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- (Table: Customer Valuations for Lawn Services I) The table shows customer valuations for different lawn services. Consumer Valuations per Season Lawn Cutting Fertilizing $ 800 $400 1,000 250 Consumer Ben Ethan The marginal cost of lawn cutting is $400, and the marginal cost of fertilizing is $200. Suppose the lawn service prices its services separately. In this case, the company should charge $ for fertilizing. O 250 800 600 Bundle $1,200 1,250 400Assume that you are in the business of building houses in United Kingdom. You have analyzedthe market carefully, and you know that at a price of £120,000, you will sell 800 houses peryear. In addition, you know that at any price above £120,000, no one will buy your housesbecause the government provides equal-quality houses to anyone who wants one at £120,000.You also know that for every £20,000 you lower your price, you will be able to sell an additional200 units. For example, at a price of £100,000, you can sell 1,000 houses; at a price of £80,000,you can sell 1,200 houses; and so on.a. Sketch the demand curve that your firm faces.b. Sketch the effective marginal revenue curve that your firm faces.c. If the marginal cost of building a house is £100,000, how many will you build and whatprice will you charge? What if MC = £85,000?Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, What is the right amount of variety? Can there be too many varieties of shoes, for example?
- Only typed answer Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their catch to 2,000 tons of sockeye salmon each. Kara's cost per ton is $6; Kyle's cost per ton is $10. Assume that the market price of sockeye salmon is $14 per ton. If Kara pays Kyle $5 per ton for his ITQs, and if she then catches her new limit of 4,000 tons, her profit would be?1. Suppose a firm sells a luxury and a budget version of a good. Why might that firm make the budget version of the good extremely low quality?5. Darnell owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more, Here is the cost he incurs to produce each bottle of water: Cost of first bottle: $1 Cost of second bottle: $4 Cost of third bottle: $7 Cost of fourth bottle: $9 From this information, complete the following table by denving Darne/'s supply schedule. Price Quantity Supplied More than $9 $7 to $9 $4 to $7 $1 to $4 $1 or less
- Principles of Economics S1 20/21 n 6 Quiz navigation Suppose the cost of operating a 75 room hotel for a night is $6,000 and there are 5 empty rooms for tonight. If the marginal cost of operating one room for one night is $40, the hotel manager should rent one of the 1. 2. 4 red empty rooms only if a customer is willing to pay d out of 10 11 12 13 14 O a. more than $40, as the average benefit will exceed the marginal cost. 9 question 19 20 O b. more than $80, as the marginal benefit will exceed the marginal cost. Finish attempt.. WEE C. more than $40, as the marginal benefit will exceed the marginal cost. Time left 0:27:12 d. more than $80, as the average benefit will exceed the marginal cost. Next page evious page 3.7 This figure below shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive. 1 Sarah points Lew Effont High Effert 00:40 25 Low Effort Joe High Effon The outcome of the game in the figure shown will be: Multiple Choice Joe puts forth high effort and Sarah puts forth low effort. Joe puts forth low effort and Sarah puts forth high effort. Joe and Sarah both put forth low effort. Joe and Sarah both put forth high effort.Brewed coffee is one of the most popular drinks in the world and a big market in Singapore. In recentyears Singaporean consumers have become concerned that coffee farmers often receive very lowprices by large coffee companies buying their beans and selling them in international markets. Forthis reason, fair trade coffee has reached supermarket shelves and coffee shops. Because producingfair trade coffee includes providing extra income for the farmers, this product is more costly to makethan other coffee types of comparable quality. Using the demand-supply model, analyse this changein consumer preferences. Examine the likely consequences in one or two markets of your choice. Limits 500 words
- Refer to the accompanying table, where Q represents the quantity produced, internal cost and social cost are given for various quantities, and P represents the price consumers are willing to pay for various quantities. Q Internal Cost 100 200 300 400 500 600 The social optimum occurs where price is Choose one: O A $60; 300 OB. $70; 200 O C. $50; 200 O D. $60; 100 OE. $80; 300 $40 $50 $60 $70 $80 $90 and quantity is, Social Cost $60 $70 $80 $90 $100 $110 P $80 $70 $60 $50 $40 $30A nomadic tribe in Lapland spends all its productive time hunting reindeer. Someof the reindeer meat is kept for consumption and the remainder is sold at a nearbytrading station in return for other goods. It is observed that when the price ofreindeer meat increases the amount the tribe is willing to supply decreases.(a) Sketch this situation in a diagram, with axes ‘reindeer meat’ and ‘all othergoods’. (Hint: locate the production position and sketch the consumptionopportunities line before and after the price change).(b) Determine if reindeer meat is an inferior good to the tribe?(Hint: consider what happens to the consumption position).(c) How does the analysis change if the tribe can hunt and trade fish as well as thereindeer? (Hint: now label the axes ‘reindeer meat’ and ‘fish’ and considerboth the production and consumption decisions25. Did you know that Peanut butter cookies can be made with just 3 ingredients: sugar, eggs, and peanut butter? Suppose that the Superior Nut Company imports peanuts for $3,000,000 and crushes them into peanut butter that it sells to Carlo's Bakery for $5,000,000. Carlo's Bakery imports eggs and sugar for $4,000,000 and uses the ingredients to make peanut butter cookies which it sells for $15,000,000. If you use the expenditure on final goods method to calculating GDP then the contribution to GDP here is (expenditure on final goods) – (expenditure on imports) = $8,000,000. If you use the value added method you calculate the value added by each company and add them together. It should give you the same result. What was the value added by Carlo's Bakery? (yes, it is in the millions and you have to type the Os)