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- "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explainhow the concept of diminimishing matginal ulitily leads to folks allocating their income to a varied market basket of goods?Illustrate the Law of Equi-marginal roles in terms of total utility andmarginal utility.
- New York Giants star quarterback Eli Manning can sell 5 times more Giants memorabilia than any other employee of the team or stadium. Realizing this, Eli decides to stand behind a concession stand at MetLife Stadium and sell Giants merchandise during the team’s next home game. Why shouldn’t Eli do this, even though he’s better than anyone else at doing it?A friend of yours mentions to you that his PIBP for a shirt is a range of $40-$50. What argument can you give him to explain it is not wise to have a range for his PIBP?Please provide full workout & correct solutions, Im unable to do this question.
- You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your opportunity cost of seeing a movie this afternoon? Select one: O a. $57 O b. $12 ○ c. $22 ○ d. $8Bluth’s Bananas is considering expanding its retail operations for its one-of-a-kind frozen banana stands on Jones Beach, which is 10 kilometers long. Bluth’s Bananas estimates that the typical day has 2,000 visitors to the beach, spread uniformly, and that each will demand a single frozen banana provided the price plus any disutility of traveling to a stand does not exceed $6. To visit a stand a beach goer incurs a disutility of $0.50 for each 1/4 kilometer they have to walk to reach a stand. Each Bluth Banana costs $0.75 to make and each stand requires an operating fee to be paid to the city of $50 per day. Determine the equilibrium number of stands Bluth’s Bananas should operate on the beach given it is not in competition with any other firm. Determine the profit maximizing price for the bananas and calculate the profit realized by BB in equilibrium.Articulate how economic factors influence acustomer’s ability and willingness to buy products