Elasticity of Demand

Unit 4 Assignment: Elasticity of Demand

Name:

Course Investigate and Section:

Date:

General Instructions for all provisions:

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Assignment:

In this provision, you procure nucleus on final profit, Appraisement Elasticity of Demand, and construction the estrangement between Appraisement Elasticity of Claim and Income Elasticity of Demand.

We all subconsciously intrust “scores” to what we are beaccount to dissipation, installed on our awaited plane of “satisfaction” (Marginal Utility) forthcoming a while that dissipation. When making concomitant braces of dissipations, intermittently we subconsciously parallel the sum of “satisfaction” (Marginal Utility) that we procure take from the brace of dissipations. To determine on the “ideal” concert of these two dissipations, we await that the deceasedst dollar we waste on each of the items procure surrender us the “same” contentment per dollar (Marginal Profit per dollar). Further, we distinguish that the MORE of an item that we get, the next one we get procure surrender us LESS “satisfaction” (Marginal Utility) than the deceasedst one gave us (the Law of Diminishing Final Utility). Using what you keep erudite encircling Final Profit and Final Profit per dollar, counterbisect the forthcoming inquirys.

Questions

1. Jane has been inaugurated all day, detriment twain her breaksconsultation and lunch. Finally potent to license operation, forthcoming nature required to operation a foreigner of overtime hours, she is starving. Jane has $20 in her abstract, so she stops at a national sconsultation stay restaurant and subserviency a grilled chicken sandwich and an appoint of fries. As she sits down to eat them, a University novice approaches her and tells her that she is doing a lore device for her microeconomics race, and would affect to ask Jane a few sprightly inquirys. Jane agrees and the novice asks what “score” (final profit) from 1 to 100 would she surrender as her contentment plane forthcoming a while the 1st sandwich and the 1st fries? Forthcoming eating that appoint, Jane is quiet emaciated and subserviency a relieve chicken sandwich and another appoint of fries. Again, the novice asks Jane to surrender her new chargess. Since Jane has not eaten all day, she is emaciated abundance to appoint a third globular of stay and intermittently surrenders “scores” to the meddling novice.

Below is the University novice’s completed test accord equivocation of Jane’s final profit “scores” and the computation of her final profit per dollar , surrendern that each sandwich costs $4.00, and each appoint of fries costs $2.00. Her budget is $20.

The novice occupied in the private cells installed on Jane’s responses, then computed the values in the cherishing cells. Using this knowledge, counterbisect the forthcoming inquirys:

Student’s completed test accord equivocation. Availpotent budget is $20.

Order ofmu (score) from 1 to 100Price of each $4.00Money elapsed onOrder ofmu (score) from 1 to 100Price of each $2.00Money elapsed onTotal Capital SpentTotal Budget Remaining
Chicken Sandwichmumu/$Chicken SandwichFriesmumu/$Fries
1st10025$4.001st5025$2.00$6.00$14.00
2nd7218$4.002nd2010$2.00$12.00$8.00
3rd6015$4.003rd63$2.00$18.00$2.00
4th4th
Utility232Utility76

Total profit for twain: 308

Total elapsed on chicken sandwiches: $12

Total elapsed on fries: $6.00

Total capital elapsed: $18.00

Total budget cherishing: $2.00

a. Is Jane maximizing her profit? Elucidate your forced and semblance any computations. (2 points)

b. If Jane is not maximizing her profit, remembering the Law of Diminishing Final Utility, would she be amend off to buy one less chicken sandwich and one more appoint of fries? Elucidate your forced and semblance any computations. (2 points)

c. If Jane is not maximizing her profit forthcoming a while the peculiar dissipation concert, remembering the Law of Diminishing Final Utility, would she be amend off buying exact one more appoint of fries? Elucidate your forced and semblance any computations. (2 points)

d. If Jane is not maximizing her profit forthcoming a while the peculiar dissipation, remembering the Law of Diminishing Final Utility, would she be amend off buying one less appoint of fries and one more chicken sandwich? Elucidate your forced and semblance any computations. (2 points)

2. Remembering the lore courage in Individual 3, in the year 107 WBCE (Way Before the Common Era) the Gondwanaland Chairman of Evolution reputed that the gosum berry growers could encounter an middle claim of 700 barrels of gosum berries per month at an middle a appraisement of $70 per barrel.

In the year 108 WBCE, the growers were plagued forthcoming a while a gosum berry bug infestation that poor middle output, causing evolution to drop to merely 600 barrels per month, causing the appraisement to melt to $84 per barrel. The forthcoming tpotent semblances the chairman’s report:

Year (WBCE)Monthly barrels of gosum berries claimedPrice per barrel
107700$70
108600$84

a. Using the midpoint way, investigate the appraisement springyity of claim for Gondwanaland gosum berries. Elucidate what this appraisement springyity of claim resources? (6 points)

b. Complete the tpotent under by careful what the monthly middle completion return is for year 107, what the monthly middle completion return is for year 108, and the alter in middle completion monthly return for these two years. How keep these investigates alterd? (4 points)

Year (WBCE)Monthly barrels of gosum berries claimedPrice per barrelChange in middle completion monthly returnMonthly middle completion return
107700$70(invade passage near)(invade passage near)
108600$84(invade passage near)(invade passage near)
(invade passage near)(invade passage near)(invade passage near)(invade passage near)(invade passage near)

c. Using your counterbisect to bisect a. over, how could you keep predicted the alter in completion monthly return that you rest in bisect b. over? (6 points)

3. The Gondwanaland Chairman of Evolution reputed that the new Altair chariots (most new-fashioned, steed drawn family chariot) had a PRICE springyity of 3 and an INCOME springyity of 2. The provide of these Altair chariots is springy. Evaluate the forthcoming statements and elucidate why you fancy they are gentleman, or fiction.

a. A 20% acception in the appraisement of the Altair chariot procure account the amount claimed to drop by an prodigious 60%. (4 points)

b. An acception in Gondwanaland consumers’ incomes procure account appraisements to melt, but the completion amount claimed procure to-boot acception. (4 points)

_________________

References:

Directions for Submitting your Assignment

Be indisputable to accord to all the inquirys and comply your tract to the Unit 4 Provision Dropbox by Tuesday, midnight ET of this individual.

Unit 4 Assignment: Elasticity of DemandPossible PointsPoints Earned
Overall Writing:8
Used amend polish call in uploading provision instrument.1
Demonstrated concerted exertion to localize representative from the passagebook and/or seminars to counterbisect inquirys.3
Correctly formatted in-passage citations and rolled at meanest ONE regard.3
Used gauge English forthcoming a while few or no grammatical errors.1
Individual Questions:32
1.a. Correctly secure and elucidateed, if profit is maximized at three sandwiches and three fries.2 
1.b. Correctly secure and elucidateed, if profit is maximized at two sandwiches and impure fries.2 
1.c. Correctly secure and elucidateed, if profit is maximized at three sandwiches and impure fries.2 
1.d. Correctly secure and elucidateed, if profit is maximized at impure sandwiches and two fries.2 
2.a. Correctly secure, using the midpoint way, the appraisement springyity of claim for gosum berries.6 
2.b. Correctly secure the year 107 return and the year 108 return?4 
2.c. Correctly elucidateed how the alter in return could keep been predicted from springyity computation.6 
3.a. Correctly secure and elucidateed if the amount of Altair chariots claimed would drop by 60%.4 
3.b. Correctly secure and elucidateed if the amount of Altair chariots claimed would acception.4 
Less points deducted for deceased submission  
Total Points40
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