wants Amelia to go to bed by BPM and only eat healthy snacks ha, however, can be difficult when Madison tres to get her to go to bed at 8PM and whines until Madison gives her potato chips Amela usually gives in and lets her stay up late ng unhealthy snacks As a result, Karen finds that it is difficult to get Amelia up in time to get her to daycare the next moming at kind of problem is this?
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- What do you mean by the inverse relationship between the quantity demanded for acommodity and its price. How would you explain, that a fall in the price of Matchboxdoes not make a consumer buy more of it? Please answer it in 30 min if possibleQUESTION 79 1. You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. You still enjoy Ramen noodles very much and buy even more, but your roommate plans to buy fewer Ramen noodles. You and your roommate consider Ramen noodles as a normal good You and your roommate consider Ramen noodles as an inferior good You consider Ramen noodles as an inferior good but your roommate considers it as a normal good You consider Ramen noodles as a normal good but your roommate considers it as an inferior good QUESTION 80 1. You own a deli. Which of the following is most likely a fixed input at your deli? the dining room the bread used to make sandwiches the tomato sauce used to make soups the employeesQuestion 10 Which of the following startements about network externalities is CORRECT? Air pollution is an example of a network externality. For a good with network externalities, the number of people who are willing to buy a unit of the good is uniquely determined by the price. Network externalities are always positive. The manufacturer of a new good with network externalities might give away a free version of the good. For a good with network externalities, one person's valuation of the good is always increasing in the number of other people using the good.
- what is the formula for calculating consumers net benefit in microeconomics?F Velma, a book editor for a local publishing company, and Daphne, an opera singer in a local opera company, share a townhouse in Miami. Velma enjoys reading and editing books at home, and Daphne enjoys rehearsing her arias at home. Daphne is willing to pay Velma $200 per week if she will find another place to read and edit books. Velma offers Daphne $240 per week to find someplace se to rehearse if Daphne has the right to rehearse in her home, explain why the townhouse will be free of arta rehearsals. If Veima has the right to read and edit books in her home, explain why the townhouse will be free of aria rehearsals. If Daphne has the right to rehearse her arias, A. she has to leam to enjoy silence. OB. she will only accept a payment more than $240 from Velma to stop rehearsing at home. OC. she will be willing to accept some payment less than $200 from Velma to stop rehearsing at home. OD. she will be willing to accept some payment between $200 and $240 from Velma to stop rehearsing…learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.com Imagine there is an outbreak of 'mad sheep' disease, which wipes out a considerable portion of the sheep population in Scotland. This results in a shortage of Haggis and an increase in its price. a) Show the effect of this price increase on Angus' budget line and optimal choice, and explain the forces underpinning this outcome. (Hint: Consider substitution and income effects). b) Assuming that Haggis' price continues to increase over the subsequent months, derive the demand curve for Haggis. c) Discuss the income and substitution effects within the context of this price increase assuming that Haggis is an inferior good. 2 26% 1
- Freds enjoys smoking cigars but cigar smoke makes his wife , Wilma feels ill. Use a graph to show that Fred's consumption of cigars will be inefficient if he ignores the costs imposed on Wilma.You are in the market for a new couch and havefound two advertisements for the kind of couchyou want to buy. One seller notes in her ad that sheis selling because she is moving to a smaller apartment, and the couch won’t fit in the new space.The other seller says he is selling because the couchdoesn’t match his other furniture. Which seller doyou expect to buy from? Why? ( Hint: Think whowould be the more motivated seller.)The table below shows Martha’s total utility from burgers and pasta. Suppose that the price of a burger is $4, the price of pasta is $8 a dish, and Martha has $24 a week to spend. Quantity of Burger per week Total utility for Burger MU MU/P Quantity of Dishes Pasta per week Total utility for Pasta MU MU/P 0 0 0 0 1 10 1 20 2 18 2 36 3 25 3 48 4 31 4 56 5 36 5 60 6 40 6 62 a- Conclude whether or not we follow the law of diminishing MU. b- What is optimal combination of Burger and Pasta?
- in a real life, consumers do not sometimes satisfy their budget constraintA penurious graduate student has a food budget of $100.00/week. To survive with sufficient energy to attend classes, he knows that he needs to consume 50 protein units per week. The only two foods he can stand to eat on a regular basis are beans and hamburger. He derives twice as ich pleasure per protein unit from eating hamburger as he does from beans. a. Assume that hamburger costs $3.00 per protein unit and beans cost $1.00 per protein unit. Formulate the student's diet problem as a linear program. (You can assume he wants to maximize his "total utility" from his diet and that he gets I utile from each protein unit of beans he consumes and 2 utiles from each pro- tein unit of hamburger.) What is the optimal consumption of beans and ham- burger in this case? b. Plot the student's price-response curve for beans as the price of beans goes from $0.01 to $2.00, assuming that everything else (including the price of hamburger) stays constant. Note that his individual price-response…[Related to Solved Problem 10.4 on page 330] In an article in the Quarterly Journal of Economics, Ted O’Donoghue and Matthew Rabin make the following observation: “People have self-control problems caused by a tendency to pursue immediate gratification in a way that their ‘longrun selves’ do not appreciate.” What do they mean by a person’s “long-run self ”? Give two examples of people pursuing immediate gratification that their long-run selves would not appreciate. Based on Ted O’Donoghue and Matthew Rabin, “Choice and Procrastination,” Quarterly Journal of Economics, February 2001, pp. 125–126.