1. Consider this simplified sequence: A farmer starts with a unit of wheat and sells it to a miller for 20 cents. The miller grinds it into flour and sells it to a baker for 50 cents. The baker converts all the flour into a loaf of bread and sells it to a grocer for $2.00. The grocer then sells that bread to a customer for $3.35. a) What is the total value added by the grocer? b) What is the total value added by all these stages of production? I c) How much does GDP increase?
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- Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940An additional unit of Old Product X will bring Cindy an MU of 15 utils, an additional unit of New Product Y will bring Cindy an MU of 30 utils, and an additional unit of New Product Z will bring Cindy an MU of 40 utils. If a unit of Old Product X costs $10, a unit of New Product Y costs $30, and a unit of New Product Z costs $20, which product will Cindy prefer to spend her money on? a. Old Product X. b. New Product Y. c. New Product Z. d. More information is required.3. A decision at the margini Manuel is a hard-working college senior. One Tuesday, he decides to work nonstop until he has answered 154 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 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon Total Problems Answered 0 70 112 140 154 Use the table to answer the following questions. The marginal, or additional, gain from Manuel's second hour of work, from 9:00 AM to 10:00 AM, is problems
- 1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?三三三 1 Normal TIcie .マ-~ Paragraph Styles I... 1 ...I. 2. . . ·3... 4 ..... 5. ... 6 . 7... Question 2: (1 mark) Sue's Shoe Shop is having a sale on shdes. The first pair of shoes is full price, the second is 25% off, and the third is 50% off. Describe how this sale relates to indiv idual demand and marginal utility.10. A retail store in Des Moines, Iowa, receives shipments of a particular product from Kansas City and Minneapolis. Let x = number of units of the product received from Kansas City y = number of units of the product received from Minneapolis a. Write an expression for the total number of units of the product received by the retail store in Des Moines. b. Shipments from Kansas City cost $0.20 per unit, and shipments from Minneapolis cost $0.25 per unit. Develop an objective function representing the total cost of ship- ments to Des Moines. c. Assuming the monthly demand at the retail store is 5000 units, develop a constraint that requires 5000 units to be shipped to Des Moines. d. No more than 4000 units can be shipped from Kansas City, and no more than 3000 units can be shipped from Minneapolis in a month. Develop constraints to model this situation. e. Of course, negative amounts cannot be shipped. Combine the objective function and constraints developed to state a mathematical model…
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- how should I make the curve and the fill in blank7. After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $100,000 worth her art each year. She found a studio that she can rent for $2,000 per month and know that materials will cost her $20,000 per year. She now earns $90,000 per year. If her calculations are correct, Jean's annual economic profits from the venture will be. a) $80,000 b) $56,000 c) $10,000 d) -$34,0004 с Ofrom Box B to Box D. O from Box C to Box B. O from Box D to Box B O from Box B to Box C D B Apple produces the iphone and sells their goods at the market. If Apple's revenue is represented by a flow of dollars from Box C to Box A of this circular-flow diagram, then the flow of land (site) that the household provides are represented by a flow