Question

8. Lefty has an income of $30. Bread is priced at $1.50 per loaf. A jar of honey is priced at $3. Leftys income goes up to $
0 0
Add a comment Improve this question Transcribed image text
Answer #1

8. Ans: 30 ; 15

Explanation:

Most number of bread loaves lefty can purchase = $45 / $1.50 = 30

Most number of jars of honey lefty can purchase = $45 / $3 = 15

9. Ans: 66

Explanation:

Number of employee hours per day (L) Output per day (Q) Marginal product = ∆Q/∆L
0 0
1 33 33.00
2 66 33.00
4 99 16.50
7 132 11.00
11 165 8.25

After the output level of 66, law of diminishing marginal return become apparent because after the output level of 66, marginal product declines.

10. Ans: 25

Explanation:

Number of dinners out per week(Q) Total Utility Marginal utility = ∆TU/∆Q
1 150 150
2 250 100
3 300 50
4 325 25
Add a comment
Know the answer?
Add Answer to:
8. Lefty has an income of $30. Bread is priced at $1.50 per loaf. A jar...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • A bakey sells 50 loaves a day of a particular bread at $1.50 a loaf

    A bakey sells 50 loaves a day of a particular bread at $1.50 a loaf. Research indicates that, for every 10 cents increase in the price, two fewer loaves would be sold. An equation for the daily revenue is R=-0.2x^+2x+75, where x represnts the number of 10 cents increase. a)Use this equation to find the number of 10cents increases that will result in a daily revenue of $80.00. b)What is the new price of a loaf of bread? c)What price...

  • (1) Table 30 Country Gini Coefficient   Sweden 0.24 France 0.275 Italy 0.319 United Kingdom 0.334 Portugal...

    (1) Table 30 Country Gini Coefficient   Sweden 0.24 France 0.275 Italy 0.319 United Kingdom 0.334 Portugal 0.395 Latvia 0.377 Refer to Table 30. Which country has the most unequal income distribution? Latvia Portugal France Sweden (2) Table 20 Quantity of Number of Baseballs Labor Per Day 0 0 1 40 2 78 3 113 4 145 5 175 Refer to Table 20. This table describes the number of baseballs a manufacturing firm can produce per day with different quantities of...

  • The long-run average cost curve is tangent to an infinite number of ______

    50. The long-run average cost curve is tangent to an infinite number of ______. (Points: 3) total cost curves marginal cost curves average variable cost curves I picked average total cost curves 51. The assumptions of perfect competition imply that ______. (Points: 3) individuals in the market accept the market price as given I picked individuals can influence the market price the price will be a fair price the price will be low 52. Individuals in a market who must...

  • In the market for televisions, the price of a television falls and nothing else changes. Price...

    In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...

  • Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor...

    Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor force. included in the labor force, but counted as unemployed. treated the same way as discouraged workers. included in the labor force and counted as employed. Question 69 2.5 pts Which of the following would be officially classified as unemployed? O a school administrator who has been working as a substitute teacher one day per week while looking for a full-time job in administration...

  •   1. When it comes to financial matters, the views of Aristotle can be stated as:...

      1. When it comes to financial matters, the views of Aristotle can be stated as: a. usury is nature’s way of helping each other. b. the fact that money is barren makes it the ideal medium of exchange. c. charging interest is immoral because money is not productive. d. when you lend money, it grows more money. e. interest is too high if it can’t be paid back.  2. Since 2008, when the monetary base was about $800 billion,...

  • CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in...

    CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT