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Microeconomics Topics & Concepts Covered

TOPICS	CONCEPTS
Supply and Demand	Law of Demand
Elasticity of Demand	Price Elasticity of Demand
Consumer Behavior	Marginal Utility
Production and Costs	Total Cost
Market Structures	Monopoly
Market Failure and Government Intervention	Externalities
Consumer and Producer Surplus	Producer Surplus
Game Theory	Nash Equilibrium

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Recently Asked Microeconomics Questions

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Q1:Answer to other student's solution in 100 words Solution :- Impact on Production and Costs - Current employment: 50 people - Current production: 12,000 vests per month - When hiring one more person (total 51 workers), production increases by 200 vests. - Monthly wage per worker: $1600 The additional production per month will be 200 vests when they hire the 51st person. This increase in production is the marginal product of labor (MPL) for the 51st worker. 2. Average Variable Cost (AVC) Average Variable Cost (AVC) is calculated as Total Variable Cost (TVC) divided by the quantity produced. The TVC is also concerned with labour costs, since labor has been the sole variable factor for production in this scenario. Hiring an additional worker increases the total variable cost (TVC) by $1600 (the wage of one worker). ·AVC = TVC / Quantity We need to know the relationship between TVC and volume in order to determine the impact on AV. AVC will be dependent on how these changes affect each other, given that TVC is increased by $1600 and the quantity of vests increasing by 200. If the additional 200 vests produced by hiring the 51st worker lower the AVC (because the increase in quantity outpaces the increase in TVC), then AVC will fall. Conversely, if the increase in TVC is not outweighed by an increase in volume, AVC will be increased. 3.Marginal Cost Marginal Cost is the cost of producing one additional unit of output. When the 52nd worker is added: Marginal Product of Labordrops to 160 vests per month. This means the 52nd worker contributes 160 additional vests per month, compared to the 51st worker who contributed 200 vests. Changes in production and costs have an impact on the margin. With a decrease in the number of MPL vests to 160: - The additional cost of hiring the 52nd worker ($1600) divided by the decrease in output (40 vests, because from 200 vests to 160 vests) determines the change in MC. The MC will increase if the decrease in production per worker is not offset by a reduction in costs. This is due to the fact that each additional worker makes a smaller contribution to production, which leads to an increase in productivity.See Answer
Q2:100 words To determine the marginal product of the 51st worker at Lighthouse Safety Vest Co. and the marginal cost of producing one more vest, we delve into the concepts of marginal analysis in economics. Marginal product refers to the additional output generated by employing one more unit of a variable input, in this case, labor. The marginal cost, on the other hand, reflects the additional cost incurred by producing one additional unit of output. Initially, Lighthouse Safety Vest Co. employs 50 workers and produces 12,000 vests per month. Upon hiring the 51st worker, the monthly vest production increases by 200 vests. This increase of 200 vests constitutes the marginal product of the 51st worker. To calculate the marginal product of the 51st worker: Marginal Product of 51st Worke = Change in Output = 200 Now, turning to the marginal cost, we consider the additional cost incurred by hiring one more worker, which is the worker's monthly pay. Lighthouse Safety Vest Co. pays workers $1600 per month. Therefore, the marginal cost to produce one more vest can be calculated as: Marginal Cost = Additional Worker's Pay/Change in Output = 1600/200 = $8 per vest This calculation shows that each additional vest produced costs the company $8 in additional wages when they hire the 51st worker. Understanding these marginal concepts is crucial for businesses like Lighthouse Safety Vest Co. as they strive to optimize production and manage costs effectively. Marginal analysis helps firms make decisions regarding optimal resource allocation and production levels, ensuring they operate efficiently and profitably in competitive marketsSee Answer
Q3:10. Suppose that the apple seller has a sale. One can still buy apples for $1 a piece or buy them in bundles of 4 apples for $3. What is the effect on the slope of the budget constraint? (1 point) (a) Decreases; the line looks flatter. (b) Increases; the line looks steeper. (c) The slope remains the same, but the line is always further from the origin. (d) None, the slope remains the same.See Answer
Q4:9. Suppose that the consumer wins the lottery, what is the effect on the slope of the budget constraint? (1 point) (a) Decreases; the line looks flatter. (b) Increases; the line looks steeper. (c) The slope remains the same, but the line is always further from the origin. (d) None, the slope remains the same.See Answer
Q5:8. Suppose that the price of a bus ride increases to $4, what is the effect on the slope of the budget constraint? (1 point) (a) Decreases; the line looks flatter. (b) Increases; the line looks steeper. (c) The slope remains the same, but the line is always further from the origin. (d) None, the slope remains the same.See Answer
Q6:7. Suppose that your left and right classmates showed up to your party, but your front and behind classmates didn't. Your first instinct is to conclude that telling people that your party is popular will decrease its attendance. Which of the following circumstances could have made your experiment go wrong and yet deliver these results? (1 point) (a) My best friends were sitting next to me at the time of my experiment, left and right. (b) I arrived late to class so I didn't decide where to sit. (e) I am shy so I don't know if the treatment was properly delivered (I don't know if they heard me). (d) My best friends were running experiments of their own.See Answer
Q7:4. Coco is the winner of the 2023 U.S. Open. After winning, she received $3,000,000 as a reward. Reconsider the previous question. What can you say about the opportunity cost of movie-going for Coco? (1 point) (a) increased: since now that she's won one tournament she knows that she can win more tournaments and money. On top of that, movies are long, so she is never going to the movies again. (b) decreased: because she's already received $3M out of the whole stream of prizes she could win as a tennis player. (c) remained the same: training. (d) none of the above.See Answer
Q8:3. Tennis player Coco Gauff is a promising talent. Since she's only 19, the best use of her time is training (suppose we infer this since that's the activity she does the most). Suppose she's considering to go watch a movie for $10 a ticket or listening to a podcast for $1. Which of the following is larger in value? (1 point) (a) The opportunity cost of watching a movie. (b) The opportunity cost of listening to a podcast. (e) The opportunity cost of training. (d) The price of a movie ticket.See Answer
Q9:TRENT UNIVERSITY DEPARTMENT OF ECONOMICS ECON-4000 TOPICS IN ADVANCED MICROECONOMIC THEORY ASSIGNMENT 1 DUE: FEBRUARY 12, 2024 Answer all questions. Each is equally weighted. Question 1: Consider a consumer whose utility function is given by U(x₁, x₂) = x₁x2, where x and y represent quantities of consumption of two consumer goods. and x2. 3/41/4 (a) Derive and interpret this consumer's Marshallian demand functions for X1 (b) Derive and interpret this consumer's indirect utility function. (c) Derive and interpret this consumer's Hicksian demand functions for x₁ and x2. (d) Derive and interpret this consumer's expenditure function. (e) Suppose the consumer's income is $1000 and the prices of x, and x2 are both $5. How should the consumer maximize her utility? What is her maximum level of utility? (d) Now suppose the price of x, rises to $10. The price of x2 remains at $5. (i) Derive, explain, and illustrate the income and substitution effects of this price change on the consumption of x₁. (ii) Derive, explain, and interpret the income and substitution effects of this price change on the consumption of x2. (iii) What are the effects of this price change on the consumer's maximum utility? +See Answer
Q10:Rohan is a single father. He is deciding how many hours to work while taking care of his infant. He can work a maximum of 16 hours a day at $20/hour - and whenever he is working, he needs to get a babysitter for $10/hour. As part of his union contract, Rohan's employer gives him $20/day in babysitting expenses as long as Rohan works at all that day. Finally, Rohan's personal savings provide him with a daily average of $100/day. A. Draw Rohan's budget constraint for leisure versus consumption. Here "leisure" just means not working for pay – and hence includes taking care of his child. B. Rohan's utility function is U(C,L) = 100*ln(L) + C. Where L is the leisure, how many hours of paid work should Rohan choose? What would be his consumption levelSee Answer
Q11:Vlad lives in Siberia. It gets really cold there. He has $1,000 in monthly income. He pays $500 of his income in rent for his apartment and spends the remaining $500 on two things: Fuel for heating the apartment (H) and all other goods (Y). Vlad's utility function is quasilinear and non-monotonic: u(H,Y) = -0.01(H — 100)² + Y. Note that it is non-monotonic because too much heat makes Vlad worse off (there's a 'right' temperature). Let Y be the numeraire (py = $1) and, for simplicity, also suppose that PH = $1. With rent fixed at $500, Vlad's budget constraint is then simply: H+ Y = 500. a) How much H does Vlad consume? b) Suppose the landlord is considering including heat in the rent. She offers Vlad a heat-included rental contract of $560 per month (under this contract, heat would be free to Vlad). Should Vlad take the deal? c) Suppose heating fuel costs the landlord the same as the tenant (PH = $1). How much would the landlord have to charge for a heat-included rental contract to break even, i.e., to make as much money as with the old heat-not-included contract? d) Would Vlad be better or worse off under the 'breakeven' heat-included contract from part c) compared to paying $500/month in rent and buying heating fuel separately (part a)? What's the maximum Vlad would be willing to pay in rent for a heat-included contract?See Answer
Q12:Question 1 (50 pts) Consider a rational addiction model with flow utility u(e₂, h. y) where e is consumption of the additive good, h is health, and y is consumption of the non-addictive good. The flow utility is increasing in all three inputs. The present value of lifetime income is A, the discount factor is 3, and the prices of the addictive and non-addictive goods are pe and 1, respectively. Health depends on prior consumption of the addictive good as follows: h=h(₁-2) a. (10 pts) What does the flow utility need to satisfy for the tolerance property to be satisfied? Explain your answer. b. (10 pts) What does the flow utility need to satisfy for the reinforcement property to be satisfied? Assume tolerance is satisfied. Explain your answer./nc. (8 pts) Write the setup of the maximization problem. d. (5 pts) Write the Lagrangian of the problem./ne. (17 pts) Compute the first order condition with respect to the addictive good at t. Assume tolerance is satisfied. Explain your FOC.See Answer
Q13: What was the main objective and motivation behind Gordon 1954? What was the author trying to prove/ disprove/ show and why? Explain economic rents and describe what type of market structure (pure competition vs. monopoly) would provide the highest rents. Draw a diagram and identify the optimal harvest level, cost, and rent or profit made under this harvest level. Explain how the effort will be allocated in a simple two fishery ground model (**hint** think of marginal productivity). Show why this environment will never reach a steady state (**hint** how will fisherman shift their effort between the two grounds?). Draw a diagram if necessary. What is the functional form we assume for the production function (aka the landings' function) and why do we use this functional form? Is it realistic? Which more optimal, sole ownership or open access? Why? Do you think Gordon is implying that we only give one fisherman the right to fish? Explain. If not, what do you think are policy implications of the findings?/n | CHICAGO JOURNALS The Economic Theory of a Common-Property Resource: The Fishery Author(s): H. Scott Gordon Source: The Journal of Political Economy, Vol. 62, No. 2 (Apr., 1954), pp. 124-142 Published by: The University of Chicago Press Stable URL: http://www.jstor.org/stable/1825571 Accessed: 22/02/2010 20:04 Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/action/showPublisher?publisherCode=ucpress. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to The Journal of Political Economy. STOR http://www.jstor.org THE ECONOMIC THEORY OF A COMMON- PROPERTY RESOURCE: THE FISHERY¹ H. SCOTT GORDON Carleton College, Ottawa, Ontario I. INTRODUCTION T HE chief aim of this paper is to ex- amine the economic theory of nat- ural resource utilization as it per- tains to the fishing industry. It will appear, I hope, that most of the prob- lems associated with the words "con- servation" or "depletion" or "overex- ploitation" in the fishery are, in reality, manifestations of the fact that the natu- ral resources of the sea yield no economic rent. Fishery resources are unusual in the fact of their common-property nature; but they are not unique, and similar problems are encountered in other cases of common-property resource industries, such as petroleum production, hunting and trapping, etc. Although the theory presented in the following pages is worked out in terms of the fishing industry, it is, I believe, applicable generally to all cases where natural resources are owned in common and exploited under conditions of individualistic competition. II. BIOLOGICAL FACTORS AND THEORIES The great bulk of the research that has been done on the primary production phase of the fishing industry has so far been in the field of biology. Owing to the ¹ I want to express my indebtedness to the Canadian Department of Fisheries for assistance and co-operation in making this study; also to Pro- fessor M. C. Urquhart, of Queen's University, Kingston, Ontario, for mathematical assistance with the last section of the paper and to the Econo- mists' Summer Study Group at Queen's for afford- ing opportunity for research and discussion. lack of theoretical economic research,² biologists have been forced to extend the scope of their own thought into the eco- nomic sphere and in some cases have penetrated quite deeply, despite the lack of the analytical tools of economic the- ory.³ Many others, who have paid no specific attention to the economic as- pects of the problem have nevertheless recognized that the ultimate question is not the ecology of life in the sea as such, but man's use of these resources for his own (economic) purposes. Dr. Martin D. Burkenroad, for example, began a recent article on fishery management with a section on "Fishery Management as Po- litical Economy," saying that "the Man- agement of fisheries is intended for the benefit of man, not fish; therefore effect of management upon fishstocks cannot be regarded as beneficial per se.”4 The 2 The single exception that I know is G. M. Gerhardsen, "Production Economics in Fisheries," Revista de economía (Lisbon), March, 1952. 3 Especially remarkable efforts in this sense are Robert A. Nesbit, "Fishery Management" (“U.S. Fish and Wildlife Service, Special Scientific Re- ports," No. 18 [Chicago, 1943]) (mimeographed), and Harden F. Taylor, Survey of Marine Fisheries of North Carolina (Chapel Hill, 1951); also R. J. H. Beverton, "Some Observations on the Principles of Fishery Regulation," Journal du conseil permanent international pour l'exploration de la mer (Copen- hagen), Vol. XIX, No. 1 (May, 1953); and M. D. Burkenroad, "Some Principles of Marine Fishery Biology," Publications of the Institute of Marine Sci- ence (University of Texas), Vol. II, No. 1 (Septem- ber, 1951). 4 "Theory and Practice of Marine Fishery Man- agement," Journal du conseil permanent international pour l'exploration de la mer, Vol. XVIII, No. 3 (January, 1953). 124 THEORY OF A COMMON-PROPERTY RESOURCE great Russian marine biology theorist, T. I. Baranoff, referred to his work as "bionomics" or "bio-economics," al- though he made little explicit reference to economic factors.5 In the same way, A. G. Huntsman, reporting in 1944 on the work of the Fisheries Research Board of Canada, defined the problem of fisheries depletion in economic terms: "Where the take in proportion to the effort fails to yield a satisfactory living to the fisherman";6 and a later paper by the same author contains, as an incidental statement, the essence of the economic optimum solution without, apparently, any recognition of its significance.7 Upon the occasion of its fiftieth anniversary in 1952, the International Council for the Exploration of the Sea published a Rap- port Jubilaire, consisting of a series of papers summarizing progress in various fields of fisheries research. The paper by Michael Graham on "Overfishing and Optimum Fishing," by its emphatic recognition of the economic criterion, would lead one to think that the eco- nomic aspects of the question had been extensively examined during the last half-century. But such is not the case. Virtually no specific research into the economics of fishery resource utilization has been undertaken. The present state 5 Two of Baranoff's most important papers- "On the Question of the Biological Basis of Fisher- ies" (1918) and "On the Question of the Dynamics of the Fishing Industry" (1925)-have been trans- lated by W. E. Ricker, now of the Fisheries Re- search Board of Canada (Nanaimo, B.C.), and issued in mimeographed form. 6 "Fishery Depletion," Science, XCIX (1944), 534. 125 of knowledge is that a great deal is known about the biology of the various com- mercial species but little about the eco- nomic characteristics of the fishing in- dustry. The most vivid thread that runs through the biological literature is the effort to determine the effect of fishing on the stock of fish in the sea. This discus- sion has had a very distinct practical orientation, being part of the effort to design regulative policies of a “conserva- tion" nature. To the layman the problem appears to be dominated by a few facts of overriding importance. The first of these is the prodigious reproductive po- tential of most fish species. The adult female cod, for example, lays millions of eggs at each spawn. The egg that hatches and ultimately reaches maturity is the great exception rather than the rule. The various herrings (Clupeidae) are the most plentiful of the commercial species, accounting for close to half the world's total catch, as well as providing food for many other sea species. Yet herring are among the smallest spawners, laying a mere hundred thousand eggs a season, which, themselves, are eaten in large quantity by other species. Even in in- closed waters the survival and reproduc- tive powers of fish appear to be very great. In 1939 the Fisheries Research Board of Canada deliberately tried to kill all the fish in one small lake by poi- soning the water. Two years later more than ninety thousand fish were found in the lake, including only about six hun- dred old enough to have escaped the poisoning. 7"The highest take is not necessarily the best. The take should be increased only as long as the extra cost is offset by the added revenue from sales" (A. G. Huntsman, "Research on Use and Increase of Fish Stocks," Proceedings of the United Nations Scientific Conference on the Conservation and Utiliza- tion of Resources [Lake Success, 1949]). The picture one gets of life in the sea is one of constant predation of one spe- cies on another, each species living on a narrow margin of food supply. It re- minds the economist of the Malthusian law of population; for, unlike man, the 126 fish has no power to alter the conditions of his environment and consequently cannot progress. In fact, Malthus and his law are frequently mentioned in the biological literature. One's first reaction is to declare that environmental factors are so much more important than com- mercial fishing that man has no effect on the population of the sea at all. One of the continuing investigations made by fisheries biologists is the determination of the age distribution of catches. This is possible because fish continue to grow in size with age, and seasonal changes are reflected in certain hard parts of their bodies in much the same manner as one finds growth-rings in a tree. The study of these age distributions shows that com- mercial catches are heavily affected by good and bad brood years. A good brood year, one favorable to the hatching of eggs and the survival of fry, has its effect on future catches, and one can discern the dominating importance of that brood year in the commercial catches of suc- ceeding years. Large broods, however, do not appear to depend on large num- bers of adult spawners, and this lends support to the belief that the fish popu- lation is entirely unaffected by the ac- tivity of man. 8 H. SCOTT GORDON There is, however, important evidence to the contrary. World Wars I and II, during which fishing was sharply cur- tailed in European waters, were followed by indications of a significant growth in 8 One example of a very general phenomenon: 1904 was such a successful brood year for Norwegian herrings that the 1904 year class continued to out- weigh all others in importance in the catch from 1907 through to 1919. The 1904 class was some thirty times as numerous as other year classes during the period (Johan Hjort, "Fluctuations in the Great Fisheries of Northern Europe," Rapports et procès- verbaux, Conseil permanent international pour l'ex- ploration de la mer, Vol. XX [1914]; see also E. S. Russell, The Overfishing Problem [Cambridge, 1942], p. 57). fish populations. Fish-marking experi- ments, of which there have been a great number, indicate that fishing is a major cause of fish mortality in developed fisheries. The introduction of restrictive laws has often been followed by an in- crease in fish populations, although the evidence on this point is capable of other interpretations which will be noted later. General opinion among fisheries biolo- gists appears to have had something of a cyclical pattern. During the latter part of the last century, the Scottish fisheries biologist, W. C. MacIntosh, and the great Darwinian, T. H. Huxley, argued strongly against all restrictive measures on the basis of the inexhaustible nature of the fishery resources of the sea. As Huxley put it in 1883: “The cod fishery, the herring fishery, the pilchard fishery, the mackerel fishery, and probably all the great sea fisheries, are inexhaustible: that is to say that nothing we do seri- ously affects the number of fish. And any attempt to regulate these fisheries seems consequently, from the nature of the case, to be useless."¹⁰ As a matter of fact, there was at this time relatively little re- striction of fishing in European waters. Following the Royal Commission of 1866, England had repealed a host of restrictive laws. The development of steam-powered trawling in the 1880's, which enormously increased man's pred- atory capacity, and the marked improve- ment of the trawl method in 1923 turned the pendulum, and throughout the inter- war years discussion centered on the problem of "overfishing" and "deple- tion." This was accompanied by a con- siderable growth of restrictive regula- ⁹ See his Resources of the Sea published in 1899. 10 Quoted in M. Graham, The Fish Gate (London, 1943), p. 111; see also T. H. Huxley, "The Herring," Nature (London), 1881. THEORY OF A COMMON-PROPERTY RESOURCE tions." Only recently has the pendulum begun to reverse again, and there has lately been expressed in biological quar- ters a high degree of skepticism concern- ing the efficacy of restrictive measures, and the Huxleyian faith in the inex- haustibility of the sea has once again begun to find advocates. In 1951 Dr. Harden F. Taylor summarized the over- all position of world fisheries in the fol- lowing words: Such statistics of world fisheries as are avail- able suggest that while particular species have fluctuated in abundance, the yield of the sea fish- eries as a whole or of any considerable region has not only been sustained, but has generally in- creased with increasing human populations, and there is as yet no sign that they will not con- tinue to do so. No single species so far as we know has ever become extinct, and no regional fishery in the world has ever been exhausted.¹2 In formulating governmental policy, biologists appear to have had a hard struggle (not always successful) to avoid oversimplification of the problem. One of the crudest arguments to have had some support is known as the "propagation theory," associated with the name of the English biologist, E. W. L. Holt. 13 Holt advanced the proposition that legal size limits should be established at a level that would permit every individual of the species in question to spawn at least This suggestion was effectively de- molished by the age-distribution studies whose results have been noted above. Moreover, some fisheries, such as the "sardine" fishery of the Canadian At- lantic Coast, are specifically for imma- ture fish. The history of this particular fishery shows no evidence whatever that once. 11 See H. Scott Gordon, "The Trawler Question in the United Kingdom and Canada," Dalhousie Review, summer, 1951. 127 the landings have been in any degree re- duced by the practice of taking very large quantities of fish of prespawning age year after year. 12 Taylor, op. cit., p. 314 (Dr. Taylor's italics). 13 See E. W. L. Holt, "An Examination of the Grimsby Trawl Fishery," Journal of the Marine Biological Association (Plymouth), 1895. The state of uncertainty in biological quarters around the turn of the century is perhaps indicated by the fact that Holt's propagation theory was advanced concurrently with its diametric opposite: "the thinning theory" of the Danish biologist, C. G. J. Petersen.¹4 The latter argued that the fish may be too plentiful for the available food and that thinning out the young by fishing would enable the remainder to grow more rapidly. Petersen supported his theory with the results of transplanting experiments which showed that the fish transplanted to a new habitat frequently grew much more rapidly than before. But this is equivalent to arguing that the reason why rabbits multiplied so rapidly when introduced to Australia is because there were no rabbits already there with which they had to compete for food. Such an explanation would neglect all the other elements of importance in a natural ecol- ogy. In point of fact, in so far as food alone is concerned, thinning a cod popu- lation, say by half, would not double the food supply of the remaining individuals; for there are other species, perhaps not commercially valuable, that use the same food as the cod. Dr. Burkenroad's comment, quoted earlier, that the purpose of practical policy is the benefit of man, not fish, was not gratuitous, for the argument has at times been advanced that commercial fishing should crop the resource in such a way as to leave the stocks of fish in the sea completely unchanged. Baranoff was largely responsible for destroying this 14 See C. G. J. Petersen, "What Is verfish- ing?" Journal of the Marine Biological Association (Plymouth), 1900-1903.See Answer
Q14:2. Assume that the price of Kellogg's Rice Krispies increases from $4 to $5 a box. This increase in price has increased the number of boxes of Rice Krispies produced from 10,000 to 14,000. a. What is the price elasticity of supply (please show all of your calculations)? b. Is Kellogg's sensitive or insensitive to the change in price? How do you know?See Answer
Q15:1. Tesla is thinking of changing the price of their new trucks from $80,000 to $70,000. This decrease in price is expected to increase the number of trucks sold from 6,000 to 7,000. a. What is the price elasticity of demand (please show all of your calculations)? (5 pts) b. Are consumers sensitive or insensitive to the change in price? How do you know? (3 pts) c. How will the total revenue generated from Tesla truck sales change (or not) due to the decrease in price? How do you know (relate to your price elasticity of demand)? (3 pts) d. Should Tesla change the price of their trucks? Justify your answer! (3 pts) e. Explain how the price elasticity of demand will change along the demand curve for Tesla's trucks (make sure to justify with a graph) (3 pts)See Answer
Q16:Follow the instructions to complete a budget. Assume that a month is exactly four weeks long and that you work 20 days per month. Consider this scenario and complete the portion of the monthly budget for fixed costs. 1-You are a recent college graduate and have found a job that pays you $750 per week. You live in a small apartment for which you pay $800 every month and use the public transportation network to get to your job. Traveling to and from work each day costs you $5. When you receive your weekly paycheck, 16% is withheld for taxes and $20 for your medical insurance. You spend $60 a week on groceries. Each month you spend $175 on electricity/sewer/water utilities and $200 to repay a federal loan from your college days. 52 2-The remaining categories are discretionary spending. This means you must decide how much or little to spend in each area. Spend the money as you wish, but the total of your fixed and discretionary expenses must be less than or equal to your income. 3- Subtract the total of your fixed and discretionary expenses from your monthly income. If the result is negative, you need to go back and cut back on a discretionary expense until the number is positive./n2- The remaining categories are discretionary spending. This means you must decide how much or little to spend in each area. Spend the money as you wish, but the total of your fixed and discretionary expenses must be less than or equal to your income. 3- Subtract the total of your fixed and discretionary expenses from your monthly income. If the result is negative, you need to go back and cut back on a discretionary expense until the number is positive. 10) Monthly Income $ Fixed Expenses (amount budgeted per month) rent $ taxes clothes SSSSGAGAGA LA entertainment/dining out charitable giving savings and investments Total Discretionary Expenses Total Above or Below Budget $ transportation medical insurance food utilities loan payment Total Fixed Expenses $ Discretionary Expenses (amount budgeted per month) telephone/internet $ $ $ $ $ $ ASSSSS $ $ $ $ $ 11) Explain why making a budget is important in reaching financial goals and avoiding negative consequences.See Answer
Q17:6) What is the difficulty faced by restaurant owners if they choose to reduce the portion of food per plate? 7) What function does utility have for the consumer when confronted with smaller portions? 8) Economically, what is the only factor that would allow a restaurant owner to make money by reducing the portion of food per plate? L 9) If the restaurant reduced the portions per plate, what is the impact on demand? What must restaurants do to offset the normal impact of reduced portion size?See Answer
Q18:Complete the charts. Think about a favorite thing you often buy or enjoy. It could be a favorite food, a favorite place to visit, a type of event, or something you make as part of a hobby. As part of this review, you will create a chart (just like the examples of total and marginal utility) showcasing the favorite item. Include the following information: ● how many you purchase or consume in the course of a day, week, or month (your choice) • marginal utility of additional "consumptions" ● the total utility of all "consumptions" Let's assume that the largest utility you get from any one item is 20. Make it as interesting as you can by considering something that is important to you. 3) ● ● Quantity 0 1 . 234 Now, draw two graphs and identify these four points for consideration: • Identify the y-axis (units). Identify the x-axis (quantity). Properly identify the curve at its end point. This is where marginal utility reaches 0. Identify the subject of each graph-one of total utility and one of marginal utility. Show the chart and graphs to your teacher. Total Utility 0 Marginal Utility 0/n. . . 4) Identify the x-axis (quantity). Properly identify the curve at its end point. This is where marginal utility reaches 0. Identify the subject of each graph-one of total utility and one of marginal utility. Show the chart and graphs to your teacher. Units of Total Utility Units of Marginal Utility 40 30 20 10 40 30 20 10 0 0 1 1 2 2 apewers 3 3 4 4 10 5 5 ISee Answer
Q19:Chart Rodrigo's total utility for lattés and the marginal utility for the same using information from the table. 1) 2) Quantity 0 Units of Total Utility 40 1 2 3 4 5 30 20 Units of Total Utility per Latte 10 0 20 15 10 5 0 1 1 Utility 0 14 22 28 32 35 2 3 Number of Lattés 2 3 4 4 5 Lin 5See Answer
Q20:3. The new CEO of a well-known consumer products conglomerate instituted a data sharing initiative across the various business units. Each business unit, which produced a wide variety of consumer products that did not directly compete with one another but sometimes sold products to the same customers, collected data on the demographics and behavior of its consumers; this data collection occurred at considerable expense to the business unit. The new CEO instructed the CTO to create a data repository and encouraged the managers of his various business units to share this demographic and behavioral data companywide and also to add any new data to the repository as it was collected. A year later, the CEO asked for a progress report on this data sharing initiative. The CTO reported that all the existing data from the various business units was placed in the data repository and shared successfully. However, the amount of data collected and added to the repository by the various business units actually decreased significantly after the data sharing initiative started, and there was little new data added to the repository over the past year. The CEO and CTO were both quite confused and disappointed. Can you explain what happened?See Answer

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