4:12 PMG b + .….0.62K/s 0a .ll32%K 4_5915643745964919843.docxX :1. Define the FollowingA. EconomicsB. Factors of ProductionC. ScarcityD.Opportunity CostE. Law of Demand.E. Production Possibilities CurveG. Law of SupplyH. Three basic questions all economic systems must answer2. Let the following table represents the total utility of a given consumer, in the cardinal utility approach.1234567TUXTU81418202018166.101315161614MUXMUYMUX/PxMUy/PyA) Calculate the MUx and MUy and fill the table in the 4th and 5th rows.B) If the two products (X&Y) are free goods how many of X and Y should the consumer take to maximize utility?C) What is the maximum utility of X and Y if they are free?D) Let now price of X is 4 bir per unit and price of Y is 2 bir per unit. Calculate MUx/Px and MUy/Py and fill the 6th and 7th row.E) Assuming the consumer has any amount of money (enough budget) how many of X and Y should the consumer buy, to maximize utility?F) What is the total utility of X and Y?G) Let now price of X is 4 birr per unit and price of Y is 2 birr per unit and budget of the consumer for consumption of X and Y is 20 birr. Given budget constrainthow many of X and Y should the consumer buy to maximize utility?H) What are the total utility of X and YQEditSearchSave as

NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Answered: 1. Define the Following A. Economics B.…

Business

Economics

1. Define the Following A. Economics B. Factors of Production C. Scarcity

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.3P

See similar textbooks

Similar questions

8:35 O ll 60% Econ101- Final Written.. QUESTION 2 Table 1 Number of Chocolate Bars per Day Total Utility Marginal Utility 80 150 200 230 10 2- Refer to the table above, 2.a- What is the marginal utility of the second chocolate bar per day? Please calculate. (3 pt) 2.b- What is the total utility of five chocolate bars per day QUESTION 3 3- You are a firm owner. Your total revenue was 100 TL last year. Your costs for rent and supplies were 35 TL. To start this business, you invested certain amount of money that could bring you a 45 TL as an annual return. If you would work for another company, DONOT CORY 3.a- Refer to the statement above. What were your economic costs during the year? Please calculate. (3 pt) 3.b- Refer to the statement above. What was your cconomic profit last year? Please calculate. (3 pt) QUESTION 4 Table 2 Technology Units of Capital Number of Employees 2. 5 12 B 11 10 D 10 4 4- Use the information provided in Table 2 above to answer the question(s) that follow. II…
14. What assumption is important in using economic model to make predicitons? a) the law of demand b) the rationality assumption c) ceteris paribus/ other things being equal d)evryone being a price taker
Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.
Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.
ECON Questions 5, 6, 7, and 8 How to solve and answer these economics questions showed in the screenshot?
The table below shows the marginal benefit for various inputs. Assume that each level represents a $100 investment, and answer the following questions. (a) If you have an unlimited budget, how much would you spend on each input? Explain.(b) Now, assume you can spend a maximimum of $500. What would you spend on each inputnow? What order would you buy them in?(c) Finally, assume you can borrow as much as you want with an interest rate of 10%. How muchwill you borrow and how will you spend it if you have to pay back the loan within 1 year?
q.6
Plz answer ASAP. Correct answer with working / steps will give you a like.
Mega Partner is selling two products Marker(m) and Eraser(e) and their budget is given with thefollowing equation: 15Qe+ 30Qm= 3000. Now answer the following questions. I. Draw the budget line for Mega PartnerII. What would be the highest amount spend on Marker with the existing budgetIII. If Total budget increases to 4500 what would be the new budget line (use diagram)IV. If Price of the Marker becomes 15, how this changes the existing budget line keeping allthe values remain same.
minimum 200 words please
The condition that arises because the availableresources are insufficient to satisfy wantsSelect one:O aa. ScarcityO b. DeflationO c. CredibilityO d. Rationality