Use the table with data for Maria and Jose to answer the question. Table: Maria and Jose Produce Strawberry Jam Jose charges $8 per jar. Maria earns $200, and Jose charges $4 per jar. Maria charges $8 per jar. Maria charges $4 jar. If Jose charges $8, Maria should charge Maria earns $50, and Jose earns $180. Maria earns $300, and Jose earns $280. Maria earns $180, and per Jose earns $40. Jose earns $150. . If Jose charges $4, Maria should charge $8; $8 O $4; $4 $8; $4
Q: n an economy only one combination of goods in productive efficient, is it true? graphically explain…
A: Economics as a subject deals with the study, allocation, and decision-making process of allocating…
Q: Briefly evaluate each of the following statements about utility. A. Each individual pursuing their…
A: Utility: It is the want-satisfying power that a commodity possesses. There are two approaches to the…
Q: Paul, Noel, and Sandi work in a bakery where they make pies and cakes. In one day, Paul can make 5…
A: Opportunity cost basically refers to the cost of best next foregone. In other word it is the cost of…
Q: As Gasoline Prices Soar, Drivers Slowly Adapt As gas prices rose in March 2008, people drove shorter…
A: In a market, elasticity of demand refers to the change in demand or quantity demanded due to change…
Q: Jake and Jill spend their time picking apples and strawberries. The quantities they can pick in an…
A: Comparative advantage in when an economic entity is able to produce a particular good or service at…
Q: Shen has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and…
A: Shen has a $10 nonrefundable, nonexchangeable, and non-transferable movie ticket. Now Valerie, whom…
Q: Discuss the concept of Economic Goods.
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…
Q: efine what is meant by market economy and identify its three required features
A: Market Economy refers to the economy where market demand and market supply are the major elements…
Q: Person 1 can allocate her 8-hour day between the production of two goods. A and B. Each hour devoted…
A: Answer : g. Move inwards on Good B axis only
Q: Wheat Wheat 10 Corn Corn Refer to Figure 3-1. Assume that Cliff and Paul were both producing wheat…
A: Given: Paul: Wheat - 8, Corn - 10, Therefore, wheat/corn = 8/10 = 0.8 Cliff: Wheat - 6, Corn - 4,…
Q: Larry lives with his parents and enjoys listening to jazz. Because of his living arrangements, his…
A: Below is the given information: Total hours available for work = 16 hours Per hour earning = $6…
Q: Read the following passage that describes why some consumers clip coupons while others don't. Then…
A: Opportunity cost refers to what is forgone when one alternative is chosen over another.
Q: Use the following information for this question: Assume that the following table illustrates amount…
A: Comparative advantage depends on the lower opportunity cost of production of a good. The opportunity…
Q: Explain how Lynk&co use the content of there website to indicate their value proposition to cus
A: A value proposition is the promise of value that a firm makes to customers if they choose to acquire…
Q: Suppose that Russia produces 10,000,000 barrels of oil and 1,000 bushels of wheat each week. Suppose…
A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…
Q: From the econmics information below Answer THE QUESTION : If you have your own business, what do…
A: Four lesson I have learned from Starbucks case study and they are as follows- Timing Lesson No. 1:…
Q: San Jose Mercury News, March 31, 2020: "As classes go online, students want Stanford to lower…
A: The explanation for whether the students must be given discounts or not is as follows:-
Q: I submitted the other questions to this problem. Now I need C answered.. (Reference Mankiw…
A: When the wage rate per hour is $6, the customer will work for (100-L6) hours. Similarly, in both the…
Q: According to the below table, which of the following combinations of wheat and beef could Andrea…
A: Andrea's time for the production of 16 bushels of wheat and 32 pounds of beef = 30 * 16 + 15 * 32 =…
Q: Tom's lawn service specializes in mowing lawns and trimming bushes. Tom has 4 hours to devote to…
A: Slope of the PPF depends on opportunity cost. If opportunity cost remains constant, the PPF will be…
Q: The following graph shows the marginal benefit (MB) and marginal cost (MC) curves for baseballs in…
A: The graph shows the Marginal Benefit (MB) and Marginal Cost (MC) curves for baseballs in an economy.
Q: Create a graph that best describes how the COVID-19 pandemic affected the US economy
A: The COVID-19 pandemic is the global crisis which has resulted in economic slowdown in several…
Q: Shen has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and…
A: If Shen goes to the party, then he will face some unrecoverable costs.
Q: Often, firms offer a larger quantity (milk, paint, toilet paper, a cup of Coke, second dress, second…
A: Sellers frequently give a bulk discount to persuade customers to buy in bigger numbers. The vendor…
Q: Lorenzo and Neha are farmers. Each one owns a 12-acre plot of land. The following table shows the…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: What occurs according to Moore's law? Multiple Choice The power of microprocessor technology doubles…
A: Moore's Law was given by an American engineer Golden Moore.
Q: Hi! Could someone help me with this? Thank you!!!!!
A: We are authorized to answer three subparts at a time since you have not mentioned which part you are…
Q: my has only $50 to spend for her weekend entertainment. She can go to a college football game for…
A: Economic decisions are those decisions in which people will choose what to do with limited…
Q: PPF2 PPF, Quantity of Tacos Which of the following most likely caused the shift from PPF1 to PPF2…
A: Production possibility frontier is a curve that represents the amount of varying outputs for two…
Q: what is the role of Recourses in individual economy?
A: Role of Recourses in individual economy Answer: The role of resources in any country occupies an…
Q: Many people think that soda consumption also leads to increased obesity. Many schools have banned…
A:
Q: So, in both cases, the chef would be doing the baking and cooking?
A: The theory of comparative advantage is based on opportunity cost.
Q: In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an…
A: Given production possibility schedule Bread produced in 8 hours Butter Andy 8 loaves 24 Kg…
Q: Kiran and Amna live in IBA hostel. They own a small business in which they make brownies and pasta…
A: Opportunity cost is the cost foregone. Specialization and opportunity cost are two related terms.…
Q: Use the table with data for Maria and Jose to answer the question. Table: Maria and Jose Produce…
A: If Jose charges $8, then Maria has two options, whether to charge $8 or $4 per jar.
Q: Roxy has 6 pencil cases and 18 notebooks. In contrast, Bratt has 18 pencil cases and 8 notebooks.…
A: The allocation of resources not efficient it it will be an efficient allocation of resources if if…
Q: explain the role of ceteris paribus in economic analysis
A: Economics is a social science that studies the role of production, consumption, and distribution of…
Q: Alizeh and Kelly were traveling together and have gotten stranded at an airport overnight. They have…
A: When we produce the commodities and services that people value the most, we have an efficient use of…
Q: Eleanor and her little sister Joanna are responsible for two chores on their family's farm,…
A: Answer: Given, Egg (in dozens) Milk (in gallons) Eleanor 6 2 Joanna 2 2 (1). If…
Q: Ken and Daniel always eat miso soup and sushi in exact proportions: Ken eats one miso per two…
A: An Edgeworth box (given after Irish philosopher and economist Francis Ysidro Edgeworth, 1881) is a…
Q: . Jenna and Walter are on a road trip across the country. They both say that they get 25 utils from…
A: Utility or utils is the benefit or satisfaction received from consumption of a good. A person…
Q: Gilberto and Juanita are farmers. Each one owns a 12-acre plot of land. The following table shows…
A: Absolute advantage refers to the ability of an economic entity to produce a greater quantity of a…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.2. A faculty member sells Gatorade at UNC Charlotte football games. He finds that if he raises his selling price by $1, he sells 6 less bottles each week. He turns over the operation to a Managerial Economics student for a week. The goal is to maximize revenue since the faculty member has a vast supply of Gatorade, and any unsold bottles can be sold in future weeks. The student takes over the operation for a week. She says she sold at the revenue-maximizing price of $4 per bottle. How many units sold? Show your work/thought process:Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?
- Sven 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:…SUAL 6. 40 Diet Coke, Diet Coke with Splenda, Coke Zero, Diet Coke with Lemon, Diet Coke with Lime, Diet Vanilla Coke are examples of man CAVAB a product line. a product mix. specialty services. specialty goods. Əvwalki Növbəti Bütün suallar Qeyd olunanlar Cari Vəziyyət 15:01 82*F Sunny C 4) AZE 18.06.2 TOSHIBAviting this editorial? Alexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table, Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is a bit faster and can make 100 street tacos or 30 Cuban sandwiches in an hour. Alexi and Tony can sell all the street tacos and Cuban sand- wiches that they are able to produce. Alexi up Tony Output Per Hour Street Tacos Cuban Sandwiches 80 100 20 30 a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro- duction of street tacos? Explain your answer. b. Who has a comparative advantage in the production of Cuban sandwiches? Explain your answer. c. Assume that Alexi works 20 hours per week in the busi- ness. Assuming Alexi is in business on her own, graph the possible combinations of street tacos and Cuban sand- wiches that she could produce in a week. Do the same for Tony. d. If Alexi devoted half of her time…
- Business Math 16. Use the following supply and demand data for a cake business to draw a supply and demand curve. Circle the equilibrium point. How many cakes should the entrepreneur supply each week? Why? What price should the entrepreneur charge for each cake? Why? Supply Quantity per wk. 2 4 6 8 12 14 Price per cake $5 $10 $15 $20 $30 $35 Demand Quantity per wk. 19 16 13 10 7 4 Price per cake $10 $15 $20 $25 $30 $35The prairie dog has always been considered a problem for American cattle ranchers. They dig holes that cattle and horses can step in, and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas, prairie dogs can sell for as high as $150 each. Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by their cattle. Draw a rancher’s production possibilities frontier showing increasing opportunity cost of cattle production in terms of prairie dog production. Using a separate graph for each situation, show what would happen to the initial production possibilities frontier in each of the following situations:Rummy 0.27 KB/S 9:43 J םיC |ווי ןוי ל Vo $40 describe the change in his budget line. f. If Rummy's income is $20 and all the money spend to purchase burger, how many burger he can purchase? Flowers TC FC 6 445 300 7 485 8 530 9 580 10 635 11 695 2. Consider Competitive Market where Jamil is selling flowers. If Market Price is $50 answer the following Questions: i. How many flowers should he sell? ii. Calculate Jamil's Profit or Lo. ii. Find the Price at which he will shut down in the short run. iv. Find the Price at which he will exit from the market.
- Ernie owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Bottle of water Cost Cost of 1st bottle $1 Cost of 2nd bottle $3 Cost of 3rd bottle $5 Cost of 4th bottle $7 1.From this information, derive Ernie’s supply schedule. 2.Graph his supply curve for bottled water. 3.If the price of a bottle of water is $4, how many bottles does Ernie produce and sell? How much producer surplus does Ernie get from these sales? Graph his supply curve for bottled water. 4.If the price rises to $6, how does quantity supplied change? How does Ernie’s producer surplus change? Show these changes in your graph.What are the influences on buying plans that change demand, and do these influences increase or www Draw a demand curve that shows what happens in the market for coffee makers if the price of a takeout coffee, a substitute for a coffee maker, rises but all other influences on buying plans remain the same. Label the curve D₁. When an event occurs that changes the demand for coffee makers, does the demand curve shift or is there a movement along the demand curve? When an event occurs that changes the demand for coffee makers, if demand decreases. if demand increases and OA. a movement up along the demand curve occurs; a movement down along the demand curve occurs OB. the demand curve shifts rightward; the demand curve shifts leftward C. a movement down along the demand curve occurs; a movement up along the demand curve occurs D. the demand curve shifts leftward; the demand curve shifts rightward 24- 20- 16- 12- 8- 4- 0- Price (dollars per coffee maker) Do 2 5 Quantity (millions of coffee…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.