Households sell their in the market. They then use their income to buy in the market. O A. factors of production; goods; goods; factor B. goods; factor; factors of production; goods
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- K Suppose you own an outdoor recreation company and you want to purchase all-terrain vehicles (ATVs) for your summer business and snowmobiles for your winter business. Your budget for new vehicles this year is $180,000. ATVs cost $6,000 each and snowmobiles cost $9,000 each. a. Draw the budget line for your purchase of new vehicles. Use the line drawing tool to draw a budget line. Properly label this line. Place end points one on horizontal and one on vertical axes. Carefully follow the instructions above, and only draw the required objects. b. What is the opportunity cost of one ATV? The opportunity cost of one ATV is 0.67 snowmobile(s). (Round your answer to two decimal places.) c. What is the opportunity cost of one snowmobile? The opportunity cost of one snowmobile is 1.5| ATV(s). (Round your answer to two decimal places.) d. Does the opportunity cost of one ATV depend on how many you purchase? Why or why not? A The opportunity cost of one ATV depend on how many you for purchase…When a firm produces and sells a refrigerator worth $1,000, its contribution to the gross domestic product (GDP) on the income side is measured by: O a. the price paid by the consumer. b. the investment made by the firm to manufacture the refrigerator. c. the cost of raw materials used by the firm to manufacture the refrigerator. d. the sum of the wages, interest, and rent paid by the firm's owners and the profit of the firm. e. the stock of inventories used by the firm to manufacture the refrigerator.4. Draw a graph with Goods Per Day on the vertical axis and Leisure Hours Per Day increasing from left to right on the horizontal axis. Show that a person who works can work fewer hours and increase utility when the wage rate increases.
- 7. Consider a generic consumption/leisure choice. How will the follow ing events/policies affect either the consumer's choice of hours worked and labor supply, if at all? Be specific as possible about income and substitution effects and if there are multiple cases, consider them all (a) A raise in the wage rate (b) A labor income tax on all income. (c) A labor income tax on all labor income beyond the first 20 hours.8. Suppose both the consumption good and leisure are normal goods any graphs what will happen to the household's choice if there is (a) an increase in dividend income ; (b) an increase in wage w. without bois 1-on0 9TI laicuro in inferior Rengat"Status" is an example of value? O a. Negative Value O b. Neutral Value O c. Positive Value O d. No Value
- Price of a flash drive is 2 USD and the quantity bought of flash drive is 500. What would be the total expenditure on flash drive? a. 250 O b. 1000 O c. 498 O d. None of theseDiscuss whether your money, wealth, or income increases in each of the following situations: The value of your house increases. O A. Wealth increases. O B. Money increases. OC. Income increases. OD. All of the above. Your boss gives you a 10% raise. OA. Wealth increases. OB. Income increases. OC. Money increases. OD. All of the above. You take cash out of the bank and use it to buy an Apple iPad. OA. Money increases. OB. Income increases. OC. Wealth increases. OD. All of the above.Rich's Opportunities. Rich has no nonlabor income, and suppose the price of consumption is $1 per unit. Rich earns $15 per hour, and he has 16 hours in the day to allocate between working and leisure time. The figure be depicts his budget line. consumption (units/day) 240 210 180 150 120 90 60 30 0. 21 4. 6. 8. 10 12 14 16 leisure (hours/day) Rich is thrilled to learn that his folks will give him a $10 daily allowance starting tomorrow. What happens to Rich's opportunities tomorrow? O a. Rich's endowment point shifts left $10. Ob. His budget line shifts up 10 units of consumption per day. O c. The slope of Rich's budget line increases (in absolute value) $10 per day. O d. The slope of Rich's budget line decreases (in absolute value) $10 per hour.
- AMoving to the next question prevents changes to this answer. Question 3 of Question 3 1 points Save Answ The branch of economics that analyses the market behaviour of individual consumers and firms in an attemp to understand the decision-making process of firms and households. a)Gross Domestic Product O b)Micro Economics c)Macro Economics d)Logistics e)Gross National Product O0000] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.0.13 KB/S Vo 9:43 J תיוו |lוי ח:הו Assignment 2 Principles of Microeconomics 1. 1. Rummy has $40 a week to spend on burger and cake. The price of burger is $5 and the price of cake is $2 a slice. а. Calculate Rummy's real income in terms of cake. b. Calculate the relative price of cake in terms of burger. Calculate the equation for Amy's budget line. If Rummy's income increases to $60 a week and the price of burger С. d. and cake remain unchanged describe the change of his budget line. If the price of cake doubles while the price of burger remains at $5 and Rummy's income remains at $40 describe the change in his budget line. е. f. If Rummy's income is $20 and all the money spend to purchase burger, how many burger he can purchase?