Sara's income is $16 a week. The price of popcorn is $2 a bag, and the price of a smoothie is $4. Calculate the equation for Sara's budget line. Qs is the quantity of smoothies and Qp is the quantity of popcorn. OA. Qp = 8 +0.50Qs B. Qp = 8-2.0Qs OC. Qp=0.13-2.0Qs OD. Qp = 64 + 16Qs Draw points to show the combination of smoothies and popcorn Sara buys when: 1) she uses all her income to buy popcorn. Label it 1. 2) she uses all her income to buy smoothies. Label it 2. Draw Sara's budget line. Label it. 10- 8- 6- 44 24 0+ Popcorn (bags per week) Budget line + Smoothies (number per week) 1

Sara's income is $16 a week. The price of popcorn is $2 a bag, and the price of a smoothie is $4. Calculate the equation for Sara's budget line. Qs is the quantity of smoothies and Qp is the quantity of popcorn. OA. Qp = 8 +0.50Qs B. Qp = 8-2.0Qs OC. Qp=0.13-2.0Qs OD. Qp = 64 + 16Qs Draw points to show the combination of smoothies and popcorn Sara buys when: 1) she uses all her income to buy popcorn. Label it 1. 2) she uses all her income to buy smoothies. Label it 2. Draw Sara's budget line. Label it. 10- 8- 6- 44 24 0+ Popcorn (bags per week) Budget line + Smoothies (number per week) 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Bags/Participants Fixed Cost Variable Cost Total Cost 0 $1,700 $ - $1,700 100 $1,700 $500 $2,200 200 $1,700 $1,200 $2,900 300 $1,700 $2,700 $4,400 400 $1,700 $5,200 $6,900 500 $1,700 $9,000 $10,700 600 $1,700 $15,000 $16,700 700 $1,700 $23,800 $25,500 800 $1,700 $36,800 $38,500 900 $1,700 $55,800 $57,500 1,000 $1,700 $83,000 $84,700 Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? At what quantity of bags will profits be maximized? A Use the profit maximizing rule, MR ≥ MC, buy 300 bags. B Use the profit maximizing rule, MR ≥ MC, buy 200 bags. C Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 300. D Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 200.
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The state of New Jersey has in circulation (as of 2011) an instant lottery game called $1,000 Downpour. The cost of each ticket for this lottery game is $5.00. A player can instantly win $75,000, $1,000, $100, $50, $20, $10, or $5. Each ticket has 19 spots covered by latex coating, and the top four spots contain numbers that, if matched by the player's numbers, win money. The remaining 15 spots belong to the player. A player wins if any of the numbers in the player's 15 spots matches any of the four winning numbers. Number of tickets that can win Prizes 0 (i.e. not a winner) 2,853,533 621,075 10 327,600 20 58,500 50 31,200 100 5525 1,000 2561 75,000 6. Total= 3,900,000 tickets sold Find and interpret the expected outcome of this game. [Write your answer as a complete sentence]
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