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college student has two options for budget is $60. for meals: eating at the dining hall...
1. Problems 22-1 A college student has two options for meals: eating at the dining hall...
1. Problems 22-1 A college student has two options for meals: eating at the dining hall for $5 per meal, or eating a package of Cup O' Soup for $2.50 per meal. Her weekly food budget is $100. Assume that she spends equal amounts on both goods. On the following graph, use the green line (triangle symbol) to draw the college student's budget constraint. Then use the black point (plus symbol) to indicate the initial optimum in this case. Initial...
please help me to solve this exercise, chapter 21
A college student has 2 options for meals: eating at the dining hall for $6 per meal, or eating a Cup O' Soup for $1.50 per meal. His weekly food budget is $60.a. Draw the budget constrain showing the trade-off between dining hall meals and Cups O' Soup. Assuming that he spend equal amounts on both goods, draw an indifferencecurve showing the optimum choice. Label the optimum as point A.b. Suppose the price of a Cup O' Soup now rises...
Use your time wisely, and good luck 1. Term Explanations: (4 points each, 20 points total)...
Use your time wisely, and good luck 1. Term Explanations: (4 points each, 20 points total) (1) Implicit costs (2) Diminishing marginal product (3) Variable costs (4) Price discrimination (5) Marginal cost 2. Calculation and analysis (25point each*2-50point): company (1) We have the cost information of ABC Measures of Cost for ABC Inc. Widget Factory Variable Total Fixed Quantity of Widgets Costs Costs Costs $10 $ 1 1 $13 $ 3 2 S 6 $16 3 $10 s25 $21 Try...
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)...
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...
Suppose a consumer has budget of $120 per week to spend on food. Consumer can choose...
Suppose a consumer has budget of $120 per week to spend on food. Consumer can choose to eat at restaurants (R), in which case he spends about $20 per meal (P $20), or spend his money on All-Other-Food (PAOP $1) 2. a. Ilustrate consumer's budget line. Plot R on the horizontal axis. b. If consumer's utility function is U-R AOF, what will be his optimal bundle? What would be the value of his utility at optimal bundle? How much money...
Maria enjoys eating bagels and scones. The following graph displays one of Maria's indifference curves (11),...
Maria enjoys eating bagels and scones. The following graph displays one of Maria's indifference curves (11), which shows her preference for bagels and scones each month. SCONES -- + -- -- 8 10 14 BAGELS Complete the following table by determining Maria's marginal rate of substitution (MRS) between the two points listed in each row. (Note: Although Che MRS is technically always negative, enter a positive number in the following table since it asks for the amount of scones per...
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...
1. Consider an individual demand function g 100-5P a. Solve for inverse demand. Plot. b. Suppose...
1. Consider an individual demand function g 100-5P a. Solve for inverse demand. Plot. b. Suppose the market consisted of 5 buyers, each having the same individual demand. Find and plot the market demand c. Use the found market demand to determine the price (and quantity) that would maximize sellers revenue (assuming 1 seller). Ililustrate. (Attempt) If the seller's costs were $5 per unit, what would be the seller's profit-maximizing price and quantity? Illustrate your solution. d. 2. Suppose a...
Suppose that your grandmother gave you 3 vests and 2 pairs of corduroys for your birthday,...
Suppose that your grandmother gave you 3 vests and 2 pairs of corduroys for your birthday, and you are deciding whether or not to keep the gift or exchange it for a different combination of vests and corduroys. Unfortunately, you did not get a gift receipt for the items, so the only way to return the clothing is to receive store credit for their current price. A week later you head to the store to check out the current prices...
1. Problems 22-1 A college student has two options for meals: eating at the dining hall for $5 per meal, or eating a package of Cup O' Soup for $2.50 per meal. Her weekly food budget is $100. Assume that she spends equal amounts on both goods. On the following graph, use the green line (triangle symbol) to draw the college student's budget constraint. Then use the black point (plus symbol) to indicate the initial optimum in this case. Initial...
Use your time wisely, and good luck 1. Term Explanations: (4 points each, 20 points total) (1) Implicit costs (2) Diminishing marginal product (3) Variable costs (4) Price discrimination (5) Marginal cost 2. Calculation and analysis (25point each*2-50point): company (1) We have the cost information of ABC Measures of Cost for ABC Inc. Widget Factory Variable Total Fixed Quantity of Widgets Costs Costs Costs $10 $ 1 1 $13 $ 3 2 S 6 $16 3 $10 s25 $21 Try...
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...
Suppose a consumer has budget of $120 per week to spend on food. Consumer can choose to eat at restaurants (R), in which case he spends about $20 per meal (P $20), or spend his money on All-Other-Food (PAOP $1) 2. a. Ilustrate consumer's budget line. Plot R on the horizontal axis. b. If consumer's utility function is U-R AOF, what will be his optimal bundle? What would be the value of his utility at optimal bundle? How much money...
Maria enjoys eating bagels and scones. The following graph displays one of Maria's indifference curves (11), which shows her preference for bagels and scones each month. SCONES -- + -- -- 8 10 14 BAGELS Complete the following table by determining Maria's marginal rate of substitution (MRS) between the two points listed in each row. (Note: Although Che MRS is technically always negative, enter a positive number in the following table since it asks for the amount of scones per...
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. Consider an individual demand function g 100-5P a. Solve for inverse demand. Plot. b. Suppose the market consisted of 5 buyers, each having the same individual demand. Find and plot the market demand c. Use the found market demand to determine the price (and quantity) that would maximize sellers revenue (assuming 1 seller). Ililustrate. (Attempt) If the seller's costs were $5 per unit, what would be the seller's profit-maximizing price and quantity? Illustrate your solution. d. 2. Suppose a...
Suppose that your grandmother gave you 3 vests and 2 pairs of corduroys for your birthday, and you are deciding whether or not to keep the gift or exchange it for a different combination of vests and corduroys. Unfortunately, you did not get a gift receipt for the items, so the only way to return the clothing is to receive store credit for their current price. A week later you head to the store to check out the current prices...
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