Homework Answers
D. Decrease, shift left
With an increase in the price of goods the income to decrease as now things become costlier and profits reduce. As a result the budget line also reduces because of low income levels and hence shifts leftwards or inwards.
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Question 3 1 pts An increase in the price of both goods has a similar effect...
Question 1 2 pts Utility is a hypothetical measure of satisfaction one receives from consuming a...
Question 1 2 pts Utility is a hypothetical measure of satisfaction one receives from consuming a good/service. True False Question 2 2 pts The graph below shows a budget line for someone purchasing cupcakes and tutoring. cupcakes (number of) tutoring (hours) What could cause the inward pivot? income increases income decreases the price of cupcakes increases the price of tutoring increases Question 3 2 pts What would cause the budget line to shift inward in a parallel manner? income increases...
Question 14 1 pts Suppose there are two goods: food (horizontal axis) and shelter (vertical axis)....
Question 14 1 pts Suppose there are two goods: food (horizontal axis) and shelter (vertical axis). If income doubles, the price of food doubles, and the price of shelter doubles, then the budget line will be unchanged. budget line will become steeper. budget line will become flatter, budget line will shift outward in a parallel fashion.
Just the answer please, no need to show the work. Suppose there are two goods, the...
Just the answer please, no need to show the work. Suppose there are two goods, the prices of both goods are positive and a consumer's income is also positive. If the consumer's income doubles and the price of both goods triple, the consumer's budget line gets steeper and shifts inward. the slope of the consumer's budget line does not change but the budget line shifts outward away from the origin. the slope of the consumer's budget line does not change...
Question 2: A consumer has 100 dollars to spend on two goods, price of a sweater...
Question 2: A consumer has 100 dollars to spend on two goods, price of a sweater is $ 10 and price of shoes is $ 20. Assume the consumers budget line has shoes on the vertical axis and sweaters on the horizontal axis; a. Determine the slope and the intercept of the budget line b. What will be the effect of the following on the budget line: Increase in price of sweaters Increase in income of consumer If price of...
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This Question: 1 pt 46 of 60 (39 complete) This Test: 60 pts p Jerry's lottery ticket and candy bar budget is $20 a week. The price of a lottery ticket is $2 and the price of a candy bar is $5 Quantity (lottery tickets per week) Draw Jerry's budget e ad label it. >>>Plot the quantity of candy bars on the x-axis Other things remaining the same, if the price of a lottery ticketfalls, Jerry's budget line Other things...
QUESTION 50 Stagflation results from continued decreases in aggregate demand. True False QUESTION 51 An increase...
QUESTION 50 Stagflation results from continued decreases in aggregate demand. True False QUESTION 51 An increase in industry regulation will the cost of production and shift the SRAS curve increase ; outward increase inward decrease outward decrease inward QUESTION 52 "If an economy has a relatively higher marginal propensity to consume, then government expenditure will be" O more effective less effective ineffective less effective than monetary policy
1 pts Question 13 PPFs are usually bowed out because: all resources are not equally adaptable...
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managerial economics and strategy if the price of one good increases whike the price of another...
managerial economics and strategy
if
the price of one good increases whike the price of another good and
the consumers income remains unchanged, what will happen to the
budget line?
omework: Week 3 GRADED Homework me: 0 of 2 pts 12 of 20 (10 complete) 3-9 the price of one good increases while the price of the other good and the consumer's income remain unchanged what will happen to the budget line? A The budget line rotates inward from the...
In the Ricardian model with a continuum of goods (Dornbusch et al), an increase in the relative s...
In the Ricardian model with a continuum of goods (Dornbusch et al), an increase in the relative size of the foreign country's labor force will: a. raise the foreign wage and reduce the range of goods produced in Foreign. b. raise the home relative wage and expand the range of goods produced in Foreign c. have no effect on the pattern of trade d. expand the range of goods produced at home In the 2-factor (labor and capital), 2 good...
1. Suppose the price of a taco is $1 and the price of a soft drink...
1. Suppose the price of a taco is $1 and the price of a soft drink is $2. If Mehmet has $5, then he can buy: A) four tacos and two soft drinks B) three tacos and two soft drinks C) four tacos and one soft drink D) three tacos and one soft drink 2. Tena has $50 per week to spend on lunches. Egg rolls cost $2 each and a plate of chow mein costs $7. Tena wants to...
Question 1 2 pts Utility is a hypothetical measure of satisfaction one receives from consuming a good/service. True False Question 2 2 pts The graph below shows a budget line for someone purchasing cupcakes and tutoring. cupcakes (number of) tutoring (hours) What could cause the inward pivot? income increases income decreases the price of cupcakes increases the price of tutoring increases Question 3 2 pts What would cause the budget line to shift inward in a parallel manner? income increases...
Question 14 1 pts Suppose there are two goods: food (horizontal axis) and shelter (vertical axis). If income doubles, the price of food doubles, and the price of shelter doubles, then the budget line will be unchanged. budget line will become steeper. budget line will become flatter, budget line will shift outward in a parallel fashion.
This Question: 1 pt 46 of 60 (39 complete) This Test: 60 pts p Jerry's lottery ticket and candy bar budget is $20 a week. The price of a lottery ticket is $2 and the price of a candy bar is $5 Quantity (lottery tickets per week) Draw Jerry's budget e ad label it. >>>Plot the quantity of candy bars on the x-axis Other things remaining the same, if the price of a lottery ticketfalls, Jerry's budget line Other things...
QUESTION 50 Stagflation results from continued decreases in aggregate demand. True False QUESTION 51 An increase in industry regulation will the cost of production and shift the SRAS curve increase ; outward increase inward decrease outward decrease inward QUESTION 52 "If an economy has a relatively higher marginal propensity to consume, then government expenditure will be" O more effective less effective ineffective less effective than monetary policy
1 pts Question 13 PPFs are usually bowed out because: all resources are not equally adaptable in the production of all goods the more resources a society uses to produce one good, the fewer resources it has available to produce another good. all resources are equally adaptable in the production of all goods all PPts have a negative slope Question 14 1 pts The effect of an increase in productive inputs such as labor and capital can be shown by:...
managerial economics and strategy
if
the price of one good increases whike the price of another good and
the consumers income remains unchanged, what will happen to the
budget line?
omework: Week 3 GRADED Homework me: 0 of 2 pts 12 of 20 (10 complete) 3-9 the price of one good increases while the price of the other good and the consumer's income remain unchanged what will happen to the budget line? A The budget line rotates inward from the...
In the Ricardian model with a continuum of goods (Dornbusch et al), an increase in the relative size of the foreign country's labor force will: a. raise the foreign wage and reduce the range of goods produced in Foreign. b. raise the home relative wage and expand the range of goods produced in Foreign c. have no effect on the pattern of trade d. expand the range of goods produced at home In the 2-factor (labor and capital), 2 good...
1. Suppose the price of a taco is $1 and the price of a soft drink is $2. If Mehmet has $5, then he can buy: A) four tacos and two soft drinks B) three tacos and two soft drinks C) four tacos and one soft drink D) three tacos and one soft drink 2. Tena has $50 per week to spend on lunches. Egg rolls cost $2 each and a plate of chow mein costs $7. Tena wants to...
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