Homework Answers
Question 5
When budget constraint shift outward with respect to both the goods then it is due to increase in income.
However, such outward shift of budget constraint due to increase in income is generally a parallel shift outward.
In the given case, budget constraint has shifted more along the X-axis relative to Y-axis.
Chesee sandwiches is taken on X-axis.
So, this means that price of cheese sandwiches has also decreased along with the increase in income and has resulted in the shift of budget constraint from BC1 to BC2.
Hence, the correct answer is option (a) [A decrease in the price of cheese sandwiches and an increase in income].
Add Answer to:
5) Refer to the accompanying figure. Ham Sandwiches S ao Toz na 0 2 4 6...
Figure 4-16 Tprice S' uannty Refer to Figure 4-16. The shift from S to S' in...
Figure 4-16 Tprice S' uannty Refer to Figure 4-16. The shift from S to S' in the market for peaches could be caused by a(n) increase in the price of peaches decrease in the price of pears. increase in income decrease in the labor costs of the workers who pick peaches.
15. {Refer to Figure 4 above). In the market shown, tax revenue is: A. $80 B. $200 C. $100 D. $50 16. When s...
15. {Refer to Figure 4 above). In the market shown, tax revenue is: A. $80 B. $200 C. $100 D. $50 16. When supply and demand both become more inelastic, deadweight loss tends to: A. Decrease B. Increase 17. When supply and demand both become more inelastic, tax revenue tends to: A. Decrease B. Increase 18. Jacquelyn is a student at a major state university. Which of the following is not an example of an explicit cost of her attending...
LAS AO Price Pure SAS level v Real GOP Refer to figure 3 above 2) The...
LAS AO Price Pure SAS level v Real GOP Refer to figure 3 above 2) The economy Is In a short run equilibrium at 01, which is to the left of OF {full employment level of real output). What is the mostly like concern of policy makers A. Rising price levels B. An excess of externalities in the market C. High levels of unemployment D. Crowding our as result of high budget defecits E. An overallocation of scarce resources creating...
Refer to the graph below for the questions 2a-2f). Wolfie consumes pizza and soda and the...
Refer to the graph below for the questions 2a-2f). Wolfie consumes pizza and soda and the graph illustrates his indifference curves. 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Pizza 2. a) Suppose Wolfie has an income of $24, that Ppizza = $2, and that Psoda = $2. Draw Wolfies budget constraint in the above figure. What is the opportunity cost of one more slice of pizza? b) At this...
Relationship between Price and Restaurant Meals 1 Price A 1824) Y15.20) (12,16) Z(10,10) 2 4 6...
Relationship between Price and Restaurant Meals 1 Price A 1824) Y15.20) (12,16) Z(10,10) 2 4 6 8 10 12 14 16 M ais Refer to Figure 2-18. Which of the following could result in a movement from point B to point Z? O a. a change in the price of a restaurant meal O b. a change in the number of restaurant meals demanded O ca change in income O d. Both a and b are correct.
QUESTION 13 5 points Saved Figure 6-4 20 1 Price Supply Demand TE> 16 18 20...
QUESTION 13 5 points Saved Figure 6-4 20 1 Price Supply Demand TE> 16 18 20 Quantity 2 4 6 8 10 12 14 Refer to Figure 6-4. A government-imposed price of $6 in this market could be an example of a (i) binding price ceiling. non-binding price ceiling. (111) binding price floor. (iv) non-binding price floor. a. (ii) and (iii) only b. (ii) only O c. (i) and (iv) only d. (i) only
Refer to the figure below: Price or Cost (dollars per unit) Demand Demand 2 4 6...
Refer to the figure below: Price or Cost (dollars per unit) Demand Demand 2 4 6 8 10 12 14 16 18 Quantity (units per period) Instructions: Enter your responses as a whole number. a. A monopolistically competitive firm is illustrated in the figure above. For the short run equilibrium, what is (1) The price of the product? (ii) The opportunity cost of producing the last unit? $ b. For the long-run equilibrium, what is 0 The price of the...
Figure 1 1 price Sattert 9 8 7 s 6 5 4 3 2 1 2...
Figure 1 1 price Sattert 9 8 7 s 6 5 4 3 2 1 2 4 6 8 10 12 14 16 qaoxtity Refer to Figure 1. When there is a per-unit tax of $3 imposed on the cigarette, in this case, what is the price that buyers actually pay and what is the price that sellers actually receive? Select one: a. $3, $6. b. $4, $6. c. $6, $3. d. $5, $3.
Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel A. Panel C...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
9. Refer to the Figure13-2. If the economy were initially in equilibrium at r0 and E0...
9. Refer to the Figure13-2. If the economy were initially in equilibrium at r0 and E0 and the government removed import quotas, what would happen to the exchange rate? a. It would appreciate to E1. b. It would appreciate to E2. c. It would depreciate to E1. d. It would depreciate to E2. ____ 10. When a country experiences capital flight, which of the following best explains the effects? a. The interest rate falls because the demand for loanable funds shifts left....
Figure 4-16 Tprice S' uannty Refer to Figure 4-16. The shift from S to S' in the market for peaches could be caused by a(n) increase in the price of peaches decrease in the price of pears. increase in income decrease in the labor costs of the workers who pick peaches.
15. {Refer to Figure 4 above). In the market shown, tax revenue is: A. $80 B. $200 C. $100 D. $50 16. When supply and demand both become more inelastic, deadweight loss tends to: A. Decrease B. Increase 17. When supply and demand both become more inelastic, tax revenue tends to: A. Decrease B. Increase 18. Jacquelyn is a student at a major state university. Which of the following is not an example of an explicit cost of her attending...
LAS AO Price Pure SAS level v Real GOP Refer to figure 3 above 2) The economy Is In a short run equilibrium at 01, which is to the left of OF {full employment level of real output). What is the mostly like concern of policy makers A. Rising price levels B. An excess of externalities in the market C. High levels of unemployment D. Crowding our as result of high budget defecits E. An overallocation of scarce resources creating...
Refer to the graph below for the questions 2a-2f). Wolfie consumes pizza and soda and the graph illustrates his indifference curves. 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Pizza 2. a) Suppose Wolfie has an income of $24, that Ppizza = $2, and that Psoda = $2. Draw Wolfies budget constraint in the above figure. What is the opportunity cost of one more slice of pizza? b) At this...
Relationship between Price and Restaurant Meals 1 Price A 1824) Y15.20) (12,16) Z(10,10) 2 4 6 8 10 12 14 16 M ais Refer to Figure 2-18. Which of the following could result in a movement from point B to point Z? O a. a change in the price of a restaurant meal O b. a change in the number of restaurant meals demanded O ca change in income O d. Both a and b are correct.
QUESTION 13 5 points Saved Figure 6-4 20 1 Price Supply Demand TE> 16 18 20 Quantity 2 4 6 8 10 12 14 Refer to Figure 6-4. A government-imposed price of $6 in this market could be an example of a (i) binding price ceiling. non-binding price ceiling. (111) binding price floor. (iv) non-binding price floor. a. (ii) and (iii) only b. (ii) only O c. (i) and (iv) only d. (i) only
Refer to the figure below: Price or Cost (dollars per unit) Demand Demand 2 4 6 8 10 12 14 16 18 Quantity (units per period) Instructions: Enter your responses as a whole number. a. A monopolistically competitive firm is illustrated in the figure above. For the short run equilibrium, what is (1) The price of the product? (ii) The opportunity cost of producing the last unit? $ b. For the long-run equilibrium, what is 0 The price of the...
Figure 1 1 price Sattert 9 8 7 s 6 5 4 3 2 1 2 4 6 8 10 12 14 16 qaoxtity Refer to Figure 1. When there is a per-unit tax of $3 imposed on the cigarette, in this case, what is the price that buyers actually pay and what is the price that sellers actually receive? Select one: a. $3, $6. b. $4, $6. c. $6, $3. d. $5, $3.
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
Most questions answered within 3 hours.
-
An acidic solution containing gold ions is
electrolyzed, producing gaseous oxygen (from water) at the anode...
asked 9 minutes ago -
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 1 hour ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 1 hour ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 2 hours ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 2 hours ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 1 hour ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 2 hours ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 2 hours ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 3 hours ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 3 hours ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 4 hours ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 4 hours ago