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ryzh [129]
3 years ago
11

As a person receives more of a good, the _______________ from each additional unit of the good declines.

Business
1 answer:
KonstantinChe [14]3 years ago
6 0

As a person obtains more of a good, the “marginal utility” from each extra unit of the good declines. Marginal utility is the extra contentment attained by a consumer from consuming one or more part of a good or service provided.

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Blake eats two bags of generic potato chips each day. Blake's hourly wage increases from $ 8 to $ 15 , and he decides to stop ea
Oksanka [162]

Answer:

-3.28

Explanation:

Given that,

Initial quantity, Q1 = 2

Final quantity, Q2 = 0

Change in quantity = Q2 - Q1

                                = 0 - 2

                                = -2

Initial income, M1 = $8

Final income, M2 = $15

Change in Income = M2 - M1

                               = $15 - $8

                               = $7

Average quantity:

= (2 + 0) ÷ 2

= 1

Average income:

= (15 + 8) ÷ 2

= 11.5

Therefore,

Percentage change in quantity demanded:

= (Change in quantity demanded ÷ Average quantity) × 100

= (-2 ÷ 1) × 100

= -200%

Percentage change in income:

= (Change in income ÷ Average income) × 100

= (7 ÷ 11.5) × 100

= 60.87%

Income elasticity of demand:

= Percentage change in quantity demanded ÷ Percentage change in income

= -200 ÷ 60.87

= -3.28

7 0
2 years ago
an economy in which all the boys became farmers when they are adults just as their fathers and grandfathers did would be an exam
sergeinik [125]
That would be an example of traditional economy.
8 0
3 years ago
When you use multiple worksheets in Excel and you retrieve information from one to go to into another
scoundrel [369]

Answer:

A. Start by using the = in the cell where you wish to put the information.

Explanation:

Click the cell you want to place the information, then enter the " = " sign in it. Move the cursor to the sheet from which you want to retrieve information and click the cell with the information you want to retrieve. Automatically excel displays that information on the first sheet.

3 0
3 years ago
Under normal conditions (70% probability), Plan A will produce $20,000 higher return than Plan B. Under tight money conditions (
Lorico [155]

Answer:

A. ($16,000)

Explanation:

The computation of the expected value of return equal to

=  (Higher return × probability rate) - (Less return -  probability rate)

= ($20,000 × 70%) - ($100,000 × 30%)

= $14,000 - $30,000

= - $16,000

For computing the correct value we have to deduct the tighter money conditions from the normal conditions.

3 0
3 years ago
Consider the following linear program: Min s.t. 8X + 12Y 1X + 3Y >= 9 2X + 2Y >= 10 6X + 2Y >= 18 A, B >= 0 a. Use t
mihalych1998 [28]

Answer: Graph of (A) (B) and {D) are attached accordingly.

Explanation:

A)

The critical region of the constraints can be seen in the following diagram -

(0,9) (0,5) (0,3) (0,0) (3,0) (5,0) (9,0) The feasible region is shown in white

The intersection points are found by using these equations -

Vertex Lines Through Vertex Value of Objective

(3,2) x+3y = 9; 2x+2y = 10 48

(9,0) x+3y = 9; y = 0 72

(2,3) 2x+2y = 10; 6x+2y = 18 52

(0,9) 6x+2y = 18; x = 0 108

So, we can see the minimum value of the objective function occurs at point (3,2) and the minimum value of the objective function is = 48.

------------------------------------------------------------------------------------------------------------------------------------------------------------------

B)

When we change the coefficients of the variables in the objective function, the optimal solution may or may not change as the weights (coefficient) are different for each constraints for both the variabls. So, it all depends on the coefficient of the variables in the constraints.

In this case, the optimal solution does not change on changing the coefficient of X from 8 to 6 in the objective function.

The critical region would remain same (as shown below) as it is defined by the constraints and not the objective function.

(0,9) (0,5) (0,3) (0,0) (3,0) (5,0) (9,0) The feasible region is shown in white

However, the optimal value of the objective function would change as shown below-

Vertex Lines Through Vertex Value of Objective

(3,2) x+3y = 9; 2x+2y = 10 42

(9,0) x+3y = 9; y = 0 54

(2,3) 2x+2y = 10; 6x+2y = 18 48

(0,9) 6x+2y = 18; x = 0 108

So, we can see that the minimum value now has become 42 (which had to change obviously).

-------------------------------------------------------------------------------------------------------------------------------------------------------

C)

Now, when we change the coefficient of the variable Y from 12 to 6, again the critical region would remain same as earlier. But in this case, the optimal solution changes as shown below -

Vertex Lines Through Vertex Value of Objective

(3,2) x+3y = 9; 2x+2y = 10 36

(9,0) x+3y = 9; y = 0 72

(2,3) 2x+2y = 10; 6x+2y = 18 34

(0,9) 6x+2y = 18; x = 0 54

We can see that the minimum value now occurs at (2,3) which is 34, so both the optimal solution and optimal value have changed in this case.

----------------------------------------------------------------------------------------------------------------------------------------------------------

D)

When we limit the range of the variables as -

4 \leq X \leq 8 \:\: and\:\: 12\leq Y \leq 24,

the critical region now becomes -

So, the new critical points are (4,12), (4,24), (8,24) and (8,12).

So, the values of the objective function at these points can be calculated as -

Vertex Value of Objective

(4,12) 8*4+12*12 = 176

(4,24) 8*4+12*24 = 320

(8,24) 8*8+12*24 = 352

(8,12) 8*8+12*12 = 208

So, the new optimal solution is (4,12) and the optimal value is 176.

if we knew the range of the variables in the part B and C earlier, we could have just said that the optimal solution will not change as the value would have been no longer depended on the coefficients of variables in the constraints.

7 0
3 years ago
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