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- Mega Partner is selling two products Marker(m) and Eraser(e) and their budget is given with thefollowing equation: 15Qe+ 30Qm= 3000. Now answer the following questions. I. Draw the budget line for Mega PartnerII. What would be the highest amount spend on Marker with the existing budgetIII. If Total budget increases to 4500 what would be the new budget line (use diagram)IV. If Price of the Marker becomes 15, how this changes the existing budget line keeping allthe values remain same.Sabine loves to support her local sports teams. She has an annual budget of $400 to divide between basketball games and football games. Tickets to a basketball game cost $25, and tickets to a football game cost $100. вс, Football games BC, 3 1 - 8 12 16 20 24 28 32 Basketball games reset a. Graph Sabine's budget constraint for basketball games and football games. Use the tool provided (BC1) and draw only the endpoints such that the first point touches the vertical axis and the second point touches the horizontal axis. b. Suppose the basketball team has a losing season and decides to decrease the price of a ticket to $20. Draw Sabine's new budget constraint.Use the tool provided (BC2) and draw only the endpoints such that the first point touches the vertical axis and the second point touches the horizontal axis. c. After the price decrease from (b), what will happen to Sabine's consumption of basketball and football games? According to the income effect, the quantity of basketball games…Question 1During the hot days, the Electricity Company generates more electricity by using more fuel and increasing the working hours of its employees. This production decision by the company is a ………. decision. long-run. intermediate run. market run. short-run. Question 2An indifference diagram has movies on the horizontal axis and sodas on the vertical axis. The marginal rate of substitution MRS measures the quantity of soda that the consumer has to give up to get one extra movie. True False Question 3As the output Q increases, the average fixed cost AFC …….., and the average variable cost AVC …….. falls continuously; has a U shape has a U shape; has a U shape falls continuously; falls continuously has a U shape; falls continuously Question 4The average total cost of production is equal to the total cost divided by the total number of output produced. True False Question 5If the average variable cost AVC is decreasing as output Q increases, then the marginal cost MC is definitely…
- (a) Explain with the help of a graph the effect of an increase in the relative price of a labor-intensive good on input choice. (b) “Generally, an economy will tend to be relatively effective atproducing goods that are intensive in the factors with which the country is relatively wellendowed.” Explain the above statement with the help of a graph.Suppose a consumer has a monthly income of m = 100 which she spendson two commodities: french fries (x1) and beef jerky (x2). The price offrench fries is p1 = 2 and the price of beef jerky is p2 = 5.(a) Write down the consumer’s budget constraint (equation).(b) What is the maximal consumption of french fries (this is calledthe real income in french fries).(c) Find the maximal consumption of beef jerky (real income interms of beef jerky).7. The best alternative foregone for any choice is known as the associated cost consumer's marginal utility resource input cost explicit cost opportunity cost 9. 9. Below is the total benefit Kenneth estimates he would get for jars of chocolate-flavored hazelnut butter. Jars Total Benefit (dollars) 1 5 2 9 3 12 4 14 5 15 6 14 7 10 What is Kenneth's optimal quantity consumed if the price of each jar is $4? 1 2 4 5 7
- 3. Draw and describe analytically the set of feasible consumption choices. What is the marginal rate of substitution at the optimal choice?Mrs. Yamoah's has an income of GHS 200 to spend on two commodities Maize and Yam. Maize costs GHS 1.20 per unit and Yam costs GHS 1.10 per unit. i) write down Mrs. Yamoah's budget equation. ii) write down Mrs. Yamoah's budget line. iii) what is Yamoah's marginal rate of substitution of maize to yam? iv) if Mrs. Yamoah's spend all her income of either maize or yam, how much of each commodity could she buy? v) suppose that yam cost per unit falls to GHS 1.0 while everythingthing else says the same. Write down Mrs. Yamoah's new budget equation. What is the price ratio of Maize to Yam?Principles of Economics 1 | S1 21/22 Time left 0:5) When the price of one good increases and the price of the other good and income are held constant, the budget line Select one: shifts parallel to the original budget line so that the new budget line is farther from the origin O b. shifts parallel to the original budget line so that the new budget line is closer to the origin rotates so that the intercept is farther from the origin on the axis representing the good that has experienced an increase in price O a. O c. O d. rotates so that the intercept is closer to the origin on the axis representing the good that has experienced an increase in price Next page
- 2. What is the economic interpretation of the condition that the consumer at his optimum equates his marginal rate of substitution and the price ratio of the goods he consumes?8:35 O ll 60% Econ101- Final Written.. QUESTION 2 Table 1 Number of Chocolate Bars per Day Total Utility Marginal Utility 80 150 200 230 10 2- Refer to the table above, 2.a- What is the marginal utility of the second chocolate bar per day? Please calculate. (3 pt) 2.b- What is the total utility of five chocolate bars per day QUESTION 3 3- You are a firm owner. Your total revenue was 100 TL last year. Your costs for rent and supplies were 35 TL. To start this business, you invested certain amount of money that could bring you a 45 TL as an annual return. If you would work for another company, DONOT CORY 3.a- Refer to the statement above. What were your economic costs during the year? Please calculate. (3 pt) 3.b- Refer to the statement above. What was your cconomic profit last year? Please calculate. (3 pt) QUESTION 4 Table 2 Technology Units of Capital Number of Employees 2. 5 12 B 11 10 D 10 4 4- Use the information provided in Table 2 above to answer the question(s) that follow. II…INTERMEDIATE MICROECONOMICS 2. Clearly describe substitution effect and income effect for a fall in price for a normal good and an inferior good