can any one help me with my home work I rely don't get the economics, at allWeek # 2 home work
Chapter 20: #s 1, 3, 10
Problem 1.
a. Determine the price elasticity of demand at each quantity demand.
The price elasticity of supply looks at how the quantity supplied produced by a firm changes with output. The official formula is to take the percentage change in the quantity supplied of a good over the percentage change in the price of that good. Like the demand curve, the price elasticity of supply varies along the supply curve. Many firms have supply curves that begin as very elastic and relatively flat, but then abruptly become very inelastic or steeply sloped at some threshold of output.
The price elasticity of demand measures the change in the quantity demanded for a good in response to a change in price. Changes are measured in percentage terms and the price elasticity of demand equals the percentage change in quantity demand divided by the percentage change in price.
b. Redo exercise 1a using price changes of $10 rather $5.
c. Plot the price and the quantity data given in the demand schedule. Indicate the price elasticity valued at the each quantity demand. Explained why the elasticity values get smaller as you move down the demand curve.
Problem 3
What would a 10% increase in the price of move tickets mean for the revenue of the movie theater if the price elasticity of the demand was 0.1, 0.5, and 5.0?
Problem 10
Calculate the income elasticity of demand from the fallowing data (use the midpoint or average):
Income Quantity Demanded
$15,000 20,000
$20,000 30,000
a. Explained why value is positive number?
b. Explain what would happen to a demand curve as compare that outcome to the situation that would occur if the income elasticity of demand was 0.2
Chapter 21: #s 5 and 8
Problem 5
Using utility, explain the fallowing commonly made statement:
a. I couldn’t eat another bite.
b. I’ll never get tried of your cooking.
c. The last drop tastes as good as the first
d. I wouldn’t eat broccoli if you paid me.
e. My kid would eat nothing but junk food if I allowed her.
f. Any job worth doing is worth doing well.
Problem 8
To increase margin utility, you must decrease consumption (everything else held contents) this statement is correct, even thought it sound strange. Explain why.
Chapter 22: #s 1, 5, 14
Problem 1
Use the following information to list the total fixed cost, total variable cost, average fixed cost, average variable cost, average total cost, and marginal cost.
Output Cost TFC TVC AFC AVC ATC MC
0 $100
1 $150
2 $225
3 $230
4 $300
5 $400
Problem 5
Describe some conditions that might cause large firms to experience inefficiencies that small firms would not experience?
Problem 14
Three college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the student relocation center, which pay $6,000 per year. A fully equipment facility can be leased at a cost of $8.000 per year. Additional costs are $1,000 a tear for insurance and $.50 per person per hour for materials and supplies. Their services would be priced at $10 per hour per person.
a. What are fixed cost? The fixed cast is the leased at a cost of $8.000 per year.
b. What are variable costs? Is their activity cost, and their services would be priced at $10 per hour per person.
c. What is the marginal cost? Marginal Cost is the change in total cost that comes from making or producing one additional item. Additional costs are $1,000 a tear for insurance and $.50 per person per hour for materials and supplies
d. How many students would it take to brake even? This business would require that they give up their current jobs at the student relocation center, which pay $6,000 per year
