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Economics

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1.Hours Playing Total Video Benefit Games Marginal Benefit Total Cost Marginal Cost 0 0 0 1 1 $20 20 $7 7 $35 N 15 $15 00 8 3 $45 10 $25 10 4 $50 5 $40 15 3 5 $53 $60 20 Fill in the blanks for marginal benefit and marginal cost in the above table. Please enter your answers as whole numbers with no decimal places (ie. 30 not 30.00 or "Thirty").
Hours Playing Video Games Total Benefit Marginal Benefit Total Cost Marginal Cost 0 O 0 1 $20 MB1 $7 MC1 2 $35 MB2 $15 MC2 3 $45 MB3 $25 MC3 4 $50 MB4 $40 MC4 5 5 $53 MB5 $60 MC5 The above table is the same table from question 1. Enter your answer as a whole number and do not write out the number as a word (ie. 6 not "Six") How many hours should this individual spend playing video games? [Hours)
Hector and Albert are bakers who can make either cakes or pies. Below is a graph showing their production possibilities curves (PPC) for these items. Cake 6 Albert's PPC 4 Hector's PPC 2 8 Pie Use the information from the above graph to answer the following questions. For opportunity cost please enter numeric answers (ie. 4 or 1/4 not "Four" or "one fourth"), for the question about comparative advantage just type either "Albert" or "Hector" into the submission box. What is Hector's opportunity cost for one cake? What is Albert's opportunity cost for one pie? Who has comparative advantage in making cake?
The following table describes the market for waffles in Pawnee, Indiana. Price Quantity Demanded Quantity Supplied 0 $0 150 $2 130 40 $4 110 80 $6 90 120 Use the information in the table to answer the questions below. Please enter your answers as numbers and not words. For price please enter your answer as a whole number (ie. 8 not "Eight" or "Eight dollars"). For quantity please enter your answer as a whole number as well (ie. 60 not "Sixty" or "Sixty waffles"). What is the equilibrium price for waffles in this market? What is the equilibrium quantity for waffles in this market?
Thinking about the market for waffles from the previous question, describe what would happen to the equilibrium price and quantity for waffles if the following events occur. Treat each event as a separate occurrence. In other words these events are not happening at the same time. For each question simply write "up" or "down" in the answer box. Any response other than "up" or "down" will result in an incorrect answer. Event 1: There is a shortage of maple syrup causing the price to rise significantly Will the equilibrium price of waffles go up or down in response to an increase in the price of maple syrup? Will the equilibrium quantity of waffles go up or down in response to an increase in the price of maple syrup? Event 2: A study reveals that people who eat waffles at least once a week live longer and have fewer health problems. Will the equilibrium price of waffles go up or down after this study is released? Will the equilibrium quantity of waffles go up or down after this study is released?

2.Y = AD on 45-degree line AD Aggregate demand, AD A 6 + I(1) + G + X 45° Output (income), Y Note: AD = Co+C/(1 – t)Y + |(1) + G + X - my
Aggregate Demand Function (AD): Co is the autonomous part of consumption spending, Cl is marginal propensity to consume, and (1-t)Yis the disposable income. Investment spending I = I (r) is a function of the real interest rate(r). G is the government spending and t represents tax rate. X is exports and mY is the imports where m represents marginal propensity to import. Which of the following statement is TRUE? At any level of output less than the equilibrium at A, aggregate demand is less than income A higher propensity to import increases the equilibrium output A lower propensity to consume makes the AD curve steeper O A lower propensity to consume leads to lower equilibrium output.

3.The purchaser of a tractor paid P10,000 cash and agreed to pay P3000 at the end of 6 months for 10 years. He failed to make the first 5 payments of P3000 each. At the end of 3 years he desires to pay the tractor by a single payment which will cancel both his accumulated liabilities and his future liabilities. What must he pay if money is worth 6% per annum compounded semi-annually?

4. Both the table and the figure above show Output per worker (Y/L) and Capital per worker (K/L) values in an economy. X-axis shows K/L and Y-axis shows Y/L. a. What does the point B Show us? Explain your answer (3 pts). b. What is the Marginal Physical product of capital when we move from B to C? Explain your answer (4 pts) c. What is the Marginal Physical product of capital when we move from G to H? Explain your answer (4 pts) d. Explain why you do not get the same answers in parts b and c, although the change in capital per worker is the same in both of the questions (4 pts)