Homework Answers
According to graph,
Kasie’s income is $2000 and she has 6 dinners out of a month
kasie’s friend rick has an income $8000 and 18 dinners out of a
month 
point R in the graph
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CHUCH OWOHNWUCCOUVER VELEET OF VIVO WROT WETU he or she cats out each month. QUANTITY IDinners...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Latasha is her time. As she gives more haircuts, Latasha must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
12. Savings decisions Charles is a Nobel laureate who teaches economics at a university where he...
12. Savings decisions Charles is a Nobel laureate who teaches economics at a university where he is paid a yearly salary of $160,000. He plans to take the next year off to write a book, so he won't earn any money next year. He is currently trying to figure out how much of this year's salary he should save for next year. Disregard any tax considerations, and disregard what happens after next year. In other words, assume that next year,...
Latasha is a skilled toy maker who is able to produce both trains and drums. She has 8 hours a day to produce toys.
4. Opportunity cost and production possibilities Latasha is a skilled toy maker who is able to produce both trains and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time.On the following graph, use the blue points (circle symbol to plot Latasha's initial production possibilities frontier (PPF) Suppose Latasha is currently using combination D, producing one train per day. Her opportunity cost of producing a second train...
The following graph shows the demand curve for kumquats in Chicago. You can use the red rectangle labeled Total Revenue...
The following graph shows the demand curve for kumquats in Chicago. You can use the red rectangle labeled Total Revenue (cross symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, scroll over the shaded area with your mouse. You will not be graded on where you place the rectangle PRICE (Dollars per pound) 12 Total Revenue 10 D 6 X C B X 4 xA 2 Demand 0...
1) 2) Complete the following table by selecting the term that matches each definition. Quantity Supply...
1)
2)
Complete the following table by selecting the term that matches each definition. Quantity Supply Supply Law of Supplied Curve Schedule Supply Definition A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices The amount of a good that sellers are willing and able to supply at a given price price of that good rises A table showing the relationship between the price...
3. Total and average revenue of a monopolist Аа аа Suppose that Manuel Stein is the...
3. Total and average revenue of a monopolist Аа аа Suppose that Manuel Stein is the only seller of kumquats in a small town. The following graph shows the demand and marginal revenue (MR) curves facing Manuel. You can use the red rectangle labeled Total Revenue (cross symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, scroll over the shaded area with your mouse. You will not be...
2. Cournot competition Aa Aa Consider a town in which only two residents, Sam and Amy,...
2. Cournot competition Aa Aa Consider a town in which only two residents, Sam and Amy, own wells that produce water safe for drinking. Sam and Amy can pump and sell as much water as they want at no cost. Assume that outside water cannot be transported into the town for sale. The following questions will walk you through how to compute the Cournot quantity competition outcome for these duopolists. Consider the market demand curve for water and the marginal...
INCOME (Dollars) Kate has 80 hours per week to devote to working or to leisure. She...
INCOME (Dollars) Kate has 80 hours per week to devote to working or to leisure. She is paid an hourly wage and can work at her job as many hours a week as she likes. The following graph illustrates Kate's weekly income-lelsure tradeoff. The three lines labeled BC, BC, and BC illustrate her time allocation budget at three different wages; points A, B, and C show her optimal time allocation choices along each of these constralints BC 1200 BC 800...
Please let me know if I solved anything incorrectly, and what’s the right way to do...
Please let me know if I solved anything incorrectly, and
what’s the right way to do it
The following table shows data on a hypothetical country's real GDP from 2000 through 2008: Aggregate Output (Billions of Dollars) 186 190 192 202 200 194 196 200 202 Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 The green line on the following graph shows the economy's long-term growth trend. Use the blue points (circle symbol) to plot the real GDP...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Latasha is her time. As she gives more haircuts, Latasha must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
12. Savings decisions Charles is a Nobel laureate who teaches economics at a university where he is paid a yearly salary of $160,000. He plans to take the next year off to write a book, so he won't earn any money next year. He is currently trying to figure out how much of this year's salary he should save for next year. Disregard any tax considerations, and disregard what happens after next year. In other words, assume that next year,...
The following graph shows the demand curve for kumquats in Chicago. You can use the red rectangle labeled Total Revenue (cross symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, scroll over the shaded area with your mouse. You will not be graded on where you place the rectangle PRICE (Dollars per pound) 12 Total Revenue 10 D 6 X C B X 4 xA 2 Demand 0...
1)
2)
Complete the following table by selecting the term that matches each definition. Quantity Supply Supply Law of Supplied Curve Schedule Supply Definition A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices The amount of a good that sellers are willing and able to supply at a given price price of that good rises A table showing the relationship between the price...
3. Total and average revenue of a monopolist Аа аа Suppose that Manuel Stein is the only seller of kumquats in a small town. The following graph shows the demand and marginal revenue (MR) curves facing Manuel. You can use the red rectangle labeled Total Revenue (cross symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, scroll over the shaded area with your mouse. You will not be...
2. Cournot competition Aa Aa Consider a town in which only two residents, Sam and Amy, own wells that produce water safe for drinking. Sam and Amy can pump and sell as much water as they want at no cost. Assume that outside water cannot be transported into the town for sale. The following questions will walk you through how to compute the Cournot quantity competition outcome for these duopolists. Consider the market demand curve for water and the marginal...
INCOME (Dollars) Kate has 80 hours per week to devote to working or to leisure. She is paid an hourly wage and can work at her job as many hours a week as she likes. The following graph illustrates Kate's weekly income-lelsure tradeoff. The three lines labeled BC, BC, and BC illustrate her time allocation budget at three different wages; points A, B, and C show her optimal time allocation choices along each of these constralints BC 1200 BC 800...
Please let me know if I solved anything incorrectly, and
what’s the right way to do it
The following table shows data on a hypothetical country's real GDP from 2000 through 2008: Aggregate Output (Billions of Dollars) 186 190 192 202 200 194 196 200 202 Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 The green line on the following graph shows the economy's long-term growth trend. Use the blue points (circle symbol) to plot the real GDP...
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