Use this table to answer the questions on the Marginal Rate of Commodity Substitution. The table is likewise, uploaded in the google classroom announcement. Change in Consumption of Clothing Change in the Consumption of Food Point -12 5 A -5 5 B -3 5 C -2 D -1 E
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- The following graph input tool shows the daily demand for hotel rooms at the Oceans Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand FactorInitial ValueAverage American household income$50,000 per yearRoundtrip airfare from Pittsburgh (PIT) to Atlantic City (ACY)$250 per roundtripRoom rate at the Meadows Hotel and Casino, which is near the Oceans$250 per night For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $100 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Oceans____ from rooms per night to______rooms…A popular brand of decorative clay floor tile is priced at $7 per square until a surge in supply forces the price, for a short time, down to Drag the appropriate curve(s) to show the effect of the price drop. $3. To refer to the graphing tutorial for this question type, please click here. Price ($) 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 DSR 3 3 S1 DLR Quantity (thousands)Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Goods 250 I Quantity Demanded (Units) 225 25 200 Demand Price (Dollars per unit) 125.00 150 125 100 75 Demand 50 25 10 15 20 25 30 35 40 45 50 QUANTITY (Units) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and 50 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. (? 3130 2817 Total Revenue 2504 2191 1878 1565 1252 939 626 313 10 15 20 25 30 35 40 45 50 QUANTITY (Number of units) Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the…
- Match the Determinants with the appropriate change in the market for chocolate.Consider the market for gas in the US. Suppose that due to Covid-19 that there is a fall in the price of oil. Oil is used to produce gas. What is the effect on the market for gas?Exercise 1: Read and graph the supply and demand schedules bebw to find the price where the market is at equilibrium (Equilibrium is when quantity demanded and quantity supplied are equal) Price per Video Game in dollars) Quantity Demanded (in millions) Quantity Supplied (in millons) 100 100 1100 90 200 1000 300 900 70 400 800 60 500 700 50 600 600 40 700 500 30 800 400 20 900 300 10 1000 200 1100 100 888888888
- Consider the following data on Prices and Quantities of orangesand VCRs. Calculate the total value of goods and services at constant prices in thiseconomy in 1998d. Calculate the total value of goods and services at constant prices in thiseconomy in 1999 using the imageWhich of the following is an example of Substitute goods (1) tea and sugar (2) tea and coffee (3) Pen and ink (4) None of the aboveis Tips s Tips JT The following graph input tool shows the daily demand for hotel rooms at the Lakes Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand Factor Average American household income Roundtrip airfare from Des Moines (DSM) to Atlantic City (ACY) Room rate at the Mountaineer Hotel and Casino, which is near the Lakes Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand 50 100 150 200 250 300 350…
- Question 5 The weekly demand for sobolo among the 2017 cohort of BSc Admin students at the UGBS is Qx =50-4Px +0.51+10P -2Pz Where Qªx is the quantity demanded for sobolo Px is the price of sobolo per 1bottle I is the income of consumers in Ghana cedis Py and Pz are the prices of two goods that are related to sobolo а. Based on the demand function above, is sobolo a normal good or inferior good? Explain your answer. b. Based on the demand function above , what is the relationship between sobolo and good Y c. Based on the demand function above , what is the relationship between sobolo and good d. What is the equation of the demand for sobolo if consumer incomes areGHS30, the price of good Y is GHS 10 and the price of good Z is GHS 20? e. Graph the demand function for sobolo from d) Now suppose the weekly supply function for sobolo at the UGBS is Q®x = -210 +20PX -5P1 Q°x is the quantity supplied of sobolo and Pi is the price of inputs used in the preparing sobolo. f.What is the supply…Why we need to estimate the economic prices of tradable goods? Kindly cite an example of a tradable good.The following graph shows the demand curve for uff, a useful commodity produced on the planet Hermes. The Hermetian currency is the yen. The graph input tool also shows how demand for uff is affected by changes in the average income of Hermetians, as well as the prices of tulg and snick, two other related goods available on the planet. Suppose that the price of a gram of uff decreased from 50 yen to 45 yen. This would cause a _______ (options: movement along, shift of) the demand curve and therefore an increase in _________ (options: the demand for uff, the quantity of uff demanded). Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward _________ (options: movement along, shift of) the demand curve.