Merlin builds tables that she will sell for $200 per table. Her fixed costs for building the table is $1,000. Each table costs her $50 for the raw materials and $25 for each previous table made that day, which shows Merlin's increasing exhaustion. So, it means that the first table will cost her $50, the second table will cost $75, and so on... How many tables should merlin produce each day (Consider the nearest whole number)? 6 tables 7 tables 9 tables 10 tables
Q: You explored changes in the prices of bottled water, Gatorade, and a gym membership. Which of these…
A: Substitute goods are those that can be used in place of one another, whereas complementary goods are…
Q: a. Can point D be produced? Why?. b. What variable might shift the curve PPC1 to PPC2? What would…
A: Since you have provided multiple subparts questions, we will solve the first three subparts for…
Q: Changes in the food industry
A: ANSWER: The correct option is (B) Change in the food industry Explain:- New junk…
Q: the demand curve for a monopolist is 2p=100-q find total revenue average avenue and marginal…
A: Given the demand curve for a monopolist, 2p=100-q First we find the Total revenue (TR), TR=p×q
Q: 43
A: The investment in the goods or services or financial assets or companies outside the domestic…
Q: Need help answer please questions
A: We are given that the elasticity of demand is -2.5 We need to comment on the elasticity of this…
Q: Every house in a small town has a well that provides water at no cost. However, if the town wants…
A: According to the given information, that town's current consumption level of water is 8000 gallons.…
Q: So what was the economic growth neoclassical growth model
A: While economic expansion is characterized as an increase in people's real income, it means that the…
Q: Neuratility of money means that an increase in the quantity of money Does not affect relative prices…
A: Classical economists believe that money is neutral and it does not affect the real economic…
Q: When the marginal product is greater than the average product, the average product is . .. . .. ..…
A: In a market when a firm produces output using variable inputs, there is a connection between total…
Q: Explain the movement from point A to B for the production of these two goods.
A: Production possibility curve shows the combination of two goods that can be produced with the given…
Q: Assume that the economy experiences no change in productivity, money demand or its natural rate of…
A: *Answer: Introduction The relationship between the unemployment rate and the rate of inflation is…
Q: 4. Using the Production Possibilities Curve below answer questions a, b and c 50 48 40 Consumption…
A: With the same resource we can produce a lot of different goods. This is because the resources are…
Q: You have the following annual data for the New Zealand economy ($bn): GDP (Y)…
A: GDP (Y) = 184 Gross National Disposable Income (Yd) = 171 Net exports of goods and services…
Q: A coal fired power plant provides power to all of Melbourne: it burns coal to produce electricity,…
A: Given data Total costQ=7Q2+ 40Q The social cost of electricity production 36Q2 Total benefit…
Q: How does agriculture contribute towards transfer of capital
A: A capital transfer requires disposal or acquisition of an asset or assets by minimum one of the…
Q: Explain the difference between the extensive and the strategic form
A: Game Theory is a part of economics that studies the different ways the various choices of economic…
Q: 2. A firm combines three inputs (21, 22, 23) to produce output y according to production function: ƒ…
A: We are going to use marginal rate of transformation method to answer this question.
Q: Consider the problem of a consumer who must choose between two types of goods, good 1 (x₁) and good…
A: Utility function: u(x1, x2) = x1 + x2 Marginal Rate of substitution = dudx1dudx2= 12x11 Price of…
Q: Social security payments are a form of _____ and available to ____
A: Benefits from Social Security are payments paid to eligible retirees, persons with disabilities, as…
Q: Which of the following is not true of "models" in the study of economics? Select the correct answer…
A:
Q: Assume there are two periods: today (0) and tomorrow (1) and that, after tomorrow the world comes to…
A: Total benefits in each period : B(qt) = 10 q - 0.5q2 Cost of extraction = 2q Discount rate = 10%…
Q: Leon and Heidi decided to invest $3,000 annually for only the first eight years of their marriage.…
A: given that, annual payment(A) = $3000 interest rate (i) = 10% time(n) = 8 years
Q: LIST 1 LIST 2 1) Inventory Approach I) 1911 2) Restatement of quantity theory II) 1936 3) Classical…
A: Inventory approach was given in the year 1950 by Baumol and Tobin. 1) - III) The restatement of…
Q: pls answer B on paper
A: National Income : Y = AE i.e. income is equals to aggregate expenditure
Q: Apply your understanding of the previous key terms by completing the following scenario with the…
A: Economics is the study of allocating the scarce resources in the most efficient way. The main tools…
Q: The Norway spruce trees that are grown in Christmas tree farms are considered? A. Land B. Capital C.…
A: The measure that depicts resources or inputs that are being used in process of production for…
Q: Establish the difference between Commercial farming and Subsistence farming with the help 3 of a…
A: The practise of raising cattle and plants is known as agriculture. The invention of agriculture,…
Q: You already have a ticket to a club tomorrow, which costs you $30 and give you the enjoyment of $35.…
A: Opportunity cost refers to the forgone amount for choosing one alternative over another. So,…
Q: For a linear production function what is the short-un production function given that capital is…
A: Given information: q=f(L,K) = 10L + 4K Where q is the quantity produced; L is labor; K is capital…
Q: Briefly analyse the various policy measures that a government might have to undertake to deal with…
A: A fiscal deficit is a discrepancy between a government's revenue and expenditures. Spending over its…
Q: Perform the follow tasks and calculations as they pertain to the graph. a. Show points A and B on…
A: Law of demand states that other things being constant, with the increase in price of a commodity,…
Q: Refer to Table 2-3. Assume Ming's Strings only produces banjos and harps. A combination of 80 banjos…
A: A production possibility frontier illustrates the combination of two goods can be produced by using…
Q: No Plagirism Please! Price controls on rents are frequently implemented by governments in an effort…
A: Price controls are restrictions imposed and enforced by governments on the prices that can be…
Q: "Consumer sovereignty" means that Multiple Choice O buyers can dictate the prices at which goods and…
A: Consumer is sovereign in the free market system. The free market system is free from government…
Q: You are quoted an interest rate of 6% on an investment of $1000. What is the value of your…
A: Here, it is given that an investment of $1,000 gives 6% annual interest rate that is compounded…
Q: 8. The uses of derivatives include: 1) Financial engineering for companies; II) Hedging for…
A: Derivatives includes instruments like options, futures. The value of these instruments are based on…
Q: Discuss relevance of securities to Fund Managers and Treasurers when they trade in self-policed…
A: One of the most important aspects of investing in mutual funds is managing the portfolio of stocks,…
Q: Companies building stagecoaches understood the marginal concept. After experimentation, it was…
A: In a production unit, some factors can be fixed and some others can be variable. This is a concept…
Q: Consider a market in which the demand curve is given by P= 1000-50, and the supply curve is given by…
A: "A demand curve shows a negative relation between price and quantity of a good demanded and supply…
Q: difference between Primary and secondary markets.
A: Meaning of Financial Assets: The term financial assets refer to the situation, under which these…
Q: 1. In the circular flow diagram, firms households goods and services a. demand, supply b. supply,…
A: The circular flow diagram refers to the graphical representation of the interaction between firms…
Q: . If output is described by the production function Y = AK0.2L0.8, then the production function has:…
A: This is the cobb Douglas production function - In order to depict the technological link between…
Q: If saving function is given as: S=-110 +0.7(Y), then MPC is O 0.7 0.4 None of these 0.3
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: R5
A: Substitute goods are those goods that are consumed in place of each other. For example, Pepsi and…
Q: Discuss the economic rationale and two major consequences of a price ceiling on a product in a mixed…
A: Price Ceiling refers to the action of the government or a regulatory body that keeps a maximum cap…
Q: 19. Which of these statements is true according to the Keynesian (post-Keynesian) view a. Increases…
A: Keynesian believes that demand management is key to restore equilibrium in the economy. The economy…
Q: Cho is a hard-working college freshman. One Tuesday, she decides to work nonstop until she has…
A: GIVEN DATA, A chart is provided showing the amount of time and difficulties that have been resolved…
Q: 1. Players 1 and 2 are bargaining over how to split 5 dollars. Player 1 proposes to take si dollars…
A:
Q: 2. What is the future worth of a series of equal yearly deposits of Php 100,000 for 8 years in a…
A: Thank you for the question. According to Bartleby's answering guidelines, we answer only one…
Step by step
Solved in 2 steps
- Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.Amadea spends all her income on pizza,chocolate milk, and music streams. The price of pizza is $4 per slice and price ofchocolate milk $2 per bottle. At Amadea's current consumption level, her marginalutility for pizza is 50 units per slice and for music 100 units per stream. Assuming thatAmadea is a utility maximizer, how much is (a)her current marginal utility for a bottleof chocolate milk, and (b) the price of streams she buys. Show your work. [Hint: Ch 6:Utility-maximizing formula)Carol needs to decide how to spend her wealth on sh and chicken.For Carol, 1 lb of sh is equivalent to 2 lb of chicken. Her preferencecan be represented by the utility functionu(x; y) = 2x + ywhere x is the quantity of sh (in lbs) and y is the quantity of chicken(in lbs). The consumption set is R2+. (a) Draw two typical indi erence curves for Carol, one correspondingto a utility level of u1 and one corresponding to a utility level u2,where 0 < u1 < u2. Make sure you label the slope of the indif-ference curves and the intercepts with the horizontal and verticalaxes.(b) Suppose the price of sh is $1:5 per lb and and the price of chickenis $1 per lb. Carol has $20 to spend on sh and chicken.(i) Draw Carol's budget set, labeling the slope and the interceptpoints clearly.(ii) How much sh and chicken will Carol choose to purchase? I am looking for an answer to the points (c) and (d) below (c) Suppose now that the price of sh increases to $2 per pound.(i) Draw Carol's budget set,…
- I like drinking Smirnoff and Stoli Vodka, but I really only careabout the total amount of alcohol I get out of it. They areperfect substitutes. Smirnoff is sold in liter bottles that are100 proof (that’s 50% alcohol). Stoli is sold in liter bottlesthat are 80 proof (40% alcohol). What is my utility functionfor bundles of these two vodkas? What do my indifferencecurves look like?Mylie’s total utility from singing the same song over andover is 50 utils after one repetition, 90 utils after tworepetitions, 70 utils after three repetitions, 20 utils afterfour repetitions, 250 utils after five repetitions, and 2200utils after six repetitions. Write down her marginal utilityfor each repetition. Once Mylie’s total utility beginsto decrease, does each additional singing of the songhurt more than the previous one or less than the previousone?ote: - You are attempting cuestios suro 12 Neha and Sonam consume only Coke and Pepsi in a two person and two goods exchange economy. Neha consumes these two goods in fixed proportions such that she consumes 2 bottles of coke with 1 bottle of Pepsi. Sonam's utility function is given by U=4P+BC. In the economy, there is a total of 100 bottles of Pepsi and 200 bottles of Coke. If Neha initially had 60 bottles of Pepsi and 80 bottles of coke, then in the equilibrium position, Sonam will consume: A. between 50 to 60 bottles of Pepsi B. between 52 to 60 bottles of Pepsi C. between 54 to 60 bottles of Pepsi D. between 56 to 60 bottles of Pepsi Answer 04:09 PM 19-10-2021
- John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke, or does he show increasing marginal utility for Coke? Supposethat John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke?Question 3Draw indifference curves for the following sets of preferences and indicate the direction inwhich the individuals’ satisfaction (or utility) is increasing. Be specific about slopes when itis necessary. Assume for both parts (a) & (b) that soft drinks are measured on x-axis andhamburgers on the y-axis. (a) Mary always gets twice as much satisfaction from an extra hamburger as she does froman extra soft drink. (b) Bob loves soft drinks but dislikes hamburgers.What do we mean by well-behaved preferences? How do the indifference curves look like for suchpreferences? Provide an example, in terms of a utility function, where preferences are not well-behavedand illustrate. Provide a figure with indifference curves and a budget line where there are exactly twosolutions to the utility maximization problem.
- Carol needs to decide how to spend her wealth on sh and chicken.For Carol, 1 lb of sh is equivalent to 2 lb of chicken. Her preferences2Intermediate Microeconomics NYUAD, Spring 2023can be represented by the utility functionu(x; y) = 2x + ywhere x is the quantity of sh (in lbs) and y is the quantity of chicken(in lbs). The consumption set is R2+.(a) Draw two typical indi erence curves for Carol, one correspondingto a utility level of u1 and one corresponding to a utility level u2,where 0 < u1 < u2. Make sure you label the slope of the indif-ference curves and the intercepts with the horizontal and verticalaxes.(b) Suppose the price of sh is $1:5 per lb and and the price of chickenis $1 per lb. Carol has $20 to spend on sh and chicken.(i) Draw Carol's budget set, labeling the slope and the interceptpoints clearly.(ii) How much sh and chicken will Carol choose to purchase?a. A consumer is willing to trade 3 units of x for 1 unitof y when she has 6 units of x and 5 units of y. She isalso willing to trade in 6 units of x for 2 units of y whenshe has 12 units of x and 3 units of y. She is indifferentbetween bundle (6, 5) and bundle (12, 3). What is theutility function for goods x and y? Hint: What is theshape of the indifference curve?b. A consumer is willing to trade 4 units of x for 1 unitof y when she is consuming bundle (8, 1). She is alsowilling to trade in 1 unit of x for 2 units of y when sheis consuming bundle (4, 4). She is indifferent betweenthese two bundles. Assuming that the utility function isCobb–Douglas of the form U (x, y) = xα y β, where α andβ are positive constants, what is the utility function forthis consumer?c. Was there a redundancy of information in part (b)? Ifyes, how much is the minimum amount of informationrequired in that question to derive the utility function?Praxilla, who lived in ancient Greece, derivesutility from reading poems and from eating cucumbers.Praxilla gets 30 units of marginal utility from her firstpoem, 27 units of marginal utility from her secondpoem, 24 units of marginal utility from her third poem,and so on, with marginal utility declining by three unitsfor each additional poem. Praxilla gets six units ofmarginal utility for each of her first three cucumbersconsumed, five units of marginal utility for each of hernext three cucumbers consumed, four units of marginalutility for each of the following three cucumbersconsumed, and so on, with marginal utility declining byone for every three cucumbers consumed. A poem coststhree bronze coins but a cucumber costs only one bronzecoin. Praxilla has 18 bronze coins. Sketch Praxilla’sbudget set between poems and cucumbers, placingpoems on the vertical axis and cucumbers on thehorizontal axis. Start off with the choice of zero poemsand 18 cucumbers, and calculate the changes in…