The benefit that John gets from eating an additional grape is called the the grape. 中 A. demand for B. marginal utility from C. quantity demanded of O D. total utility from O E. net gain from OOO00
Q: Specialized electronic batteries, such as those for laptops, are hard to dispose of safely, yielding…
A: When the production of batteries creates an external cost of $150 it refers to the cost to the…
Q: Aidan and Celina are the only sellers of jack russell terrier (JRT) in Antigua. Celina chooses her…
A: Since you have asked a multi-part question and according to the policy, we can only solve the first…
Q: The Penn Central Railroad has not paid local taxes since 1969, under federal bankruptcy court…
A: A liability is something an individual or organization owes, generally an amount of cash.…
Q: d. Suppose there are ten fringe firms instead of five. How does this change your results? e. Suppose…
A: (d) There were 10 fringe firm instead of 5. Q=400-2p MC=20+5q So, supply will Price= marginal cost…
Q: 2) A monopoly faces a demand elasticity of -10 and marginal cost of $2, what is the optimal monopoly…
A: Ed = -10 MC = 2 P = ?
Q: Consider the infinitely repeated game constructed from the following stage game. b1 b2 a1 10,10 4,24…
A: In game theory, the Nash equilibrium is the equilibrium outcome of the game and the players gain no…
Q: Commodities a) Rely heavily on advertising to see their sales grow. b) Have prices that are…
A: Commodities include raw materials and equipments used by producers for producing other goods and…
Q: 8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a…
A: Two goods are substitutes when only one of them is consumed. Two goods are complements when both…
Q: GDP measures both income and output Select one: O True O False
A: GDP measures the value of final goods and services that are produced with in the country in a given…
Q: T'he table represents the market share of the 10 largest steel producers. Firm Market Share (%) 1…
A: In economics, the concentration ratio is a measure of the size of enterprises in proportion to their…
Q: A factory that you are managing has an hourly production process that can be represented by the…
A: Cost is minimized when production takes place where marginal rate of technical substitution is equal…
Q: : An economy is described by the following equations: Z=C+l+G C=600+0.6(Y-T) I=300 G=700 T=600 )…
A: Introduction Equation of an economy has given. Z = C + I + G C = 600 + 0.6 ( Y - T) I = 300, G =…
Q: : An economy is described by the following equations: Z=C+l+G C=600+0.6(Y-T) I=300 G=700 T=600 )…
A: Given: C=600+0.6(Y-T) I=300 G=700 T=600
Q: Consider a modification of the Rock-Paper-Scissors game in which P2 is an expert in body language…
A: Given, The modification of the Rock-Paper-Scissors gamePlayer 2(P2) is an expert in body language…
Q: Consider the following fixed proportions technologies: Technology A uses 3 units of labour and 6…
A: Technology A = 3 Labour and 6 capital = 10 unit of output Technology B = 8 Labour and 4 capital =…
Q: (9) Suppose the market for tennis shoes has one dominant firm and five fringe firms. The market…
A: Q=400-2P Dominant firm's MC = 20 MC = 20+5q
Q: A. Using the average price for all three goods, real GDP in 2012 is $___. (Enter your response as an…
A: Q 2012 P 2012 Q 2013 P 2013 Cars 12 $3000 14 $4000 Computers 4 $1100 7 $400 Oranges…
Q: 8) Six Flags charges $60 for students and $100 for everyone else. If the price elasticity of demand…
A: Given; Price of ticket charged from students= $60 Price of ticket charged from non-students= $100…
Q: Quality improvements decrease the value of the currency and are reflected in the O True O False
A: CPI measures the value of market basket of goods and services bought by a consumer in a given period…
Q: (11) Assume two firms with the same constant average and marginal cost, AC= MC= 5, facing the market…
A:
Q: Need asap... If you invest $750 at an interest rate of 7% compounded annually how much would the…
A: Given:Present worth (PV)=$750Interest rate=r=7%Number of years= n=5 years
Q: You are consultant at large international consultancy (“PharmCons”), specialized in consulting…
A: Dear student, you have asked multiple sub-part questions in a single post.In such a case, I will be…
Q: A monopolist’s demand function is given by D(p) = 90 − 2p. This monopolist is facing a cost…
A: D(p) or y = 90 − 2p p = 45 - 0.5y C(y) = (1/2)y2 + 600 TR = p*y TR = 45y - 0.5y2
Q: GDP Counting Activity Consumption Expenditures (A) Gross Private Domestic Investment (B) Government…
A: We are going to solve this question providing appropriate answer using definition of the term…
Q: Let us define Free agency as a professional athlete who is not under contract and is free to auction…
A: A free agency in professional athlete is a player who is not under contract to any single…
Q: What are some of the barriers to entry that can keep the number of sellers small in an Oligopoly?…
A: Oligopoly is defined as that market structure which has few seller selling the differentiated or…
Q: Activity 1. Describe briefly the effect of the following in purchasing power Taxes Prices Investors
A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: ou are asked to perform a hypothesis test that population proportion is different from 0.35. Which…
A: The alternative hypotheses do not contain equal signs. We are asked to perform a hypotheses test…
Q: 5. Suppose that the economy fell into a recession. The central bank decided to take a monetary…
A: A recession refers to a fall in the economic activity in an economy that leads to a fall in…
Q: Explain briefly. Growth Rate of Gross National Product (GNP)
A: Gross domestic product (GDP) is the all out financial or market worth of the relative multitude of…
Q: A monopoly has an inverse demand curve given by p=20−Q and a constant marginal cost of $2.…
A: Deadweight loss is the loss in social welfare resulting when socially efficient quantity is…
Q: The value difference between Klaus's worsened behavior at the end of the 12 weeks versus the promise…
A: The correct answer is given in the second step.
Q: 7) Although the long run equilibrium of a monopolistically competitive markets involves zero…
A: Monopolistic competition describes an industry during which an over sized number of enterprises…
Q: Figure 1 P ($), MC 125 99 79 75 139 99 `MR 45 Suppose that Figure #1 depicts the demand conditions…
A: Given; Price per exhibits= $99 When:- MR=MC Quantity= 45 Marginal Cost= $75
Q: Problem 2: An economy has the following sectors: private households, government, grape producers and…
A: Gross domestic product, or, GDP refers to the value of all the final products that is manufactured…
Q: THE PRISONERS DILEMMA: ESSENTIAL FEATURES Consider the following simple model of the Mile End Park…
A: A prisoner's dilemma is a situation where individual decision-makers always have an impetus to…
Q: In 2009, the price of Amazon's Kindle 2 was $359, while iSuppli estimated that its marginal cost…
A: Learner's index measures the market power of the firm that enables the firm to charge price greater…
Q: Quinn runs an apple orchard in a monopolistically competitive market. Quinn is maximizing profits…
A: In a monopolistic competitive market, marginal revenue curve lies below the demand curve which…
Q: If Charlie invests $50,000 in a cheese company today and is offered a 5% interest rate. How much…
A:
Q: How and why will switching from a fixed to flexible exchange rate regime affect exports as a…
A: It refers to the rate at which the currency of one nation can be exchanged for another. For example,…
Q: The next three questions pertain to the following normal-form game played by Pepsi and Coke: Coke…
A: The given game is a prisoner dilemma type of game.
Q: YN CN Next question Suppose that the production function is given by 0 5VR N. where Y is output Kis…
A: Given production function Y=0.5K*N δ=0.05s=0s=0.1s=0.2s=1
Q: 2. Given below is the market demand and supply for fish in a small town. Quantity demanded (Kilos…
A: Demand Curve: - demand curve is the graphical way of showing the relationship between the quantity…
Q: An externality arises when one economic agent's actions affect the welfare of others in ways that…
A: There are two externalities that can be considered here, either it can be positive externalities or…
Q: Firm B operates in a perfectly competitive market. If the firm is producing at the profit maximizing…
A: A perfectly competitive firm is a price taker. They accept the market price as given.
Q: Behavioral economists have discovered that people view a 2% decrease in their income without…
A: Inflation can be defined as a rise in the price of goods and services over time in a given country.…
Q: A monopolist's demand function is given by D(p) = 90 – 2p. This monopolist is facing a cost…
A: D(p) or y = 90 − 2p p = 45 - 0.5y C(y) = (1/2)y2 + 600 TR = p*y TR = 45y - 0.5y2
Q: #4 Use the IS-MP model to show what happens when the Federal Reserve raises the federal funds…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: (0.2) and that the rate of change of price to price is equal to (0.173) *. The elasticity of demand…
A: Here, given information is: The rate of change in quantity demanded: 0.2 The rate of change in…
Q: Which of the following statements about the oligopoly models are correct? Select all that applies.…
A: We have definitions of each competition as
Step by step
Solved in 2 steps
- Is it possible for total utility to increase while marginal utility diminishes? Explain.Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round—trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.Would you expect total utility to rise or fall with additional consumption of a good? Why?
- Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to confirm the choice of phone minutes and round trips that maximize Jeremys utility.Who determines how much utility an individual will receive from consuming a good?Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.
- As a college student you work at a part-time job, but your parents also send you a monthly allowance. Suppose one month your parents forgot to send the check. Show graphically how your budget constraint is affected. Assuming you only buy normal goods, what would happen to your purchases of goods?The rules of politics are not always the same as the rules of economics. In discussions of setting budgets for government agencies, there is a strategy called closing the Washington Monument. When an agency faces the unwelcome prospect of a budget cut, it may decide to close a high-visibility attraction enjoyed by many people (like the Washington Monument). Explain in terms of diminishing marginal utility why the Washington Monument strategy is So misleading. Hint: If you are really trying to make the best of a budget cut, should you cut the items in your budget with tile highest marginal utility or line lowest marginal utility? Does the Washington Monument strategy cut the items with the highest marginal utility or line lowest marginal utility?Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the goods you buy has a negative income elasticity, that is, it is an inferior good, what must be true of the income elasticity of the other good you buy?