Suppose Pat’s demand for ounces of soda in a month is q= D(p) = 600 -30p, where p is the price of an ounce of soda in pennies.a) If the price of soda is 5 cents per ounce, how many ounces will Pat consume in a month?b) How much money does Pat spend on soda in a month?c) How much consumer surplus does Pat receive […]
Suppose you really, really like ice cream. You adore ice cream. Does the law of diminishing marginal utility apply to your ice cream consumption? If two commodities that you purchase on a regular basis carry the same price, does that mean they both provide the same total utility? Marginal utility? If a person goes to the bowling alley planning to spend $15 but comes away […]
List 5 common problems about cleaning tools ( brushes, brooms and etc.) and equipment ( vacuum cleaner, floor polisher and etc.) Propose a solution for each problem in order to minimize expenses and wastage (to decrease expenses)
to determine the price elasticity of demand for donuts in denver, we compare the percentage change ina. equilibruim price in denver with the percentage change in demand in denverb. price of donuts in denver with the percentage change in the price of coffee in denver.c. demand for donuts with the percentage change in the price of donuts.d. quantity of donuts demanded in denver with the […]
Microeconomics questions and answers.
A local bottler in Hawaii wishes to ensure that an average of 20 ounces of passion fruit juice is used to fill each bottle. In order to analyze the accuracy of the bottling process, he takes a random sample of 37 bottles. The mean weight of the passion fruit juice in the sample is 19.40 ounces. Assume that the population standard deviation is 1.34 ounce. […]
To conduct an experiment, AMC increased movie ticket prices from $9.00 to $10.00 and measured the change in ticket sales. Using the data over the following month, they concluded that the increase was profitable. However, over the subsequent months, they changed their minds and discontinued the experiment. How did the timing affect their conclusion about the profitability of increasing prices? To conduct an experiment, AMC […]
Income Inequality Review this statement. “A county with more of poor neighborhoods usually earn less tax money and would have less money to support a public school comparing to a county with no poor neighborhoods. Students from a public school that receives more supporting money are generally perform better than students from a public school that receives less supporting money. Therefore, the poor will destine […]
1. Suppose that the market for painting services is perfectly competitive. Painting companies are identical; their long-run cost functions are given by. a) Find the long-run equilibrium quantity (q) and price (P) in this industry. Round answers to one decimal. 3 points b) If market demand is , find the equilibrium total industry output (Q). 1 point c) Assuming again that all painting companies are […]
Calculate then graph the ATC and MC curves for a typical competitive firm, labeling everything relevant. How much economic profit do competitive firms make in the long run? Therefore, what price would be charged by competitive firms in a long run equilibrium in this industry? Why do competitive firms stay in business in the long run?
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