What is fox mulders trade-off

Assignment Help Other Subject

Reference no: EM132735120

Question 1 Special Agent Fox Mulder has a budget of $180. He spends it on conspiracy theory magazines (good X) and UFO videos (good Y). Each magazine costs $30, and each UFO video costs $20.

(a) Write out and plot Fox Mulder's budget constraint.

(b) What is Fox Mulder's trade-off? How many UFO videos must he give up to purchase an additional conspiracy theory magazine?

(c) Upon hearing of Mulder's obsessive expenditure, his boss, Assistant Director Walter Skinner, cuts his budget to $90. Write out and plot Mulder's new budget constraint. How has his budget constraint changed?

Question 2
The production possibility table for the making of Karaoke machines (good Y) and movie- quality Chewbacca masks (good X) is shown in the table below:

Combination	Chewbacca masks (thousands)	Karaoke machines (thousands)
A	0	10
B	2	9
C	4	7
D	6	4
E	8	0

(a) Plot the production possibilities data with Karaoke machines on the Y-axis and Chewbacca masks on the X-axis. What is the opportunity cost of the first 2,000 Chewbacca masks?

(b) Between which points is the opportunity cost per thousand Chewbacca masks the highest?

(c) At point D, what is the opportunity cost of 1,000 more Karaoke machines? What is the opportunity cost of 2,000 more Karaoke machines?

Question 3 Best friends Scott Baio and Willie Aames decide to open up a movie poster shop in downtown Los Angeles. The following relationships describe the supply and demand for movie posters:

Qd = 65,000 - 10,000P Qs = -35,000 + 15,000P

Where Q is the quantity and P is the price of a movie poster in dollars.

(a) Complete the following table:

Price	Qs	Qd	Qs - Qd	Surplus/Shortage
$6.00
$5.50
$4.50
$4.00
$3.50
$3.00
$2.50

(b) What is the equilibrium price?

Question 4 Gene Wilder's demand curve for lambs-wool sweaters is:

Q = 2000 - 20P

(a) How many lambs-wool sweaters will be sold at $10?

(b) At what price would 2,000 lambs-wool sweaters be sold?

(d) What is the point elasticity at a price of $70?

Reference no: EM132735120

Questions Cloud

Compute the risk premium and the required return for company : Company Zero is a non-listed private company with total equity. Compute the risk premium and the required return for Company One market portfolio.

Compute the cost of the ordinary share of west corp : Compute the cost of the ordinary share of West Corp. Assume that the market price of West Corp share is P40. The dividend to be paid at the end of coming year

What is hobbes solution for prisoners dilemma situations : What is a Prisoners' Dilemma? How might you model privacy intrusions or intellectual property access/use (pick one) as a prisoner's dilemma game?

What is the resultant effect of tapping or rattling : What is the resultant effect of tapping or rattling the wire against the tube in culture media?

What is fox mulders trade-off : What is Fox Mulder's trade-off? How many UFO videos must he give up to purchase an additional conspiracy theory magazine

Compute how effects of transactions reported on statement : Compute How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used?

What gene is mutated in mcadd : What gene is mutated in MCADD and where in the genome is the gene located?

Record the entry to assign funds to the contract : Prepare entries for the capital projects fund for 20X2. Record the closing entry to transfer out against the unassigned fund balance.

What is the importance of studying : What is the importance of studying EACH of the following concepts as a student? And HOW can this knowledge are beneficial in daily life

User Account

All Pages