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- You are analyzing the purchasing decisions of students. You are focusing on the quantity of tablet computers purchased by a particular student. The price of tablet computers is $228 each. The other good in your model is a composite good. To purchase one more tablet computer, the student must give up ? units of the composite good.Firm 1 produces an intermediate good, and Firm 2 uses this intermediate good as an input to its production of its final good called “widgets”. Firm 1 produces tires and sells $5,000 of its tires to Firm 2. Firm 1’s costs include $3,000 to its workers, $500 as payments of interest on its outstanding debt, and $1,000 on rent for the property it uses. The owners keep the remaining revenues as profits. Firms 2 buys the tires and turns them into a final good called widgets. Firm 2 buys $5,000 of tires, creates these widgets, and produces $8,000 worth of widgets. 75% of these widgets are sold to domestic consumers, and 10% of the widgets are sold to the local Government. Firm 2 then keeps the last 15% of the widgets. It keeps these 15% of the widgets to be sold in the widget market next year. Firm 2 spends $5,000 on tires as an input to production, pays $400 to its staff, pays $500 in building rent, pays $300 to rent some machines it needs to use and does not own, and pays the rest of its…Give typing answer with explanation and conclusion 1) Suppose consumption bundle A contains 2 books and 5 candy bars, consumption bundle B contains 4 books and 4 candy bars, and consumption bundle C contains 3 books and 2 candy bars. Which of the following CANNOT be the bundle that a consumer likes the most? a.Consumption bundle B b.Consumption bundle C c.Consumption bundle A
- An endogenous variable is a variable explained by an economic model. An exogenous variable is a variable that is taken as given and is not explained by an economic model. True O FalseJohn is a School of Agriculture graduate and consumes 2 goods: Yoghurt and Bread. Akua also earns a typical student income from the parents, GHS 400 a month. She can either spend it all on Yoghurts and get 50, or she can spend it all on Bread and get 200 loaves. a. Given this information, construct the equation for John’s Budget Line. b. John gets a research grant and her income increases to GHS 800 per month. What is the new equation of her budget line? What if income stays constant at GHS 400 and the price of Yoghurts increase to GHS10? c. Assume that prices are the same as used in part a. If the marginal utility of a Yoghurt is 20, what is the marginal utility of Bread if she is maximizing her utility?According to economists, the satisfaction people get from their consumption activities is called:
- Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Households purchase Suppose Neha earns $675 per week working as a programmer for Maction. She uses $8 to have dessert at Guilherme's Garden. Guilherme's Garden pays Lorenzo $500 per week to curate a wine list. Lorenzo uses $150 to purchase software from Maction. Event Neha spends $8 to have dessert. Lorenzo spends $150 to purchase software from Maction. Neha earns $675 per week working for Maction. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Market for Factors of Production Market for Goods and Services in markets for factors of production. Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. The $150 Lorenzo spends to purchase software from Maction The $500 per…What role does utility play in the economic model of consumer behavior? When modeling consumer behavior, utility A. identifies the consumer who receives the most satisfaction from consuming a particular set of goods and services. B. provides an objective measure of satisfaction from consuming a particular set of goods and services in units called "utils." C. identifies the combination of goods and services that is least expensive. D. identifies the combination of goods and services that can be produced most efficiently. E. reflects the enjoyment a consumer receives from consuming a particular set of goods and services. O OWhat happens to the mulitiplier as the MPC falls
- Explain the point geometric in economics with formula.The residents of Freedonia currently are consuming seven goods; yogurt, green tea, tofu, bean sprouts, cookie dough ice cream, Tito's Handmade Vodka and housing. The prices and quantities for these goods are given in the following table. Good Yogurt Green Tea Tofu Bean Sprouts Cookie Dough Quantity 3 7 18 Ice Cream Tito's Handmade I Vodka Housing 2018 2 Price 2.40 0.60 1.20 1.00 3.50 22.10 500.00 Quantity 4 9 20 4 7 I 2019 2 Price 2.86 0.72 4.80 1.20 4.00 21.35 505.00 Quantity 6 10 22 6 8 2 2020 2 a. Suppose that 2019 is the base year. Calculate the price index for 2018, 2019 and 2020. b. Determine the rate of inflation for 2019. Determine the rate of inflation for 2020. Price 3.01 0.80 5.10 1.25 4.60 25.50 512.00Which of the following is a macroeconomic issue? The price of butterThe number of new cars producedThe growth rate of total outputThe price of products sold in the steel industryThe price of cell phone service Question 8.8.When economists make the assumption that wants are unlimited, they mean that most people want more of everything.are satisfied with what they have.want more of some goods, even if they don’t want more of everything.don’t care what they have.are greedy. Question 9.9.What will cause a change along the supply curve? The supplier’s expectationsThe supplier’s costsThe price of the goodThe price of all other good? Question 10.10.Ceteris paribus, as applied in demand theory, means accounting for all possible simultaneous changes.holding constant all factors that affect demand except one.observing the real world.holding technology and resource prices constant.holding one input constant while changing the other input.
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