Homework Answers
here as we know a bigger budget line will be prefered over a
smaller one because the former gives more freedom to purchase and
choose from more combination.
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HOMEWORK Suppose you won $50 on a lotto ticket and decided to spend all the winnings...
Suppose you won $50 on a lotto ticket and decided to spend all the winnings on...
Suppose you won $50 on a lotto ticket and decided to spend all the winnings on books and DVDs. The price of books is $5 and the price of DVD is $10 (A) Construct a table showing the alternative combinations of the two products (books and DVDs) that are available within your budget. (B) Plot the data in your table as a budget line in a graph. What is the slope of the budget line? What is the opportunity cost...
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend...
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. Candy bars cost $0.75 each while bags of peanuts cost $1.50 each. a. Complete the table below (gray-shaded cells) showing the alternative combinations of the two products that are available. Instructions: Enter your answers as whole numbers. Alternative Combinations Goods 12 16 20 Candy bars Bags of peanuts ok b. Use the data in...
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 that you initially have $100 to spend on books or movie tickets. The books start...
Suppose that you initially have $100 to spend on books or movie tickets. The books start off costing $25 each and the movie tickets start off costing $10 each. For each of the following situations, would the attainable set of combinations that you can afford increase or decrease? a. Your budget increases from $100 to $150 while the prices stay the same: Cick to selecto b. Your budget remains $100, the price of books remains $25, but the price of...
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2...
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2 40 70 90 100 106 60 90 105 114 120 2 4 4 29. (Table) In the table, assume that a consumer has a budget of $12, water costs $2 per bottle, and chips cost $3 per bag. When utility is maximized, the MUIP for both goods is: A) 20 B) 5 C) 3. D) 10. 30. Suppose you have $100 to spend on...
The price of DVDs (D) is $20 and the price of CDs (C) is $10. Philip...
The price of DVDs (D) is $20 and the price of CDs (C) is $10. Philip has a budget of $100 to spend on the two goods. Suppose he has already bought one DVD and one CD. In addition, there are 3 more DVDs and 5 more CDs he would like to buy. a. Given the above prices and income, draw his budget line on a graph with CDs on the horizontal axis and correctly identify where is current market...
2. Suppose Matt has $20 to spend on movies and books. The price of one unit...
2. Suppose Matt has $20 to spend on movies and books. The price of one unit of movie and the price of one unit of book are both $2. Assume movies and books are normal goods. a) Draw Matt’s budget line (Draw Movies on the X-axis). Suppose Matt optimally consumes 6 movies and 4 books. Label this bundle as point A on your graph, and draw the indifference curve associated with this bundle. b) Consider the bundle (5 movies, 5...
You just won $2,500 dollars on a scratch-off lottery ticket! You've been interested in investing, so...
You just won $2,500 dollars on a scratch-off lottery ticket! You've been interested in investing, so now is your chance. If you invest that $2,500 for 5 years with a simple annual interest rate of 8%, how much will it be worth at the end of that 5 years? $2.712 $3.100 $3,500 $3,673 Refer to the previous question. If, instead, you could invest your $2,500 lottery winnings for 5 years at an 8% interest rate with compound interest would you...
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 you're a Tim Hortons addict and spend all your money on coffee and doughnuts. You...
Suppose you're a Tim Hortons addict and spend all your money on coffee and doughnuts. You have $15 to spend. Doughnuts cost $1 each and coffee costs $1.50/cup. Draw a budget line that reflects this situation. Then show what would happen if the price of coffee fell to $1/cup.
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. Candy bars cost $0.75 each while bags of peanuts cost $1.50 each. a. Complete the table below (gray-shaded cells) showing the alternative combinations of the two products that are available. Instructions: Enter your answers as whole numbers. Alternative Combinations Goods 12 16 20 Candy bars Bags of peanuts ok b. Use the data in...
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 that you initially have $100 to spend on books or movie tickets. The books start off costing $25 each and the movie tickets start off costing $10 each. For each of the following situations, would the attainable set of combinations that you can afford increase or decrease? a. Your budget increases from $100 to $150 while the prices stay the same: Cick to selecto b. Your budget remains $100, the price of books remains $25, but the price of...
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2 40 70 90 100 106 60 90 105 114 120 2 4 4 29. (Table) In the table, assume that a consumer has a budget of $12, water costs $2 per bottle, and chips cost $3 per bag. When utility is maximized, the MUIP for both goods is: A) 20 B) 5 C) 3. D) 10. 30. Suppose you have $100 to spend on...
You just won $2,500 dollars on a scratch-off lottery ticket! You've been interested in investing, so now is your chance. If you invest that $2,500 for 5 years with a simple annual interest rate of 8%, how much will it be worth at the end of that 5 years? $2.712 $3.100 $3,500 $3,673 Refer to the previous question. If, instead, you could invest your $2,500 lottery winnings for 5 years at an 8% interest rate with compound interest would you...
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...
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