Alberto is a carpenter and he needsa new saw in order to make morecabinets to sell to his buyers. To dothis, he sells a bench he has made,and uses the money to purchase anew saw.What can one conclude aboutthe function of money in thisscenario?A. Alberto is using money as ameans of deferringpayment.B. Alberto is using money as amedium of exchange.C. Alberto is using money as astore of value.D. Alberto is using money as aunit of account.

Money is anything that can be socially and legally accepted as a medium of exchange for any good or…

Alberto is a carpenter and he needs a new saw in order to make more cabinets to sell to his buyers. To do this, he sells a bench he has made, and uses the money to purchase a new saw. What can one conclude about the function of monev in this

Alberto is a carpenter and he needs a new saw in order to make more cabinets to sell to his buyers. To do this, he sells a bench he has made, and uses the money to purchase a new saw. What can one conclude about the function of monev in this

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose apartments are in four locations: Location A, Location B, Location C, and Location D. Location A is in the city, where your job is. Location B is 10 minutes farther from your job than Location A. Location C is 10 minutes farther from your job than Location B, and Location D is 10 minutes farther than Location C. In turn, similar apartments in Location B rent for $125 less per month than apartments in Location A, apartments in Location C rent for $125 less than in Location B, and apartments in Location D rent for $125 less than in Location C. Suppose the value of your time is $18 per hour and you work 21 days per month, with each day requiring a round-trip commute from your apartment to work. Part 2 For simplicity, assume rent and the opportunity cost of your time commuting to work are the only factors influencing the location in which to rent an apartment.
Columns 1 through 4 of the accompanying table show the marginal utility, measured in utils, that Ricardo would get by purchasing various amounts of products A, B, C, and D. Column 5 shows the marginal utility Ricardo gets from saving. Assume that the prices of A, B, C, and D are $18, $6, $4, and $24, respectively, and that Ricardo has an income of $105. What quantities of A, B, C, and D will Ricardo purchase in maximizing his utility? How many dollars will Ricardo choose to save? Check your answers by substituting them into the algebraic statement of the utility‑maximizing rule. In other words, show it works when using this rule.
Consider Alexei who makes $1,400 per week and just won a ‘set for life’ lottery ticket which involves a fortnightly payment of $10,000 for 20 years. Currently he works 35 hours per week. Now do the following: • DRAW A DIAGRAM that shoes the effect of the lottery win on Alexei’s budget constraint using a fully labelled diagram where i) the horizontal axis represents the hours of free time per week, and ii) the vertical axis represents Alexei’s weekly consumption. (this is the only information provided)
The substitution effect of an increase in the wage rate will: O always lead to a decrease in the quantity of labor supplied. O always lead to an increase in the quantity of labor supplied. O lead to an increase in the quantity of labor supplied only if leisure is a normal good. O lead to an increase in the quantity of labor supplied only if leisure is not a normal good. O lead to an increase in the quantity of labor supplied only if the income effect works in the same direction.
just subparts a, b and c please
My children are making my shoulders hurt. Fortunately for me, they have given me a gift certificate to Molly's Muscle Message for Mother's Day that I can cash in whenever I like. Give this, we know that I am not in equilibrium. a. False Ob. True
You sell bracelets online. The demand for these bracelets is: P = 84 - 2Q The bracelets cost $6 each to produce. If you choose to sell a bracelet, you cannot sell a necklace, which has averaged $18 in profit. At what price should you sell the bracelets? Enter as a value. ROUND TO TWO DECIMAL PLACES.
For a subsistence agricultural household, which of the following happen when the price of the staple they are producing increases? [SelectMultiple] Group of answer choices Due to profit effect, their utility as producers increases. The impact on overall welfare of the household is ambiguous since it depends on the relative forces of profit effect and price effect. Their is no effect since subsistence households never sell or buy their staple production. Due to price effect, their utility as consumers decreases.
Using the midpoint method, if the price of an airline ticket from San Diego to Kansas City changes from $274 to $670, what is the percentage change in price? The price of an airline ticket from San Diego to Kansas City changes by percent. [Enter your answer in percent, rounded to two decimals.)
handwritten solution not required
just subparts g and h
Relate the concept of marginal rate of substitution back to the idea of willingness to pay and economic return. In particular... If my MRS2 for1|> ERS2 for 1| can I receive additional economic return by reallocating by budget away from one commodity and towards another? If so, how? Why? Please include a diagram in your answer.