Economics Answers

1. It's a very hot, sunny day and Peter is outside and feels very thirsty. He sees a lemonade stand where a glass of lemonade is selling for $0.50. He buys one glass and drinks it. The next day, Peter is outside and the temperature is much higher than the first day. Peter is even more thirsty, and buys 2 glasses of lemonade. He pays a total of $1.00

2. It's a very hot, sunny day and Peter is outside and feels very thirsty. He sees a lemonade stand where a glass of lemonade is selling for $0.50. He buys one glass and drinks it. The next day is same as before, however, a glass of lemonade is selling for $0.30 a glass. Peter buys 2 glasses of lemonade and pays a total of $0.60.

In both of the situations we notice that Peter buys 1 glass on the first day and 2 glasses on the 2nd day. How are the 2 situations different? Where do you find a change in quantity demanded and where do you find a change in demand for Peter? Please explain as clearly as possible

What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?

1. if a firm revenue course function is given as R=250Q + 3Q2 C= 150 - 5Q derive the maximization output and profit acqiured to the firm. 2. supposed a firm has the following information, the course of machinery factory plant amounted to 50,000. if it variable function is given below; 20x - 3x2 and price per eggs is given as 250 - 15x. what is the profit function of the firm?

find at least 3 countries or economies that have housing price stabilization policies and measures. Provide your suggestion on best measure that can be used in Melbourne housing market.

The purpose of economics is to provide a way to think. Economic thinking and decision-making recognize that because of scarcity something cannot be obtained without giving up something else. Consequently, we must make our decisions by comparing the costs and benefits and evaluating the tradeoffs. In doing so, five principles of economic thought come into play: tradeoffs, incentives, opportunity costs, marginal thinking, and voluntary exchange. Explain with a specific example of each how you apply these five principles of economic thought in your everyday life.

1. if a firm revenue course function is given as R=250Q + 3Q2
C= 150 - 5Q derive the maximization output and profit acqiured to the firm.
2. supposed a firm has the following information, the course of machinery factory plant amounted to 50,000. if it variable function is given below; 20x - 3x2 and price per eggs is given as 250 - 15x. what is the profit function of the firm?

What unintended consequences might result from the decision of a government to invest heavily in automation?

A reporter from the magazine Survey Mania recently conducted a poll of a group of randomly selected consumers leaving Extra Foods after completing their week’s grocery shopping. To the reporter’s surprise, even though consumers (who eat meat) had different preferences, their marginal rates of substitution (MRS) of chicken for beef were found to be identical. Use a budget line-indifference curve diagram(s) to explain why this was true. (Hint: To keep your diagram(s) as clear as possible, you need only graph two people, one who likes chicken relatively more than beef and one who likes beef relatively more than chicken. For simplicity, assume that the two consumers have equal income. Also assume that both consumers have preferences that fall under the “typical” category, though as mentioned above, their preferences are not identical.)

Assets, Beginning of Period 12,000

Liabilities, Beginning of Period 5,000

Assets, End of Period 23,000

Liabilities, End of Period 9,000

Investment by Owner 10,000

Revenues 99,000

Withdrawals by Owner 0

Solve for the expenses incurred during the period.