Complete the following table with the values of P or S that make the equation true.Hint: To complete the first row, determine the number of salad bowls Gilberto can purchase with $32.00, when the number of pizza slices hepurchases is 0.BudgetPizzaSalad(Dollars) (Slices)(Bowls)32.00032.0032.0080Use the black line (plus symbol) to plot the line illustrating the combinations of pizza and salad that Gilberto can purchase with a budget of $32.00.SALAD (Bowls)242220Initial Budget181614New Budget1210864200246В10 12 141618 201 22 24PIZZA (Slices)Now suppose Gilberto's Income is cut in half: That is, he has 50% less money to spend than he did before.On the previous graph, use the blue line (circle symbol) to plot Gilberto's new budget constraint.Which of the following statements best summarizes the pattern of causality captured by the graph above? Check all that apply.The relationship between P and S is not a causal relationship.A change in P causes a change in S.A change in S causes a change in P.A change in E causes a shift of the budget constraint.

When the pizza slices are zero, Gilberto can use $32.00 to buy 4 salad bowls to finish the table.You…

Answered: Complete the following table with the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider Tralfamadore, a hypothetical country that produces only burgers. In 2018, a burger is priced at $4.00. Complete the first row of the table with the quantity of burgers that can be bought with $700. Hint: In this problem, assume it is not possible to buy a fraction of a burger, and always round down to the nearest whole burger. For example, if your calculations result in 1.5 burgers, the answer should be 1 burger. Price of a Burger Burgers Bought with $700 Year (Dollars) (Quantity) 2018 4.00 2019 Suppose the government of Tralfamadore cannot raise sufficient tax revenue to pay its debts. In order to meet its debt obligations, the government prints money. As a result, the money supply rises by 20% by 2019. Assuming monetary neutrality holds, complete the second row of the table with the new price of a burger and the new quantity of burgers that can be bought with $700 in 2019. The impact of the government's decision to raise revenue by printing money on the value of money is…
PROBLEM 4 – Weak Axiom of Revealed Preference (WARP) Kenangan likes to have time at a coffee shop that also sells “roti bakar.” When the price of a cup of coffee was 10,000 rupiah and the price of roti bakar was 20,000 rupiah, Kenangan ordered three cups of coffee and two pieces of roti bakar. When a pandemic happens, there are increases in the price of coffee. Now the price of a cup of coffee is 12,000 rupiah while the price of roti bakar is down to 16.000 rupiah. Kenangan now orders two cups of coffee and one piece of roti bakar. Determine whether Kenangan’s demand for a cup of coffee and roti bakar fulfills the WARP. Explain using graphics!
Zeynep is at the supermarket buying her bi-weekly groceries. As she arrived at the store right before closing, not much is left on the shelves; so her purchases are limited to beef, B, and an assortment of organic vegetables, V. Beef costs £50/kg and vegetables Ł10/kg. Her utility function is expressed as U(B,V) = B0-6v0.3. She has ±150 to spend. Please answer the following questions using this information: A) Given the vegetables cost less than beef, explain why Zeynep would not only buy vegetables. B) Write Zeynep's constrained maximization problem (objective function subject to her budget constraint). C) Using the Lagrangian technique, find how much beef and vegetables would Zeynep buy? D) Show that for the preferences represented as above, demand for beef is a function of only its own price, pg, and income, m, but not the price of vegetables, py. Note: Rather than using the given prices and income, use PB, Py and m. Find and comment on the comparative statics, i.e., how do changes…
Answer the following questions using the following information. Columns 1 and 2 in the table below show the marginal utility that Cody gets by purchasing products A and B. Column 3 shows the marginal utility Cody gets from saving Assume that the price of A is $13 the price of B is $10, and Cody has an income of $129. a) Find the following series of MU/$ for each column. Note: Keep as much precision as possible during your calculations. Your final answer should be accurate to at least two decimal places Column 1 Column 2 Column 3 Units of A MU MU/S Units of B MU MU/$ Number of $ saved MU MU/S 68 6.8 1 80 6.15 1. 13 0. 2 71 5.46 2 63 6.3 2 10 0. 3 66 5.08 3 56 5.6 3 7 4 61 4.69 4. 46 46 0. 54 4.15 40 4 45 3.46 31 3.1 6. 1 39 3 22 2.2 0. 29 2.23 8 17 1.7 8 b) What quantities of A and B will Cody purchase in maximizing his utility? Quantity of A: 0 Quantity of B: 0 c) How many dollars will Cody save? Dollars Saved = $0 SAVE AND CLOSE
Consider the following utility functions. G(x,y) = -1/[ min (6x, 2y)+1] H(x,y) = min (6x,6y) L(x,y) = min (6x,2y) - 10000000000 U(x,y) = min (3x, y) W(x,y) = min (6x, y) Z(x,y) = min (x,2y) Select the function or functions, if any, representing the same preferences as function U?
Question d)
6
You have an income of $100,000. You can buy an electric car (which costs $60,000) or an internal- combustion car (which costs $30,000). The electric car has a lower mileage than an internal-combustion car: it costs you $1/km if you drive an electric car, but it costs you $2/km if you drive an internal- combustion car. You enjoy driving (measured in kilometers driven) and spending on other goods ( measured in dollars). Draw your budget line (in a diagram measuring all other goods on the vertical axis) if you buy an electric car. What is its slope and what is the economic meaning of its value?
Huang is determining how much Coke and Pepsi he will buy. Use the information in italics to answer the bolded question below. • Huang's preferences for Coke (C) and Pepsi (P) are represented by the following utility function: • Huang has $12 to spend on soft drinks. • The price of Coke (P) is $0.50/can. • The price of Pepsi (Pp) is $1.00/can. U = 2C + 3P Based on his budget constraint and preferences, which of the following statements best describes Huang's utility maximizing choice of Coke and Pepsi? [Select] What level of utility does he enjoy from this choice? [Select ] ()
help me with this and include explanations. thanks
Greg has the following utility function: u=2057 20.43. He has an income of $96.00, and he faces these prices: (P1, P2) (9.00, 9.00). Suppose that the price of an increases by $1.00. Calculate the equivalent variation for this price change. =
Felix chooses between clothing, 9₁, and food, 92. His initial income is $4,000 a month, p₁ = 400, and p₂ = 40. At his initial bundle, he consumes q₁ = 2 and q₂ = 80. Later, his income rises to $4,800 and the price of clothing rises to p₁ = $600, but the price of food does not change (p2 = 40). As a result, he reduces his consumption of clothing to q₁ =1. Using a revealed preference reasoning (that is, knowing nothing about his indifference curves), can you determine how he ranks the two bundles? O A. Felix may prefer his initial bundle or he may be indifferent between them. B. Felix is indifferent between his initial bundle and his new bundle. O C. Felix prefers his new bundle. D. Felix prefers his initial bundle. O E. Insufficient information exists to determine which bundle Felix prefers.

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