st bottle: econd bottle: $5 ird bottle: $3 urth bottle: $1 Cost of first bottle: $1 Cost of second bottle: $3 Cost of third bottle: $5 Cost of fourth bottle: $7
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- Suppose Carlos is the only seller in the market for bottled water and Van is the only buyer. The following lists show the value Van places on a bottle of water and the cost Carlos incurs to produce each bottle of water: Van's Value Value of first bottle: $9 Value of second bottle: $7 Value of third bottle: $4 Value of fourth bottle: $1 Carlos's Costs Cost of first bottle: $1 Cost of second bottle: $4 Cost of third bottle: $7 Cost of fourth bottle: $9 The following table shows their respective supply and demand schedules: Price Quantity Supplied Quantity Demanded More than $9 4 0 $7 to $9 3 1 $4 to $7 2 2 $1 to $4 1 3 $1 or less 0 4 Use Carlos's supply schedule and Van's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8. Enter these values in the following table. Price Quantity Supplied Quantity Demanded 2 5 8 A price…You are in the market for a new couch and havefound two advertisements for the kind of couchyou want to buy. One seller notes in her ad that sheis selling because she is moving to a smaller apartment, and the couch won’t fit in the new space.The other seller says he is selling because the couchdoesn’t match his other furniture. Which seller doyou expect to buy from? Why? ( Hint: Think whowould be the more motivated seller.)3.15 Mandy is ordering a set of football tickets for the coming season. She plans to sell the tickets to make some money. There are two types of tickets: tickets for road games and tickets for home games. For each road game ticket, she could make a profit of $150, and for each home game ticket, the profit is $50 on average. The ticket office offers two price options: (a) $5/home ticket, and no more than $50 purchase per person; $50/road ticket, and no more than $300 purchase per person. (b) $7.5/home ticket, and no more than S100 purchase per person; $45/road ticket, and no more than $250 purchase per person. How many tickets of each type should Mandy purchase so as to maximize the total profit she can make?
- Alda is willing to pay $2,000 to visit her favoritecousin over spring break. A month ago, she bookeda trip costing $1,200. Spring break has arrived, butAlda needs one day to finish an important paperbefore she goes. Alda could cancel her trip and geta refund of $800. Or, she could pay an additional$1,000 (on top of the $1,200 she already paid) torebook the trip for two days later. Explain whatAlda should do.Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get Disceunted prie to some stores than others. For Marked p price example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the skirt: anita's office Original pre Travel Time Each Way Price of a Skirt (Dollars per skirt) Store Local Department Store (Minutes) 15 102 Across Town 30 85 Neighboring City 60 76 Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of…Suppose Hubert is the only seller in the market for bottled water and Clancy is the only buyer. The following lists show the value Clancy places on a bottle of water and the cost Hubert incurs to produce each bottle of water: Hubert's Costs Clancy's Value Value of first bottle: $10 Cost of first bottle: $1 Value of second bottle: $7 Cost of second bottle: $3 Value of third bottle: $3 Cost of third bottle: $7 Value of fourth bottle: $1 Cost of fourth bottle: $10 The following table shows their respective supply and demand schedules: Price Quantity Demanded Quantity Supplied $1 or less 4 $1 to $3 3. $3 to $7 2 2. $7 to $10 More than $10 14
- If a good is free, when will a consumer stop wanting to buy the good? Once the total utility equals zero At the quantity where marginal utility is at its maximum Once the marginal utility equals zero When marginal utility is negative Once the marginal utility equals total utility What is used to measure a consumer's entire satisfaction or happiness of a choice? Total utility Marginal cost Marginal utility Total Revenue Total costs Which of the following best defines the term utility as it is used by economists? when a market allocates resources in a way that maximizes consumer and producer surplusFor each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. First Orange Second Orange Third Orange Allison $2.00 $1.50 $0.75 Bob $1.50 $1.00 $0.60 Charisse $0.75 $0.25 $0 Refer to Table 7-5. The market quantity of oranges demanded per day is exactly 7 if the price of an orange, P, satisfies a. $0.60 < P < $0.75. b. $0.60 < P < $2.00. c. $0.25 < P < $0.75. d. $0.25 < P < $0.60.Assume you have your car broken down just before the weekend. You value your weekend trip as muchas v and if you have to stay home you get the zero utility. There are two dealerships in your town. Atthe beginning of the day they simultaneously choose a price for repair. Dealers know that when you cometo one of them and observe the price, you can always call to another dealer to make an inquiry about hisprice. The call is costless. The other dealer, however, can be occupied for this day. Assume, this happenswith probability which is a common knowledge (but the dealers do not know whether the other dealer isoccupied or not). Assume zero repair cost for the dealer and find a symmetric equilibrium of the game.
- Price Keram H 1 1 4 Becky's D for Blueberries Demand Refer to the graph above to answer this question. The graph shows Becky's demand for blueberries which can be purchased in any quantities and sold at any price What is Becky's total willingness to pay for 6 kilograms of blueberries if the price of each kilogram of blueberries is $27 Multiple Choice O O O O O $12. Cannot be determined. $18. $6. $2Columns 1 through 3 in the table below show the marginal utility which a particular consumer would get by purchasing various quantities of products A, B, and C. Unit of product (1) Marginal utility, A (2) Marginal utility, B (3) Marginal utility, C First 18 39 12 Second 16 36 10 Third 14 33 9 Fourth 12 30 8 Fifth 10 27 7 Sixth 8 24 5 Seventh 6 21 3 If the prices of A, B, and C are $2, $3, and $1, respectively, and the consumer has $26 to spend on these three products, what combination of the three products should be purchased in order to maximize utility?units Total of X Utility 1 2 3 4 6 10 18 24 28 31 33 Marginal MU Utility per $ 10 8 6 4 3 2 5 4 2 1.50 Units Total of Y Utility 1 2 3 4 5 6 8 15 21 26 30 33 Marginal Utility 8 7 6 5 4 3 MU per $ 8 7 6 5 4