7:3418.0 D 41. 48bartleby.com/que + :DSubstitute q-60 (the fixedquantity of apartments):op 1200 10(80)op 1200 800° p=400Thus, the market price (theequilibrium price) for apartmentsis $400.Monthly rentThe Market for ApartmentsGraphical Representation:• On the graph, the demandcurve slopes downward,meaning that as the pricedecreases, the quantitydemanded increases.• The demand curveslopes downwardfrom a price of $1200at apartments to coOIII

Approach to solving the question: I will help with analyzing the given housing market equilibrium…

Answered: 7:34 18.0 D 41. 48 bartleby.com/que +…

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter18: Pricing The Factors Of Production

Section: Chapter Questions

Problem 4TY

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Table 22.4 shows the fruit prices that the typing college student purchased from 2001 to 2004. What is the amount spent each year on the basket of fruit with the quantities shown in column 2?
Suppose your weekly allowance from your parents is $100 and your part-time job pays $10 per hour. The slope of the line plotting the relationship between the hours worked per week (the horizontal axis) and the income per week (the vertical axis) is $. (Enter your response as an integer.) Suppose you start with 10 hours of part-time work and then decide to increase your time working by 3 hour(s). By how much will your weekly income increase? $. (Enter your response as an integer.) Suppose you start with 10 hours of work and then decide you need additional income of $20 per week. How many additional hours would you have to work? hours. (Enter your response as an integer.)
4. Akua gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 110 hours. Her utility function is U (C, L) = C × L. Akua receives 660 GHS each week from her great-grandmother—regardless of how much she works. a. What will be Akua’s marginal rate of substitution. b. What will be Akua’s reservation wage? (Explain in detail)
4. Winona has 80 hours to divide between leisure and labor. Her utility function is u(r,c) = f(r) + c, when r represents hours of leisure, c represents dollars of consumption, and fis strictly concave. Winona's wage is wo = $15/hr. initially, then it rises to wi = $20/hr. (i) Explain what happens to Winona's labor supply when the wage rises, and why. (ii) Explain how the answer to (i) would change if Winona were to win a lottery.
Question What problem could arise with consumers' net demand functions as any price becomes zero? What axiom of consumer theory is involved here? How might it be changed to exclude this possibility
36 - When the wage increases from 200 TL to 500 TL, which of the following is found when we subtract the ratio showing how much of the difference after the 300 TL change goes to consumption from 1? a) MPI B) APC C) MPS D) APS TO) MPC
The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges 50 45 Price 20 (Dollars per box) 40 Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) Supply 480 200 35 30 25 20 15 Demand 80 160 240 320 400 480 560 640 720 800 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of oranges is million boxes. PRICE (Dollars per box) 10
cook -int ences a) Chika has calculated the marginal utility that she derives from her paid employment and from leisure. This is presented in table below. In her ideal world, where she could work as few or as many hours as she wished, how would she allocate her sixteen waking hours? (She does need to sleep.) Hours 1 2 3 4 5 6 7 8 9 10 MU Paid Employment 80 75 70 65 60 55 50 45 40 35 MU Leisure 120 110 100 90 80 70 60 50 40 30 9 hours working and 40 hours leisure. b) Unfortunately, Chika begins to realize that unless she gets an education she will not enjoy a high salary and therefore, will not be able to afford more leisure time. She therefore decides to spend six hours each day studying (in addition to her eight hours of sleep). How will she now divide the remaining hours between work and leisure?! hours working and hours leisure. Help Save C
Task 2 - Below is a hypothetical demand and supply for apartments. Answer the following questions below using as basis the schedule given: Number of Apts. Number of Apts. Supplied/Month Rent/Month (Php) Demanded/Month 1 120,000 200 100,000 20,000 400 80,000 40,000 600 60,000 60,000 800 40,000 80,000 1000 20,000 100,000 1200 120,000 1. Draw the demand and supply curves for apartments using the schedule above. 2. What is the equilibrium rent per month? At this rent, what is the number of apartments demanded and supplied per month? 3. At P400 rent per month what will be the demand and supply of apartments? Will there be a surplus or shortage of supply? Explain your answer. 4. At 800 rent per month what will be the demand and supply of apartments? Will there be a surplus or shortage of supply? Explain your answer.
The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges 50 Price (Dollars per box 45 15 Supply Quantity Supplied (Mlions of baes 40 378 Quantity Demanded (Millions of boxes) 900 35 30 Demand 20 15 10 00 180 270 300 400 540 630 720 810 000 QUANTITY (Milions of baxes) million boxes. per box, and the equilibrium quantity of oranges is a ailihrium price is s In this market, the equilibrium price is S per bax, and the equilibrium quantity of oranges is million boxes. For each price listed in the following table, determine the quantity of oranges demanded, the quiantity of oranges suppled, and the direction of pressure exerted on prices in…
7. Suppose that you were the manager of a large retail store that was currently experiencing a shoplifting problem. Every hour, approximately $15 worth of merchandise was being stolen from your store. Suppose that a security guard would completely eliminate the shoplifting in your store. If you were interested in maximizing your profits, should you hire a security guard if the wage rate of security guards was $20 per hour? Why or why not? What does this imply about the relationship between average shoplifting per hour in the economy and the wage rates of security guards?

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