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Healthy Harry’s Juice Bar has the following cost schedules:
Q (VATS)
VARIABLE COST
TOTAL COST
$ 0
$ 30
1
10
40
2
25
55
3
45
75
4
70
100
5
100
130
6
135
165
a. Calculate average variable cost, average total cost, and marginal cost for each quantity.
b. Graph all three curves. What is the relationship between the marginal-cost curve and the average total- cost curve? Between the marginal-cost curve and the average-variable-cost curve? Explain.
The following data is for a hypothetical country. Use this data to calculate the GDP of the country.
Value of consumer goods imported from the rest of the world: R22 billion
Value of consumer goods produced by foreigners living in the country: R12 billion
Value of capital goods such as tractors imported from America: R5 billion
Value of consumer goods produced by citizens living in the country: R100 billion
Value of motor cars produced the previous year but only sold this year: R8 billion
Value of capital goods such as welding machines produced in the country: R20 billion
Provision for depreciation on capital equipment: R3 billion
The value of GDP is R____ billion.
(Provide only the figure in your answer)
The quantity of money demanded for precautionary purposes decreases if
a.
consumer incomes increase.
b.
total output decreases.
c.
the inflation rate increases.
d.
the interest rate increases.
3. How can the economic perspective help us understand the behavior of fast-food consumers? Explain several insights it provides about customer behavior.
A loan of P5,000 is made for a period of 15 months, at a simple interest rate of 15%, what future amount is due at the end of the loan period?
A person has made an arrangement to borrow $1,000 now and another $1,000 two years hence. The entire obligation is to be repaid at the end of four years. If the projected interest rates in years one, two, three, and four are 10%, 12%, 12%, and 14%, respectively, how much must this person repay as a lump-sum amount at the end of four years?
Suppose now that country's national income increases to $330 billion. Assuming the amount paid in taxes is fixed at $100 billion and MPC = 0.6, what will be the new household consumption?
The demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. What would one expect sales to equal if the price is increased to $40? Be sure to provide an explanation
clearly demonstrate how intra and inter temporal choice models can make society incur an opportunity cost if not managed adequately and effectively ?
clearly demonstrate how intra and inter temporal choice models can make society incur an opportunity cost if not managed adequately and effectively ?
