Quantity of Subscriptionsto Economics StatisticsQuantity ofSubscriptions toOffice ProductivityApps per Year1.Total Utility (utils)Apps per YearTotal Utility (utils)3016001,1001,50025036046841,8002,0002,1007275Refer to the above table and assume that each year this consumer buys only annual subscriptions to economics statistics apps and subscriptions tooffice productivity apps. The price of a subscription to each type of economics statistics app is $2, and the subscription to each office productivityapp is $60 per year. If the consumer's available income is $64 per year, the consumer will purchase economics statistics app(s) andofficeproductivity app(e).if the consumer's available income rises to $246, what will be the new combination of economics statistics apps and office productivity apps?economics statistics app(s): and office productivity app(s):

Given Quantity of subscriptions to economics statistics apps per year Total utility Quantity of…

Answered: Quantity of Subscriptions to Economics…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The nearby graph shows Claudia's budget constraint for purchases of shoes and purses. Claudia's monthly budget for shoes and purses is $100. Claudia's parents have told her that she has too many shoes and is not allowed to buy more than 1 pair a month. If she buys 1 pair of shoes and 1 purse, she will have $_________ left each month. Number of 4.5 purses 4.0 3.5 3.0 2.5 O $50 O $10 O $75 O $25 2. A 1.5 1.0 0.5 0 0.2 0.4 0.6 0.8 1.0 1.2 Number of pairs of shoes
Help me answer this macroeconomics theory question
Rice is considered to be the staple food in the Philippines, so that when its price escalates, spending of the consumer will Select one: a. Decrease b. increase c. decrease rapidly d. increase rapidly
Paul consumes cheese and wine and his income is $200. Is it possible that when the price of one pound of cheese is $5 and the price of wine per glass is $5, Paul consumes 10 glasses of wine and 30 pounds of cheese per week, but when the price of one pound of cheese is $2 and the price of wine per glass is $10, Paul does not consume any cheese and spends all of his income on wine?
pats >125 per week to spend on peanut butter and carrots in the fixed ratio of 1 pound of peanut butter to 4 pounds of carrots. Peanut butter costs $1 per pound and carrots cost $0.5 per pound Suppose the price of carrots were to rise from $05 to $1 per pound. By how much will Tom have to reduce his consumption of carrots
Assume that John has RO 21 to spend on Energy drink and Protein bars each month and that both goods must be purchased whole (no fractional units). Energy drink (X) cost RO 3 and Protein bars (Y) cost RO 2 each. John’s preferences for movies and books are summarized by the following information: No. per Month Energy drink No. per Month Protein bars TU MU MU/Px TU MU MU/Py 1 84 1 36 2 156 2 66 3 216 3 90 4 264 4 108 5 300 5 120 6 324 6 126 7 336 7 126 Fill in the figures for marginal utility of X and marginal utility of Y per dollar for both movies and books. Are these preferences consistent with the law of diminishing marginal utility? Explain briefly. Given the budget of RO 21, what quantity of Energy drink (X) and what quantity of Protein bars (Y) will maximize John’s…
Sienna gets a total of 20 utils per week from her consumption of pizza and a total of 40 utils per week from her consumption of yogurt. The price of pizza is $1 per slice, the price of yogurt is $1 per cup, and she consumes 10 slices of pizza and 20 cups of yogurt each week. Which of the following statements is correct regarding Sienna's current consumption of pizza and yogurt? Sienna should eat more yogurt and less pizza, as she is getting more utils from the $20 spent on yogurt than from the $10 spent on pizza. Sienna should eat more pizza and less yogurt, as she is getting more utils from her last dollar spent on pizza than her last dollar spent on yogurt. We cannot determine if Sienna is maximizing her total utility with the information provided. Sienna should eat more yogurt and less pizza, as she is getting more utils from her last dollar spent on yogurt than her last dollar spent on pizza.
What is the current price of gasoline and how many gallons of gasoline do you currently buy per month? How many gallons would you buy next month and how would your behavior change if the price fell by $1.25 per gallon? Also, based on that information, what is your price elasticity of demand for gasoline? Be sure to show how you calculated your price elasticity of demand. current price of gas = $2.53 gallons of gas per month = 72 gallons no change for next month On the average I fill my tank up 3 times a month each time I go I spend $60-$65
3. Based on each scenario in this question, indicate whether the following statements is true or false, and briefly explain your reasoning. You may also want to use a graph in your explanation if you think it's necessary. a) Mike makes $500 per week and spends all her income on books and tea. Books cost $25 each, and Mike buys 16 each week. Tea costs $5 per cup, and Mike buys 20 cups. When Mike's income falls to $450 per week, he cuts his consumption of books by 3 books and purchases 5 more cups of tea. Based on Mike's consumption behaviors, books are an inferior good and Tea is a normal good. b) Lucy consumes food and clothing. For incomes near her current income, her income expansion path is negatively sloped. Assume that food is measured along the horizontal axis and clothing is measured along the vertical axis. Therefore, at current income levels, both food and clothing must be inferior good. c) For any normal goods, the income and substitution effects work in the same direction.…
3. If all other factors remain the same, what happens to the demand curve for coffee if there is: (a) an increase in the price of tea, (b) a decrease in family income, (c) an increase in the price of coffee? In answering these questions draw and carefully label a set of axes. On the horizontal axis of your graph, show the quantity of coffee. On the vertical axis show the price per cup of coffee. Since you do not have specific data on prices and quantities demanded, just indicate prices with a P and Quantity with a Q. Focus on the general shape and position of the curves before and after events occur. Draw new curves to show what happens in each of the circumstances given, if necessary. 3. If all other factors are unchanged, what happens to the supply curve for coffee if there is: (a) an increase in wages paid to coffee store clerks, (b) an increase in the price of coffee, or (c) an increase in the number of coffee stores? In answering these questions draw graphs, as necessary, using…
Jim has made his best affordable choice of muffins and coffee. He spends all of his income on 10 muffins at $1 each and 20 cups of coffee at $2 each. Muffins and coffee are ordinary goods. Now, the price of a muffin rises to $1.50 and the price of coffee falls to $1.75 a cup. Will Jim now be able and want to buy 10 muffins and 20 coffees? Which situation does Jim prefer: muffins at $1 and coffee at $2 a cup or muffins at $1.50 and coffee at $1.75 a cup? When the price of a muffin rises to $1.50 and the price of coffee falls to $1.75 a cup, Jim able to buy 10 muffins and 20 coffees. Jim O A. is; does not buy this combination because the marginal rate of substitution has changed. B. is; buys this combination because the marginal rate of substitution has not changed. O C. is not; does not buy this combination because with the change in price he can no longer buy 2 cups of coffee to drink with each muffin O D. is not; does not buy this combination because he can't afford it Jim prefers to…

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