It is a hot day, and Andrew is thirsty. Here is the value he places on a bottle of water: Value of first bottle: $9 Value of second bottle: $7 Value of third bottle: $4 Value of fourth bottle: $1 From this information, complete the following table by deriving Andrew's demand schedule.
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- Tips ps Chapter 04 Homework The following table presents the monthly demand and supply in the market for oat milk in New York City. PRICE (Dolars per gallon of oat milk) 2 On the following graph, plot the demand for oat milk using the blue point (circle symbol). Next, plot the supply of oat milk using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for oat milk. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. ? H 10 0 13 Price (Dollars per gallon of oat milk) 2 4 6 0 8 10 400 Quantity Demanded (Gallons of oat milk) 2,200 1,600 1,200 800 400 800 1200 1600 QUANTITY (Gations of oat mig 2000 Quantity Supplied (Gallons of oat milk) 400 1,000 1,800 2,000 2,400 12400 O Demand -P Supply + EquilibriumThe following table presents the monthly demand and supply in the market for sweatpants in Miami. Price Quantity Demanded (Dollars per pair of sweatpants) (Pairs of sweatpants) 6 12 18 24 30 PRICE (Dollars per pair of sweatpants) 36 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. (?) 30 + 18 0 0 300 1,650 1,350 1,200 900 750 600 900 1200 QUANTITY (Pairs of sweatpants) 1500 Quantity Supplied (Pairs of sweatpants) 1800 300 600 750 1,350 1,800 Demand O Supply ++ Equilibriumc. Samuelson maximizes his utility by spending his entire income of $29 on video 3.5 games and cards. The price of video games is $4, and he buys 2 games. The marginal utility from the last card he buys is 42. The table represents Samuelson's marginal utility from each good. Marginal utility Quantity Video Games Cards 1 45 70 28 54 3 16 42 4 10 16 Required: i. Calculate the price of a card using the condition that Samuelson's marginal utilities per dollar are equal. ii. What is Samuelson’s total utility?
- The following graph shows Dmitri's weekly demand for pizza, represented by the blue line. Point A represents a point along his weekly demand. The market price of pizza is $3.00 per slice, as shown by the horizontal black line. Dmitri's Weekly Demand 7.50 6.75 6.00 5.25 Demand 8, 3.75 4.50 3.75 Price 3.00 2.25 1.50 0.75 0 2 4 8 10 12 14 16 18 20 QUANTITY (Slices of pizza) PRICE (Dollars per slice)Mario and Chris are the only two consumers in a particular market for train tickets. The following table displays the relationship between the price of bus tickets for each consumer and quantity of train tickets demanded per week when the price of train tickets is $4.00 each. $2.00 $3.00 $4.00 $5.00 Price of bus tickets Mario's demand for train tickets 8 6. 4 2 Chris' demand for train tickets 1 2 3 a) Suppose the price of bus tickets is $4. The market demand of train tickets per day isSuppose that the table on the right shows the quantity demanded of UGG boots at five different prices in 2014 and in 2015. Which of the following variables could cause the quantity demanded of UGG boots to change as indicated from 2014 to 2015? (Check all that apply.) A. An increase in the price of UGG boots B. A decrease in the price of a substitute good C. A decrease in the number of buyers D. The expectation that UGG boots will rise in price Price $160 170 180 190 200 Quantity Demanded 2014 5000 4500 4000 3500 3000 Quantity Demanded 2015 4000 3500 3000 2500 2000
- Imagine that the table shows the quantity demanded of UGG boots at five different prices in 2021 and in 2022. Which of the following variables could cause the demand for UGG boots to change as indicated from 2021 to 2022? (Check all that apply.) A. The expectation that UGG boots will fall in price. B. A decrease in the price of UGG boots. C. An increase in the number of buyers. D. A decrease in the price of a complementary good. A Price $160 170 180 190 200 Quantity Demanded 2021 8,000 7.500 7,000 6,500 6,000 Quantity Demanded 2022 9,000 8,500 8,000 7,500 7,000Imagine that the table shows the quantity demanded of UGG boots at five different prices in 2021 and in 2022. Which of the following variables could cause the demand for UGG boots to change as indicated from 2021 to 2022? (Check all that apply.) A. The expectation that UGG boots will rise in price. B. A decrease in buyer incomes. C. An increase in the price of UGG boots. D. An increase in the price of a complementary good. Price $160 170 180 190 200 Quantity Demanded 2021 8,000 7,500 7,000 6,500 6,000 Quantity Demanded 2022 7,000 6,500 6,000 5,500 5,000Suppose the market for ice cream cones is made up of three consumers: Josh, Curt, and Tim. Complete the information in the following table to construct the market demand curve for ice cream cones. Josh Curt Tim Market PRICE QUANTITY DEMANDED (CONES PER WEEK) QUANTITY DEMANDED (CONES PER WEEK) QUANTITY DEMANDED (CONES PER WEEK) QUANTITY DEMANDED (CONES PER WEEK) $1.75 3 0 0 nothing 1.50 6 2 1 nothing 1.25 8 3 2 nothing 1.00 9 5 3 nothing 0.75 11 6 4 nothing Market Demand: Ice Cream Cones 036912151821240.000.250.500.751.001.251.501.752.00Quantity (cones per week)Price (dollars per cone) interactive graph
- Problems 7-4 It is a hot day, and Larry is thirsty. Here is the value he places on a bottle of water: Value of first bottle: $7 Value of second bottle: $5 Value of third bottle: $3 Value of fourth bottle: $1 From this information, complete the following table by deriving Larry’s demand schedule. Price Quantity Demanded More than $7 $5.01 to $7 $3.01 to $5 $1.01 to $3 $1 or fewerHomework (CIT The following table shows the monthly demand and supply in the market for ice cream in Detroit. Price Quantity Demanded (Gallons of ice cream) Quantity Supplied (Gallons of ice cream) (Dollars per gallon of ice cream) 4 2,000 200 8 1,600 600 12 1,200 800 16 800 1,200 20 400 1,800 On the following graph, plot the demand for ice cream using the blue point (circle symbol). Next, plot the supply of ice cream using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for ice cream. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. °F in coming CI h ((It is a hot day, and Felix is thirsty. Here is the value he places on a bottle of water: From this information, complete the following table by deriving Felix's demand schedule. Price More than $8 Quantity Demanded Value of first bottle: $8 Value of second bottle: $6 Value of third bottle: $4 Value of fourth bottle: $2 $6.01 to $8 $4.01 to $6 $2.01 to $4 $2 or fewer Based on Felix's willingness to pay, plot Felix's demand curve as a step function on the following graph using blue points (circle symbol) beginning at a quantity of 0 bottles of water. Price of Water 10 9 8 3 2 1 2 Quantity of Water Suppose the price of a bottle of water is $5. Felix's Demand Price $5 Quantity Purchased +4+3 Consumer Surplus Use the black line (plus symbol) to draw a price line at $5. Next use the grey point (star symbol) to indicate how many bottles of water Felix will buy at that price. Finally, use the green point (triangle symbol) to shade the area that represents Felix's consumer surplus from his…