Economics Answers

The residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2016, they spend a total of $210 for 100 heads of cauliflower, $70 for 50 bunches of broccoli, and $45 for 450 carrots. In 2017, they spend a total of $225 for 90 heads of cauliflower, $112 for 80 bunches of broccoli, and $120 for 400 carrots.
Complete the following table by calculating the price of one unit of each vegetable in each year.
Year
Cauliflower
Broccoli
Carrots
2016
2017
Using 2016 as the base year, the CPI for 2016 is , and the CPI for 2017 is .
The inflation rate in 2017 isusing the CPI.

Suppose Jimmy McMillan from the Rent Is Too Damn High Party wins the next mayoral race in New York City. He imposes a price ceiling on rent in New York City of $1,000 per month (for 1 bedroom). Discuss what the likely effects would be on the quality of rental housing available and why.

Explain how the contribution of labor and entrepreneur get changed in industrialized work and agriculture ? 8 marks

'with an increase in the number of persons who own laptops and tablets, the demand for wife increases and the price of wife decrease." is this true or false? explain with the help of a graph the effect of this event on the market equilibrium for the internet service market."

9. Given the following marginal utility schedule for good X and good For the individual,and given that the price of X and the price of Y are both $1, and that the individual spends all income of $7 on X and Y, Q 1 2 3 4 5 67 MUX 15 11 9 6 4 3 1 MUY 12 9 6 5 3 2 1 a. indicate how much of X and Y the individual should purchase to maximize utility. b. show that the condition for constrained utility maximization is satisfied when the individual is at his or her optimum. c. determine how much total utility the individual receives when he or she maximizes utility? How much utility would the individual get if he or she spent all income on X or Y?

What is
VMPxt/Vx=VMPxy/Vx=R

In each of the following situation what is the government's role? Does the government's intervention improve the outcome?
1=public schools for k-12

Explain whether each of the following government
activities is motivated by a concern about
equality or a concern about efficiency. In the
case of efficiency, discuss the type of market
failure involved.
a. regulating cable TV prices
b. providing some poor people with vouchers
that can be used to buy food
c. prohibiting smoking in public places
d. breaking up Standard Oil (which once
owned 90 percent of all oil refineries) into
several smaller companies
e. imposing higher personal income tax rates
on people with higher incomes
f. instituting laws against driving while
intoxicated

“it is orthodox to say people’s desire has no boundary from the time past, even in the face realistic limited resources, individual agents never stop to want more of economic output”.

In not less than 180, and not more than 250 words, validate the above statement and discuss with relevant details. (7 points)

Using an appropriate diagram, discuss the economic effects of a tariff