O Question FeedN. The Effects of Inflation on theO supply, demand & equilibrium+urses/234684/quizzes/212897/takeshoppingggggg9日多伦多 phdAssume a competitive market for tickets to see the Toronto Raptors. Assume quantities must beintegers.Des and Flo each have six Raptors tickets. The table below gives the benefit that each personreceives from each of her six tickets. (While Des receives a $117 benefit from her 3rd ticket if shekeeps it, Flo receives a $93.50 benefit from her 3rd ticket if she keeps it.)What is the lowest market price at which a total of 5 tickets are supplied by the two individuals?Round to two decimal places, and do not enter the currency symbol. If your answer is $1.125, enter$1.13.Marginal Benefit, Marginal BenefitQuantityDesFlo1$152$110.50$149$99.50$117$93.504$107$80.50$86$72.506$54$60.50

Answer - Need to find- Lowest market price at which 5 tickets are supplied Given in the question-

Answered: Assume a competitive market for tickets…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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12
Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 1,800 people. What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall? If tickets were sold for $18, what would happen (be specific)?
1. a) Consider an economy with 3 agents, Mohammed (M), David (D) and Susan (S). There are two goods available, good x, and good y. The marginal rates of substitution (where good x is on the horizontal axis and good y is on the vertical axis) are given by for Mohammed, for David and for Mohammed and David are both consuming twice as much of the good x than good y, while Susan is consuming equal amounts of x and y. What are the conditions for Pareto efficiency in an exchange economy? Are these consumption levels economically efficient? Can these consumption allocations be observed in a perfectly competitive equilibrium in an exchange economy without production? Explain. b. There are two firms in the economy. Each firm employs positive amounts of capital and labour. The technology satisfies diminishing marginal rate of technical substitution of labour for capital. Currently, A’s marginal rate of technical substitution of labour for capital is 4 while B’s marginal rate of technical…
True or false: keeping his maximum willingness to pay for a yacht in mind, Tim will buy the yacht because it will be worth more to him than its market price of $350,000
show on the graph where is the opportunity cost is measured
Consider the market for electric vehicles. The market price of each electric vehicle is $200,000, and each consumer demands no more than one electric vehicle. Suppose that Jake is the only consumer in the electric vehicle market. Their willingness to pay for an electric vehicle is $350,000. Based on Jake's willingness to pay, the following graph shows his demand curve for electric vehicles. Shade the area representing Jake's consumer surplus using the green rectangle (triangle symbols). PRICE (Thousands of dollars) 400 Jake's Demand 350 300 250 200 150 100 50 Market Price 0 0 3 4 5 QUANTITY (Electric vehicles) Jake's Consumer Surplus Now, suppose another buyer, Latasha, enters the market for electric vehicles, and her willingness to pay is $250,000. Based on Latasha's and Jake's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle symbol). Next, shade Jake's consumer surplus using the green rectangle (triangle symbols), and…
New Zealand possums produce the highest quality fur, due to the large pelts per body size. Demand for New Zealand possums’ products has risen dramatically. This is partly a result of the conservation benefits of harvesting New Zealand possums. This has made the product seem more environment friendly than other fur products and boosted sales to concerned consumers. Assume that the possums market satisfies all the attributes of a competitive market. Further assume that high grade possum furs are the most expensive input into the possum fur production function. 1. Use a graph of the market for possum fur to demonstrate the effect of its environmentally friendly status on the market equilibrium. 2. Graph the reaction of an individual incumbent firm to the increase in market demand. In your graph, identify the firm’s revenue and cost structures. 3. What would you predict would happen to long-run industry supply if the price of possum fur increased as possum culling increased their…
Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smartphone at a market price of $175. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) 400 350 Kevin Brian 300 250 Crystal Hilary 200 Market Price Edison 150 Edison 100 Crystal Hilary 50 Brian 1 2 5 6. 7 Kevin QUANTITY (Smartphones) will sell smartphones at the given market price, and total Based on the information on the preceding graph, you can tell that producer surplus in this market will be $ Suppose the market price of a smartphone increases to $275. PRICE (Dollars per smartphone)
QUESTION 10 Assume you have some hogs on feed and would like to have them gain another 130 pounds before they are sold. You would like to feed a combination of com and soybean oil meal. The following table shows various combinations of corn and soybean oil meal that will produce 130 pounds of gain. Assume corn costs $0.05 per pound and soybean oil meal costs $0.35 per pound. At these prices, which ration below is the least cost combination of these two feeds? Ration Number a. Ration 5 Ob. Ration 3 c. Ration 6 d. Ration 7 1 2 3 4 5 6 7 8 9 10 Corn (lbs) 440 400 365 335 310 290 275 265 260 260 Soybean Oil Meal (lbs) 40 45 50 55 60 65 70 75 80 85

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