Q1 josephine makes 100 a day as a flower shop attendant she

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Q1. Josephine makes $100 a day as a flower shop attendant. She takes off two days of work without pay to travel to another city to attend her sister's wedding. The cost of transportation for the trip is $180 round trip. The cost of her hotel stay is $99 per night and she stays for 2 nights. What is the opportunity cost of Josephine's trip to the wedding? Assume that a consumer purchases only two products. Suppose that the consumer's money income doubles, and the prices of the two products also double.

Q2. Suppose the demand for good X is given by Qdx = 10 - 2Px + Py + M. The price of good X is $1, the price of good Y is $10, and income is $100. Given these prices and income, how much of good X will be purchased?

Reference no: EM13351333

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