(Table: Sydney's Tutoring Service) Use Table: Sydney's Tutoring Service. Sydney tutors five students in the introductory business class. The second column of the table shows each student's willingness to pay for a one-hour session. Sydney's estimated costs of providing tutoring hours (with no sunk costs) appear in the final column. If she can charge all students their willingness to pay, at the optimal number of hours of tutoring, Sydney's total profit will be: Table: Sydney's Tutoring Service Willingness to Student Paulina Quentin Ramona Sylvia Tim $30. $50. $15. $60. pay $25 15 5 20 10 Hours of tutoring Sydney's cost 1 2 3 4 5 $5 10 15 20 25
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- Clancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has answered 100 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 The marginal, or additional, gain from Clancy’s first hour of work, from 8:00 AM to 9:00 AM, is problems.Emmanuel enjoys growing zucchini in his garden and then selling his produce at the local farmers' market. The table below shows his marginal benefit and marginal cost for each hour he spends in his garden per week. Emmanuel's Marginal Benefit and Marginal Cost of Gardening Marginal Benefit (dollars) $33 Hours Spent Gardening 1 2 3 4 5 6 7 30 27 24 21 18 15 Marginal Cost (dollars) $15 18 21 24 27 30 33 2 hours 04 hours a. Given the information above, what is Emmanuel's optimal amount of time spent gardening each week? 03 hours 05 hours 1 b. If Emmanuel were to spend 1 hour each week gardening O the marginal benefit would equal the marginal cost. O the marginal benefit would exceed the marginal cost by $18. the marginal benefit would exceed the marginal cost by $24. O the marginal cost would exceed the marginal benefit by $18. c. If Emmanuel were to spend 6 hours each week gardening: O the marginal benefit would exceed the marginal cost by $24. O the marginal benefit would equal the…Homework (Ch 02) 100 Tools 80 PPE 60 70, 41 20 20 40 60 80 100 ALFALFA (Millions of bushels) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable C E F OO0 O00 +u LAPTOPS (MIllions)
- Suppose you are moving across town. Doing your research you find that the average rate of a moving company is about $250 per hour for each mover (moving truck included). The marginal benefit you receive from each hour of the movers' time (and truck) is listed in the accompanying table. Hours of movers' time Marginal benefit 1 hour $850 2 hours $620 3 hours $500 4 hours $250 5 hours $150 6 hours $100 7 hours $0 a.For how many hours should you hire the movers? How much consumer surplus do you receive? b. Now suppose that instead of paying per hour, a moving company offers a flat rate of S1,500 for two movers plus a truck for an eight-hour day. Would you hire the movers? How has your consumer surplus changed?How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your barbershop is $20 per hour. Electricity costs $10 per hour, and your weekly rent is $300. You normally stay open nine hours per day. a. What is the marginal cost of staying open for one more hour? $ (Enter your response as an integer.) b. If you expect to give two haircuts in the 10th hour and you charge $18 per haircut, is it sensible to stay open for the extra hour? Yes NoThe following scenario examines the relationship between marginal and average values. Suppose Parker is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Parker's foul-shooting percentage for each game and their overall foul-shooting average after each game. Game Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage 1 4/5 80 2 3 4 5 FREE-THROW PERCENTAGE 100 On the following graph, use the orange points (square symbol) to plot Parker's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Parker's overall average foul-shooting percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 90 80 70 60 50 40 30 20 10 0 4/5 2/5 1/4 1/2 4/4 0 6/10 7/14 8/16 12/20 1 2 GAME 0000 3 5 Game Foul-Shooting Percentage Average Foul-Shooting Percentage…
- Econ 444-02 (Corporate Economics), Fall 2015Problem Set #2Due in class Thursday, September 24Problem 1. Alice and Barbra sell used CDs at music festivals. Each is decidingwhether or not to set up their booth at the last festival of the summer. The festivalis scheduled to take place in Alton, very near where Alice lives. It will cost her only$30 to travel the festival. Barbra is farther away, and it will cost her $100 to travelto Alton. Both Alice and Barbra would prefer to be only CD sellers at the festival,since they would avoid competition. If only one seller is at the festival, she will make$150 during the day (not counting travel costs). If both Barbra and Alice sell CDsat the festival, they will lower their prices and each make $50 during the day. BothAlice and Barbra receive $0 for not attending the festival.1. Draw the Normal Form of the game Alice and Bob are playing, be sure to labelthe game completely.2. Does either player have a dominant strategy? If so, what is it?3. List…1. Bob orders 40 cases of beer from a Dutch distributor at a price of $40 per case. 2. A U.S. company sells 200 transistors to a Spanish company at $15.00 per transistor. 3. Eric, a U.S. citizen, pays $1,100 for a computer he orders from Dellosoft (a U.S. company). Complete the following table by indicating how the combined effects of these transactions will be reflected in the U.S. national accounts for the current year. Hint: Be sure to enter a "0" if none of the transactions listed are included in a given category and to enter a minus sign when the balance is negative. Amount (Dollars) Consumption Investment Government Purchases Imports Exports Net Exports Gross Domestic Product (GDP)Antje currently produces fish and fruit at point A in the graph. Use the graph to complete the following sentence. Antje's marginal cost of producing an additional unit of fish is OA. 2/52 units of fruit OB. 52 units of fruit O c. 3 units of fruit O D. 52/2 units of fruit C 60- Fruit (units) Fish (units) ģ PPF 10 12 >>> Click on the graph to work out the answer. Q
- Suppose that MASU managed to get Olivia Rodrigo to play a concert at Convocation Hall. Tickets cost $600. At the same time, Gheorghe Zamfir (The Master of the Pan Flute) is playing in Brunton Auditorium. Tickets cost $50. You've always wanted to see Zamfir, and consistently told your friends that you would pay up to $250 to see him in concert. What is your economic cost of going to the Olivia Rodrigo concert? Please provide your answer in monetary terms and show your reasoning.Economics QuestionGive atleast short definition about the statement of the problem given below.