YearAvocadoSliced breadRefer to the above table. The table2018$5$2provides the prices for avocados and slicedbread, the two goods in the typical2019$2$72020$2S10millenial consumer's basket. The fixed basket consists of 4 avocados and 1 loaf ofsliced bread. What was the total cost of the basket in 2019?$30$22$13$15

It is given that the basket contains two goods. Prices are different in each year but quantity of…

Year Avocado Sliced bread Refer to the above table. The table 2018 $5 $2 provides the prices for avocados and slice 2019 $2 $7 bread, the two goods in the typical millenial consumer's basket. The fixed basket consists of 4 avocados and 1 loaf of 2020 $2 S10 sliced bread. What was the total cost of the basket in 2019? $30 $22 $13 O $15

Year Avocado Sliced bread Refer to the above table. The table 2018 $5 $2 provides the prices for avocados and slice 2019 $2 $7 bread, the two goods in the typical millenial consumer's basket. The fixed basket consists of 4 avocados and 1 loaf of 2020 $2 S10 sliced bread. What was the total cost of the basket in 2019? $30 $22 $13 O $15

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. A consumer has and income of £40 to spend in two commodities. Commodity 1 costs £10 per unit, and commodity 2 costs £5 per unit. (i) What is the consumer's budget equation? If the consumer spends on his/her money on commodity 1, how much could he/she buy? Suppose the consumer was initially consuming 2 units of commodity 1 and 4 units of commodity 2. If the price of commodity 1 increases to £20 and the price of commodity 2 remains £5, by how much would the consumer's income have to rise so that he can still afford the initial bundle? (ii) Now suppose this consumer is a rational consumer and would like to maximize his/her utility. Explain how an increase in income will affect the consumer's optimal consumption bundle?
6. Explain the marginal rate of substitution. No more than 3 lines
Tin Millions of tons of strawberries (per month) 1000 950 B OF C 800 550 1 3 Submarines (per month) Suppose the economy is operating at point B. Achieving production at point F would require that the economy: O A. achieve full employment and an efficient allocation of resources. O B. improve its technology or increase its resources O C. reduce its production of submarines. O D. reduce its production of strawberries Clear my choice
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26. Given this diagram; what is the equilibrium level of income? a) 3/4 b) 1/4 Oc) 10 d) 100 O e) 25
If she spends her entire budget, Ya Binta can afford 74 peaches and 9 pineapples. She can also just afford 14 peaches and 21 pineapples. The price of peaches is 17 cents. What is the price of pineapples in cents? O a. 95 cents b. 5 cents c. 22 cents d. 85 cents
Table 6 shows the choices that Marina makes on Good1 and Good 2 in July, August and September. Does Marina consider both goods to be normal goods or not? (Hints: When you try to sketch a diagram to illustrate the concept, you don't have to be very precise in calculations and you don't need to be overly accurate). P P, Income ($) July August September 60 20 40 1 80 40 20 2 120 10 2 2 140 Table 6 O a. Good I is inferior, Good 2 is normal good. O b. Undetermined. O c. Good I is normal, Good 2 is inferior good. O d. Good I is normal, Good 2 is also a normal good.
3) Joshua is a utility maximizer and likes ice cream. He likes vanilla ice cream, but wouldhappily switch to chocolate ice cream if offered 1 scoop of chocolate ice cream for everyscoop of vanilla ice cream he has to give up. He has $5 of income to spend on ice cream.If vanilla ice cream costs $1 per scoop and chocolate ice cream costs $2.5 per scoop,Joshua will consume ______ scoops of chocolate and ______ scoops of vanilla ice creamper day.A) 0; 5B) 5; 0C) 2; 0D) 0; 2E) None of the above.
(جزء) means (part)
Suppose you own an outdoor recreation company and you want to purchase all-terrain vehicles (ATVS) for your summer business and snowmobiles for your winter business. Your budget for new vehicles this year is $300,000. ATVS cost $6,000 each and snowmobiles cost $15,000 each. a. Draw the budget line for your purchase of new vehicles. Use the line drawing tool to draw a budget line. Properly label this line. Place end points one on horizontal and one on vertical axes. Carefully follow the instructions above, and only draw the required objects.
3. Compute the percentage increase in prices from 2004 to 2005.a. 0 percentb. 13 percentc. 16 percentd. 22 percent *base year is 2003