (i.e,the numeraire). (a) Illustrate her budget constraint The government is considering offering one of the following three health plans to con- sumers. Plan A will simply give everyone an additional $40 of income (perhaps through a tax cut). Under plan B, the government will give...
1. Explicit costs ______. do not involve outlays of cash are greater than implicit costs involve...
1. Explicit costs ______. do not involve outlays of cash are greater than implicit costs involve outlays of cash are less than implicit costs 2. Opportunity costs can vary from person to person and ______________________. can be calculated easily most of the time can even be different for the same person at different points in time are always known and predictable represent explicit costs only 3. An example of an implicit cost would be ______. transportation expenses salaries rental costs...
The figure shows the marginal cost (circles) and the average variable cost (crosses) of a firm...
The figure shows the marginal cost (circles) and the average variable cost (crosses) of a firm in a competitive market. The firm always makes the choice to maximize its profit. Price, Cost ($) 5,000 ------ --O If the market price of the product is $3,400, what is the firm's producer surplus? 3,400 3,200 +----- --- ------------ O A. $880 O B. $5,700 OC. $1,700 OD. $3,250 2,000 1.700 1,000 -------- ====== ---------- ==== 1 2 6 7 Quantity 3 4...
A student has a monthly budget of S120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. 1. What is the largest number of burritos that the student could afford to purchase in one month? 2. What is the largest number of sodas the student could afford to purchase in one month? 3. Draw the student's budget constraint. Put burritos on the x axis and sodas on the y-axis. 20 4. Which combinations of...
Homework (Ch 21) Suppose Juanita has a monthly budget of $80 to spend on milk and cereal. Milk is priced at $4 per gallon, and cereal is priced at $2 per box. If Juanita spends her entire $80 on milk, she can buy cereal 80 gallons of milk. If she spends her entire $80 on cereal, she can buy boxes of Use the blue line (circle symbol) to plot Juanita's budget constraint on the following graph. Next, use the orange...
1. An individual's budget Suppose Yakov has a weekly budget of $48 to spend on coffee and yogurt. Coffee is priced at $4 per cup, and yogurt is priced at $6 per container. If Yakov spends his entire $48 on coffee, he can buy _______ cups of coffee. If he spends his entire $48 on yogurt, he can buy _______ containers of yogurt. Use the blue line (circle symbol) to plot Yakov's budget constraint on the following graph. Next, use the orange point...
1. Armand has a weekly budget of $40 which he can spend on magazines and pies. Magazines cost $10 each and a pie is $5. Indicate the opportunity set on (a) Draw Armand's budget constraint on the graph provided. the graph. Magazines Pies (6) Determine if each of the following combinations are in Armand's opportunity set or not. i. Two magazines and four pies ii. One magazines and five pies iii. Three magazines and three ples (c) What is the...
OPPORTUNITY COST & MARGINAL ANALYSIS the follo b. U.S. sonm ent c. 3. Indicate whether each of the following statements applies to microeconomics or macroeconomics: The unemployment rate in the United States was 4.1 percent in January 2018. A U.S. software firm discharged 15 workers last month and transferred the work to India. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise. U.S. output, adjusted for inflation, decreased by 2.4 percent...
Suppose a consumer has income of $100 that she can spend on doctors' visits, which cost $20 each or "other goods," which we will represent with a composite good whose price is $1 per unit (i.e,the numeraire). (a) Illustrate her budget constraint The government is considering offering one of the following three health plans to con- sumers. Plan A will simply give everyone an additional $40 of income (perhaps through a tax cut). Under plan B, the government will give...
The figure shows the marginal cost (circles) and the average variable cost (crosses) of a firm in a competitive market. The firm always makes the choice to maximize its profit. Price, Cost ($) 5,000 ------ --O If the market price of the product is $3,400, what is the firm's producer surplus? 3,400 3,200 +----- --- ------------ O A. $880 O B. $5,700 OC. $1,700 OD. $3,250 2,000 1.700 1,000 -------- ====== ---------- ==== 1 2 6 7 Quantity 3 4...
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