Exploring Economics
7th Edition
ISBN: 9781305465596
Author: Sexton
Publisher: Cengage
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Question
Chapter 5, Problem 10P
To determine
(a)
Refer to the given
Determine the shift or shifts in supply or demand could move the
To determine
(b)
Refer to the given supply and demand graph:
Determine the change in graph keeping E as the initial equilibrium point, if both the decrease in price of substitute in production and increase in income occurred, if it is a normal good
To determine
(c)
Refer to the given supply and demand graph:
Determine change keeping E as the equilibrium point, if both an increase in price of an input and advance technology occurred.
To determine
(d)
Refer to the given supply and demand graph:
Determine the point that would be quantity supplied and quantity demanded if the
To determine
(e)
Refer to the given supply and demand graph:
Determine the point tend to be the quantity supplied and quantity demanded if
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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3
apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added
5 units to Sadid's utility, while the last bread added 7 units.
Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's
consumption bundle? Why or why not? Give reasons in support of your answer.
State the condition for a consumer's utility maximizing choice and illustrate graphically.
2. Consider the following table of long-run total costs for three different firms:
Quantity
Total Cost ($)
Firm A
Firm B
Firm C
1
60
11
21
2
70
24
34
3
80
39
49
4
90
56
66
5
100
75
85
6
110
96
106
7
120
119
129
Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer
with necessary calculations.
Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.
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