Homework Answers
16) Option A. Note that combination a lies outside the budget line which means this combination is not affordable with the current income
17) Option A. This is because perfect substitutes have downward sloping straight line indifference curve indicating constant slope
18) Option A. Note that vertical intercept of budget line is 450/15 = 30 CDs and horizontal intercept is 450/22.50 = 20 DVDs. This gives an optimum combination at 10 DVDs and 15 CDs
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CDs (per month) 0 2 4 6 8 10 12 Magazines (per month) 16) The above...
Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B...
Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B Quantity of Y Quantity of Y Quantity of X Figure C Quantity of X Figure D 17) Consider the indifference maps shown above. If X and Y are perfect substitutes, your indifference curves between them would look like those in A) Figure A. B) Figure B. C) Figure C. D) Figure D. CDs (number per year) 5 10 15 20 25 DVDs (number per...
Pizza (per month) 0 1 2 3 4 5 6 CDs (per month) and 15) Given...
Pizza (per month) 0 1 2 3 4 5 6 CDs (per month) and 15) Given the budget line in the above figure, if income is 560, then the price of a pizza is the price of a CD is A) $5; $20 B) $6; 54 C)$15; 15 D) $10; $15 CDs (per month) 0 2 4 6 8 10 12 Magazines (per month) 16) The above figure gives your budget line between CDs and magazines. Which combination of CDs...
OUESTİON4112MARKS) Record companies, faced with the growing competitions from digital music download services lower the price...
OUESTİON4112MARKS) Record companies, faced with the growing competitions from digital music download services lower the price of a music CD from $18.00 to $13.50. The price of a DVD is $18. Olivias income is $216 a year and she spends all of it on music CDs and movies on DVDs a) Calculate the equation for Olivia's budget line. (3 marks) b) Draw a graph of Olivia's budget line (with CDs on the horizontal axis) (3 marks) 4 12 10 0...
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2...
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2 40 70 90 100 106 60 90 105 114 120 2 4 4 29. (Table) In the table, assume that a consumer has a budget of $12, water costs $2 per bottle, and chips cost $3 per bag. When utility is maximized, the MUIP for both goods is: A) 20 B) 5 C) 3. D) 10. 30. Suppose you have $100 to spend on...
Rent (dollars per month) 0 1 2 3 4 5 6 Quantity (thousands of apartments per...
Rent (dollars per month) 0 1 2 3 4 5 6 Quantity (thousands of apartments per month) 4) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented? A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct. 5) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is...
Product A Product B 16 12 12 10 8 6 2 4 Quantity per period st st 24 20 (1) Quantity Product A MU per $ (at...
Product A Product B 16 12 12 10 8 6 2 4 Quantity per period st st 24 20 (1) Quantity Product A MU per $ (at $2) Product B MU MU 1 2 3 a) From the graph above, complete columns 2 and 4 of the table above. Round your answers to 2 decimal places. b) If the price of both products is $1, what quantity of each good would Marshall purchase if his budget was $8? Quantity of...
You have decided to spend $40 this month on CDs and movies. The total benefits yon...
You have decided to spend $40 this month on CDs and movies. The total benefits yon reive from different quantities of CDs and movies are shown in the table below. The price of s CDs s the price of a movie is $10. t year. T much p ne to Movies CDs Total Marginaene peTotal Margna e Benefit (A) Benefit (B) Dollar (C) Benit(D) Benedit () Dolle Marginal Quantity 0 200 360 500 620 140 360 440 Table 1: Monthly...
Rent (dollars per month) 2 3 4 Quantity (thousands of apartments per month) 4) The figure...
Rent (dollars per month) 2 3 4 Quantity (thousands of apartments per month) 4) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented? A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct. 5) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, what...
Figure: The Demand and Supply of Wheat Price (per bushel) 2 4 6 8 10 12...
Figure: The Demand and Supply of Wheat Price (per bushel) 2 4 6 8 10 12 Quantity of wheat (thousands of bushels per period) 6a. If there were an increase in demand of 2,000 bushels at each price, the equilibrium price and quantity would be and bushels, respectively. A) $5; 5,000 B) $6; 7,000 C) $7; 7,000 D) $8; 8,000 6b. (Figure: The Demand and Supply of Wheat) If a price of $8 temporarily exists in this market: A) a...
Price (dollars per dozen) Market price 40 Quantity (dozens per day 14) The figure tells us...
Price (dollars per dozen) Market price 40 Quantity (dozens per day 14) The figure tells us about the market for red roses. The consumer surplus is __a day. A) $800 B) $200 C) $1,000 D) $20 Pizza (per month) and the price 0 1 2 3 4 5 6 CDs (per month) 15) Given the budget line in the above figure, if income is $60, then the price of a pizza is__ of a CD is ___ A) $5; $200...
Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B Quantity of Y Quantity of Y Quantity of X Figure C Quantity of X Figure D 17) Consider the indifference maps shown above. If X and Y are perfect substitutes, your indifference curves between them would look like those in A) Figure A. B) Figure B. C) Figure C. D) Figure D. CDs (number per year) 5 10 15 20 25 DVDs (number per...
Pizza (per month) 0 1 2 3 4 5 6 CDs (per month) and 15) Given the budget line in the above figure, if income is 560, then the price of a pizza is the price of a CD is A) $5; $20 B) $6; 54 C)$15; 15 D) $10; $15 CDs (per month) 0 2 4 6 8 10 12 Magazines (per month) 16) The above figure gives your budget line between CDs and magazines. Which combination of CDs...
OUESTİON4112MARKS) Record companies, faced with the growing competitions from digital music download services lower the price of a music CD from $18.00 to $13.50. The price of a DVD is $18. Olivias income is $216 a year and she spends all of it on music CDs and movies on DVDs a) Calculate the equation for Olivia's budget line. (3 marks) b) Draw a graph of Olivia's budget line (with CDs on the horizontal axis) (3 marks) 4 12 10 0...
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2 40 70 90 100 106 60 90 105 114 120 2 4 4 29. (Table) In the table, assume that a consumer has a budget of $12, water costs $2 per bottle, and chips cost $3 per bag. When utility is maximized, the MUIP for both goods is: A) 20 B) 5 C) 3. D) 10. 30. Suppose you have $100 to spend on...
Rent (dollars per month) 0 1 2 3 4 5 6 Quantity (thousands of apartments per month) 4) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented? A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct. 5) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is...
Product A Product B 16 12 12 10 8 6 2 4 Quantity per period st st 24 20 (1) Quantity Product A MU per $ (at $2) Product B MU MU 1 2 3 a) From the graph above, complete columns 2 and 4 of the table above. Round your answers to 2 decimal places. b) If the price of both products is $1, what quantity of each good would Marshall purchase if his budget was $8? Quantity of...
You have decided to spend $40 this month on CDs and movies. The total benefits yon reive from different quantities of CDs and movies are shown in the table below. The price of s CDs s the price of a movie is $10. t year. T much p ne to Movies CDs Total Marginaene peTotal Margna e Benefit (A) Benefit (B) Dollar (C) Benit(D) Benedit () Dolle Marginal Quantity 0 200 360 500 620 140 360 440 Table 1: Monthly...
Rent (dollars per month) 2 3 4 Quantity (thousands of apartments per month) 4) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented? A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct. 5) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, what...
Figure: The Demand and Supply of Wheat Price (per bushel) 2 4 6 8 10 12 Quantity of wheat (thousands of bushels per period) 6a. If there were an increase in demand of 2,000 bushels at each price, the equilibrium price and quantity would be and bushels, respectively. A) $5; 5,000 B) $6; 7,000 C) $7; 7,000 D) $8; 8,000 6b. (Figure: The Demand and Supply of Wheat) If a price of $8 temporarily exists in this market: A) a...
Price (dollars per dozen) Market price 40 Quantity (dozens per day 14) The figure tells us about the market for red roses. The consumer surplus is __a day. A) $800 B) $200 C) $1,000 D) $20 Pizza (per month) and the price 0 1 2 3 4 5 6 CDs (per month) 15) Given the budget line in the above figure, if income is $60, then the price of a pizza is__ of a CD is ___ A) $5; $200...
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