Table 13.1 A very simple economy producing three goods: movies, burgers, and bikes. Product Movies Burgers Bikes Quantity 20 Select one: 100 3 a. $3 320 b. $7 035 c. $6 360 Od. $3 690 2012 Price $6 $2 $1000 Quantity 30 90 6 simple economy producing three goods: movies, burgers, and bikes. ? 2017 Refer to Table 13.1. What is real GDP in 2017, using 2012 as the base year? Price $7.00 $2.50 $1100 Table 13.1 A very

Table 13.1 A very simple economy producing three goods: movies, burgers, and bikes. Product Movies Burgers Bikes Quantity 20 Select one: 100 3 a. $3 320 b. $7 035 c. $6 360 Od. $3 690 2012 Price $6 $2 $1000 Quantity 30 90 6 simple economy producing three goods: movies, burgers, and bikes. ? 2017 Refer to Table 13.1. What is real GDP in 2017, using 2012 as the base year? Price $7.00 $2.50 $1100 Table 13.1 A very

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 $13940
John is a School of Agriculture graduate and consumes 2 goods: Yoghurt and Bread. Akua also earns a typical student income from the parents, GHS 400 a month. She can either spend it all on Yoghurts and get 50, or she can spend it all on Bread and get 200 loaves. a. Given this information, construct the equation for John’s Budget Line. b. John gets a research grant and her income increases to GHS 800 per month. What is the new equation of her budget line? What if income stays constant at GHS 400 and the price of Yoghurts increase to GHS10? c. Assume that prices are the same as used in part a. If the marginal utility of a Yoghurt is 20, what is the marginal utility of Bread if she is maximizing her utility?
On the diagram to the right is plotted a single bundle of 2 books and 3 DVDS consumed per month. This bundle is a point on the consumer's budget constraint. 10- 9- If the price of one book is $135.00 and one DVD is $90.00, then the consumer's level of monthly income is $ (round your answer to the neareast dollar). 8- 7- 2- 0- 9 10 Books (per month) 15 tv MacBook Air esc 80 DIL F1 F2 F4 F5 F6 F7 FB ! @ $ & * 1 2 3 4 7 8. 9 Q W E T Y tab ps lock A S F H J X C V M control option command DVDS (per month) N * *
Suppose the graph below shows Gilligan's daily production possibilities curve for coconuts and fish. If Gilligan gathers 3 Ibs of coconuts each day, then what's the maximum amount of fish he can catch in a day? 9. 8. 6. 4 1 0 1 2 3 4 5 6 Fish (Ibs/day) 04 Ibs of fish 4.5 lbs of fish 6 lbs of fish Tenannat ha datarminat Coconuts (Ibs/day)
1. Ch. 16 Problems and Applications Q3 Suppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls Bottles of Gatorade 2020 Price $2 $5 $2 Quantity 200 80 100 2021 Price $3 $5 $4 Quantity 200 80 100 Complete the following table by computing the percentage change in price for each of the three goods. Tennis Balls Golf Balls Bottles of Gatorade Percentage Change % % % Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is % True or False: If you were to learn that a bottle of Gatorade increased in size from 2020 to 2021, that information would lower your estimation of the inflation rate. 22,890
1. Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to spend $200 on the 10 scarves. When he arrives at Macy’s at 5:00 A.M. on Black Friday, he discovers that scarves are on sale for $12 each. Hugo buys 10 scarves and uses the remaining $80 to buy himself a some clothes. 1.a. How much consumer surplus did Hugo receive from the tenth scarf he purchased? 2. Now suppose the manager at Macy’s was hoping to sell all 100 scarves Macy's had in inventory. She decided to put the scarves on sale for $10, but an employee accidentally listed the sales price at $12. To the manager’s surprise, the store sold all 100 scarves at the $12 sales price. 2.a How much producer surplus did Macy’s receive from the hundredth scarf sold?
3) Now suppose you have $500 to spend. You can buy computer software, which costs $50 or go on a ski trip for $100. Draw the budget set, labeling the end points. Just a pick a point on the budget set and tell how much of each good you bought. Suppose you now have $700 to spend. Draw the new budget set and pick a point for this budget set. Are you buying more or less software and ski trips after the income change?
Tea 50 40 30 20 10 0 Tea 50 40 30 20 10 0 OC OA D Chart A 2 5 10 15 20 25 30 Scones Chart C 5 10 15 20 Tea 25 30 Scones 50 40 30- 20 10 0 Tea 50 40 30 20 10 Chart B 5 10 1 0 5 15 20 25 30 Scones Chart D Look at the figure Budget Lines for Tea and Scones. For months now. Agnes has had $20 per month to spend on tea and scones. The price of each cup of tea and each scone has been $1. Which of the charts shows what will happen to her budget line if the price of a cup of tea falls to $0.50? 10 15 20 25 30 Scones 1 pts
22. Suppose a little girl likes peanut butter and jelly sandwiches with exactly 2T of jelly and 1T of peanut butter. Suppose further that her mom agrees to make sandwiches to those exact specifications and the price of peanut butter is $.25/T and the price of jelly is S.10/T. If she has $1.80 to spend on peanut butter and jelly ingredients (ignore the bread) in a week, how many sandwiches will she make? a. 1 b. 2 c. 4 d. S ANSWED-.
3. Akua is a School of Agriculture graduate and consumes 2 goods: Yoghurt and Bread. Akua also earns a typical student income from the parents, GHS 400 a month. She can either spend it all on Yoghurts and get 50, or she can spend it all on Bread and get 200 loaves. a. Given this information, construct the equation for Akua’s Budget Line.b. The following are the bundles that Akua can afford with her income:Yoghurt Bread10 08020 Fill the blanks in the table with the quantities that will exhaust Akua’s income. c. Akua gets a research grant and her income increases to GHS 800 per month. What is the new equation of her budget line? What if income stays constant at GHS 400 and the price of Yoghurts increase to GHS10?d. Assume that prices are the same as used in part a. If the marginal utility of a Yoghurt is 20, what is the marginal utility of Bread if she is maximizing her utility?e. Now assume that Yoghurt and Bread are compliments for Akua. For her to consume all her income of GHS 400,…
Q15.) Answer each question. Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is ___. 2.) If she buys 1 pie the number of magazines she can buy in a week is ____. 3.) What is her S opportunity cost of purchasing a pie? ___ 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___
3. Akua is a School of Agriculture graduate and consumes 2 goods: Yoghurt and Bread. Akua also earns a typical student income from the parents, GHS 400 a month. She can either spend it all on Yoghurts and get 50, or she can spend it all on Bread and get 200 loaves. a. Given this information, construct the equation for Akua’s Budget Line. b. The following are the bundles that Akua can afford with her income: Yoghurt Bread 10 0 80 20 Fill the blanks in the table with the quantities that will exhaust Akua’s income. c. Akua gets a research grant and her income increases to GHS 800 per month. What is the new equation of herbudget line? What if income stays constant at GHS 400and the price of Yoghurts increase to GHS10? d. Assume that prices are the same as used in part a. If the marginal utility of a Yoghurt is 20, what is the marginal utility of Bread if she is maximizing her utility? e. Now assume that Yoghurt and Bread are…