Lucinda collects Beanie Babies, and can afford to buy up to six Beanie Babies. The table below describes the marginal benefit Lucindagets for each additional Beanie Baby she adds to her collection.Lucinda's Marginal Benefit of Beanie BabiesMarginalBenefit(dollars)$201816BeanieBabies123456141210Instructions: Enter your answers as a whole number.a. If the price of Beanie Babies is $12 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational?Beanie Babies4b. If the price of Beanie Babies falls to $10 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational?Beanie Babies1.

A consumer's utmost willingness to pay for an additional commodity or service is known as the…

Lucinda collects Beanie Babies, and can afford to buy up to six Beanie Babies. The table below describes the marginal benefit Lucinda gets for each additional Beanie Baby she adds to her collection. Lucinda's Marginal Benefit of Beanie Babies Marginal Benefit (dollars) $20 18 16 14 Beanie Babies 1 2 3 4 5 6 12 10 1 Instructions: Enter your answers as a whole number. a. If the price of Beanie Babies is $12 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational? 1 Beanie Babies b. If the price of Beanie Babies falls to $10 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational? 1 Beanie Babies

Lucinda collects Beanie Babies, and can afford to buy up to six Beanie Babies. The table below describes the marginal benefit Lucinda gets for each additional Beanie Baby she adds to her collection. Lucinda's Marginal Benefit of Beanie Babies Marginal Benefit (dollars) $20 18 16 14 Beanie Babies 1 2 3 4 5 6 12 10 1 Instructions: Enter your answers as a whole number. a. If the price of Beanie Babies is $12 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational? 1 Beanie Babies b. If the price of Beanie Babies falls to $10 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational? 1 Beanie Babies

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Determining opportunity cost Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, Discounted price located 15 minutes away from where she works, and pay a Marked-up price marked-up price of $122 for the skirt: Juanita's office Original price Travel Time Each Way Price of a Skirt Store (Minutes) (Dollars per skirt) Local Department Store 15 122 Across Town 30 90 Neighboring City 60 78 Juanita makes $60 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $60 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by…
2. Determining opportunity cost Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 Discounted minutes away from where she works, and pay a marked-up Marked-up price price price of $102 for the suit: Juanita's office Original price Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Store Local Department Store 15 102 Across Town 30 88 Neighboring City 60 63 Juanita makes $18 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $18 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing…
The table below shows the marginal benefit that Dan derives by consuming different quantities of tacos and soda .The price of a taco is $3 and the price of soda is $1. Quantity sodas Tacos Marginal benefits ($) Marginal benefits($) 1 10 18 2 8 12 3 6 6 4 4 3 5 2 1 6 1 0.6 Refer to the table above.If Dan consumes 3 tacos and 0 sodas -not necessary his optical choice- how much consumer surplus is he enjoying? a) $ 24 b) $ 27 c) $ 9 d) $6
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Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…
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