How does the selling price of a house depend on such factors as the square footage of the house, the number of bedrooms in the house, and perhaps others?

Q: Since she has to borrow and pay interest if she wants to consume in the first period, she can…

A: It is known that: Julia has to borrow to consume in period 1

Q: What does the point on a budget line indicate in terms of prices?

A: # A budget line of the consume represents the price of the two goods and the budget of the income of…

Q: How is a pure premium calculated?

A: To determine how the pure premium is calculated.

Q: ow do you explain the expected utility for a company like Publix supermarket?

A: Expected utility is an idea in choice hypothesis and financial matters that measures a singular's…

Q: The fact that you can use money to compare the value of one good to another is a result of which…

A: Money:Monеy sеrvеs as a mеasurе of valuе bеcausе it providеs a common unit of account. Monеy does…

Q: What is a disadvantage to having a Command economy?

A: A command economy is an economic system where the government determines all economic decisions like…

Q: Articulate how economic factors influence acustomer’s ability and willingness to buy products

A: General economic conditions of a country can affect the ability and the wiliness of an individual to…

Q: In many areas, the cost of real estate is increasing at an increasing rate. Many homes are being…

A: In a dynamic, free market, the mortgage lenders compete to acquire customers, which either increases…

Q: Every time you go to your firm’s lounge to get a cup of coffee, the pot is empty. Why?

A: The Law of Demand states if price of a good increases/decreases, demand of the good…

Q: There are several hamburger shops around you. You are trying to find ways to make your hamburger…

A: A monopolistically competitive firm will look to differentiate its product from its competitors as…

Q: What is the matching principle?

A: Matching principle is an accounting term which is used to state that each and every expense occurred…

Q: Kamryn is deciding between three potential activities on Saturday evening: 1) Staying at home and…

A: Opportunity cost is the amount of one good that is given up in order to produce one more unit of…

Q: which technology change affect consumer taste

A: The Law of Demand states that as price rises, demand declines keeping tastes and preferences…

Q: Use diminishing marginal utility to explain why millionaires often do not have many homes, even if…

A: Marginal utility of a commodity is the added benefit a consumer gains by purchasing an extra unit of…

Q: company intentionally limit supply when consumers want more of a product?

A: A company intentionally limit supply when consumers want more of a product in order to get higher…

Q: Either find a utility function for each of the examples or discuss what properties should it have.…

A: Economists formulate the theory of consumer behavior on consumer preferences and utility is…

Q: 3. Ryan has $1,700 that he can use for food. His college cafeteria sells only pizzas (p) and salads…

A: Given  Ryan's utility function: u(p,s)=p15s45                 .... (1) Price of pizza =$5 Price of…

Q: Why do some frozen pizzas cost more than others? Think generic versus name brand. Why would a…

A: The price of the product reflects the cost of the good or service in making with addition to the…

Q: dentify an experience good. Identify a search good. How does the retailing of the experience good…

A: Experience goods are considering to those goods whose valuation cannot be done before buying that…