Which two arrows in the diagram depict the following transaction: Stanley purchases the novel, "Night of Sorrows" for his summer reading pleasure. OA. J and G OB. K and G OC. K and M OD. J and M Product Markets Households Firms M J Factor Markets
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![Which two arrows in the diagram depict the following transaction: Stanley purchases the novel, "Night of Sorrows" for his summer reading
pleasure.
OA. J and G
OB. K and G
OC. K and M
O D. J and M
Households
M
Product
O
Markets
K
G
Firms
Factor
Markets](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F731524ed-1e1d-4cf6-9f0f-40f2d5e8cfac%2Fbd880ede-97b3-410f-9e73-840b562e6d58%2F2rrwcjq_processed.jpeg&w=3840&q=75)
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- The Economists Who Studied All-You-Can-Eat Buffets (The Atlantic, 27 Dec 2014)[1] Buffets are now big businesses, particularly in Las Vegas. The buffets in Vegas are no longer the dollar bargains they once were in the late 1950s. They're fancy productions with Kobe beef and king crab legs that can cost over $50. New research shows that paying that much for a buffet might actually make the food taste better. Three researchers did an all you can eat (AYCE) buffet field experiment to test whether the cost of an AYCE buffet affected how much diners enjoyed it. They conducted their research at an Italian AYCE buffet in New York, and over the course of two weeks 139 participants were either offered a flier for $8 buffet or a $4 buffet (both had the same food). Those who paid $8 rated the pizza 11 percent tastier than those who paid $4. Moreover, the latter group suffered from greater diminishing returns—each additional slice of pizza tasted worse than that of the $8 group.3 2. A decision at the margin Jake is a hard-working college sophomore. One Tuesday, he decides to work nonstop until he has answered 110 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 50 10:00 AM 80 11:00 AM 100 Noon 110 Use the table to answer the following questions. The marginal, or additional, gain from Jake’s first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Jake’s third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant for Jake’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 25 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For…[Related to Solved Problem 10.4 on page 330] In an article in the Quarterly Journal of Economics, Ted O’Donoghue and Matthew Rabin make the following observation: “People have self-control problems caused by a tendency to pursue immediate gratification in a way that their ‘longrun selves’ do not appreciate.” What do they mean by a person’s “long-run self ”? Give two examples of people pursuing immediate gratification that their long-run selves would not appreciate. Based on Ted O’Donoghue and Matthew Rabin, “Choice and Procrastination,” Quarterly Journal of Economics, February 2001, pp. 125–126.
- What is the difference between a goods contract (e.g., retail) from a forward contract? a.The parties pay money at the start for a forward contract but not under a goods contract. b.Under a forward contract neither party pays any money at the start of the contract, but not under a goods contract. c.Under a goods contract neither party pays any money at the start of the contract, but not under a forward contract. d.Under a forward contract and goods contract, neither party pays any money at the start of the contract.Chapter 3 Part 2 Questions: Please use the following graph to answer questions 1-3. Units of Environmental Quality 5 4 3 1 4 6 B D E 8 10 12 Units of Power 1. What is the Marginal Rate of Substitution (MRS) from point A to point B. 2. What is the Marginal Rate of Substitution (MRS) from point A to point E. 3. Which combination(s) of goods give the consumer the highest level of happiness? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.Econ 444-02 (Corporate Economics), Fall 2015Problem Set #2Due in class Thursday, September 24Problem 1. Alice and Barbra sell used CDs at music festivals. Each is decidingwhether or not to set up their booth at the last festival of the summer. The festivalis scheduled to take place in Alton, very near where Alice lives. It will cost her only$30 to travel the festival. Barbra is farther away, and it will cost her $100 to travelto Alton. Both Alice and Barbra would prefer to be only CD sellers at the festival,since they would avoid competition. If only one seller is at the festival, she will make$150 during the day (not counting travel costs). If both Barbra and Alice sell CDsat the festival, they will lower their prices and each make $50 during the day. BothAlice and Barbra receive $0 for not attending the festival.1. Draw the Normal Form of the game Alice and Bob are playing, be sure to labelthe game completely.2. Does either player have a dominant strategy? If so, what is it?3. List…
- The residents of Freedonia currently are consuming seven goods; yogurt, green tea, tofu, bean sprouts, cookie dough ice cream, Tito's Handmade Vodka and housing. The prices and quantities for these goods are given in the following table. Good Yogurt Green Tea Tofu Bean Sprouts Cookie Dough Quantity 3 7 18 Ice Cream Tito's Handmade I Vodka Housing 2018 2 Price 2.40 0.60 1.20 1.00 3.50 22.10 500.00 Quantity 4 9 20 4 7 I 2019 2 Price 2.86 0.72 4.80 1.20 4.00 21.35 505.00 Quantity 6 10 22 6 8 2 2020 2 a. Suppose that 2019 is the base year. Calculate the price index for 2018, 2019 and 2020. b. Determine the rate of inflation for 2019. Determine the rate of inflation for 2020. Price 3.01 0.80 5.10 1.25 4.60 25.50 512.00Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…Based on this model, firms earn revenue when Suppose Teresa earns $750 per week working as a pilot for Wingies. She uses $10 to take a yoga class at Big Bend. Big Bend pays Sam $475 per week to instruct yoga. Sam uses $350 to purchase international flights from Wingles. Event purchase Identify whether each of the following events in this scenario occurs in the factor market or the product market. Sam earns $475 per week working for Big Bend. Teresa spends $10 to take a yoga class. Teresa earns $750 per week working for Wingies. Factor Market Product Market in product markets. The $475 per week Sam earns working for Big Bend O Teresa's labor Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. The yoga class Teresa receives The $350 Sam spends to purchase international flights from Wingies
- Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 18 dozen eggs or collect 6 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? (Click to select) ✓ dozen eggs. b. If the siblings were to specialized, which should collect the milk? (Click to select) c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs.Read the news clip, then answer the following question. Eminem's decision to give a free concert O A. is not a rational choice O B. is a rational choice if he can deduct the concert expenses from his taxable income O C. is a rational choice if the marginal cost of the concert is greater than its marginal benefit O D. is a rational choice if the wants and preferences of all the people in his entourage, all of Eminem's fans, and all the citizens of Detroit agreed with the decision O E. is a rational choice if the marginal benefit he receives from the concert is greater than its marginal cost e Text Pages Grapher Get More Help-Product Markets K A) / and M B K and G K and M Households Refer to Figure 2-13. Which two arrows in the diagram depict the following transaction: Lizzie Haxem hires "The Paint Pros," a professional painting company, to paint her home. D) / and G Firms M M Factor Markets G.
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