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Make a graph based off the following:
Construct a consumption function from the data given here and determine the MPC.
![Year
Consumer
Disposable
Spending
$1,200
1,440
1,680
1,920
2,160
Income
$1,500
1,800
2,100
2,400
2,700
2014
2015
2016
2017
2018](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F51cd8931-b324-4a99-97a5-7e167f075e95%2F28d3c5c1-4dc0-48ba-bb14-dec8f099b027%2F5v17ach_processed.png&w=3840&q=75)
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- Using the data in the worksheet "HoneyData" create a correlation table using the Analysis Toolpack in Excel. Using this information, answer the following questions and round your numeric answer to 2 decimal places. The correlation between Production and Average Price is: This means that honey Production and Average Price are negatively/positively correlated. An Increase in Production is associated with an increase/decrease in Average Prices.Assume the market clearing price is $5.00 for deli sandwiches and the amount of exchange that would take place at that price is 200 deli sandwiches per day. You, however, don't have this information and have just opened your deli. You decide to price your sandwiches at $9.00 and are willing and able to sell 285 sandwiches per day at that price. When you do this, you notice you sell 100 sandwiches per day. Draw this situation on a graph and then explain what will happen in this market -- i. e., if there is a shortage or surplus, show this on the graph and then explain what the shortage or surplus will cause to happen in the market. Make sure you talk about inventories in your answer.C. Suppose your neighbor is a physics major who also races motorcycles, and she tells you that horsepower can be expressed in terms of the following equation: H = MDA/S where M=mass, D-distance, A=acceleration and S and H are as defined above. Based on this conversation with your neighbor, you decide to change the functional form of the relationship to include 1/H rather than H as an explanatory variable because that's the appropriate theoretical relationship between the two variables. Estimate the above equation, substituting 1/H for H. Which of the two models do you prefer and why?
- The demand for a 12-ounce bottle of sparkling water is given in the table. Demand Schedule for Sparkling Water in 12-ounce Bottles Price (dollars per bottle) 2.29 2.69 3.09 3.49 3.89 4.29 Demand (million bottles) 25 9 3 2 1 0.5 (a) Write the function for the exponential model that gives demand in million bottles, as a function of price per bottle p, with data from 2.29 s ps 4.29. (Round all numerical values to two decimal places. Be sure you use the correct input variable p.) D(p) = Does the model indicate a price above which consumers will purchase no bottles of water? The model is exponential and ---Select--- the horizontal axis. Therefore there is --Select--- above which consumers will not purchase water. (b) What quantity of water will consumers purchase when the market price is $4.09? (Round your answer to two decimal places.) million bottles (c) Calculate the amount that consumers willing and able to spend to purchase the quantity found in part (b). (Round your answer to one…The manager of a hockey arena is pricing tickets for an upcoming game. She knows that if she increases the ticket price she will sell fewer tickets. The situation is modelled by the relation, R = -88.9p^2 + 2667p, where R is the total revenue and p is the ticket price, both in dollars. The graph is given.Graph the function C=50+0.8Y and give economic interpretations of the elements of the equation.
- Government-imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for wine, which is shown on the following graph. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per case) 50 45 40 35 30 25 20 15 10 5 0 1 Supply Demand 09 18 27 36 45 54 63 72 81 90 QUANTITY (Cases) Graph Input Tool Suppose the government imposes a $10-per-case tax on suppliers. At this tax amount, the equilibrium quantity of wine is Market for Wine Quantity (Cases) Demand Price (Dollars per case) Tax (Dollars per case) 36 30.00 10.00 Supply Price (Dollars per case) cases, and the government collects $ ? 20.00 in tax revenue.The graph says: Clothing (units per 16 week) 14 12 10 1 2 3 4 5 Food (units per week) You are willing to give up 6 units of clothing to get the first unit of food You are willing to give up 4 units of clothing to get the third unit of food You are willing to give up 1 unit of clothing to get the fourth unit of food You are willing to give up 2 unit of clothing to get the fifth unit of food You are willing to give up 6 units of clothing to get the third unit of foodExplain which of the following is the independent variable and which is the dependent variable for each of the following examples. Once you determine the price of a flash drive at the college bookstore, you will decide how many flash drives to buy. You will decide how many credit hours to register for this semester once the university tells you how many work-study hours you will be assigned. You anticipate earning a higher grade on your economics exam because you studied more hours in the weeks preceding the exam.
- Given the scatter diagram in Figure 8-1, what is the MPC (your best estimate)? a. 1 b. 2/3 c. 1/2 d. 1/3 I know the answer of this question answer is 2/3 but can you please give the explanation how 2/3 is the answer of the problemSuppose Congress enacts a tax reform law, and the average federal tax rate drops from 30% to 10%. Researchers investigate the impact of the tax cut and find that the income subject to the tax increases from $600 billion to $700 billion. The theoretical explanation is that workers have increased their work effort in response to the incentive of lower taxes. On the following graph, use the green point (triangle symbol) to plot the point corresponding to the income of $600 billion. Then use the orange point (square symbol) to plot the point corresponding to the income of $700 billion. FEDERAL TAX REVENUE (Billions of dollars) 220 200 180 160 140 120 100 + 80 - 60 + 40 + 20 0 0 10 O True 20 O False 30 40 50 60 70 80 FEDERAL TAX RATE (Percent) 90 Laffer Curve 100 110 "A Income $600 Income $700 True or False: The change in income is represented by a movement along the upward-sloping portion of the Laffer curve. ?Government-imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for cigarettes, which is shown on the following graph. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per pack) 10 9 8 6 2 1 0 0 # Supply Demand 10 20 30 40 50 60 70 80 90 100 QUANTITY (Packs) Graph Input Tool Market for Cigarettes 31- Quantity (Packs) Demand Price (Dollars per pack) (Dollars per pack) Suppose the government imposes a $2-per-pack tax on suppliers. At this tax amount, the equilibrium quantity of cigarettes is Tax 40 6.00 2.00 Supply Price (Dollars per pack) packs, and the government collects $ ? 4.00 in tax revenue.
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