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Given the Income consumption curve in the graph. The income consumption curve shows the chosen…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Individuals A and B each have a unit of the good, whereas individuals C, D and E do not. • A's WTP for a unit of the good is $100. • B's WTP for a unit of the good is $500. . C's WTP for a unit of the good is $200. • D's WTP for a unit of the good is $400. • E's WTP for a unit of the good is $300. Suppose there is a market for the good and the individuals can trade the good. What is the total surplus TS? O $450 $900 $600 O $1200 $0
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.
Suppose the price of bananas falls. Explain how the income and substitution effects work in the adjustment to a new level of banana consumption.
suppose a consumer's marginal rate of substitute is three slice of pizza for one coke . if the price of coke is $1 and the price of three slices of pizza is $2 , would the consumer change his on her consumption combination
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Altruism: now consider the case where each individual cares about the benefit from the museum to the other two. For example, any additional utility to Alice or Bianca is also a utility gain for Claire. Hint: for each person, the total marginal benefit is TMB= MBA+ MBB+MBC Find each person’s optimal number of art works. Who will contribute and how many works of art will be provided?
.
Roxy has 6 pencil cases and 18 notebooks. In contrast, Bratt has 18 pencil cases and 8 notebooks. Roxy's marginal rate of substitution [MRS] for notebooks is 6 and Bratt's MRS is 4.Draw an Edgeworth box diagram to show whether this allocation of resources is efficient. Show answer with an economic perspective.
Explain how the consumer decides how many units of a good to consume by explaining the assumptions of the cardinal approach.
Assume you have a two-good model: Beverages are on the X axis and Food on the Y axis. You have a $400 budget. The price of beverage is $10, and the price of food is $20. a. Graphically illustrate the budget line correctly. b. Now assume the price of food decreases to $10 ceteris paribus. Graphically note the change on the same graph. PLEASE SOLVE THIS QUESTION WITH PROPER AND UNDERSTANDABLE GRAPH
John 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?

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Given the income-consumption curve to shown to the right. Good X is good and good Y is