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siniylev [52]
3 years ago
7

Janice really likes potatoes. Potatoes cost $1 per pound, and she has $5.00 that she could possibly spend on potatoes or other i

tems. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30.
a. How many pounds of potatoes will she purchase?
b. What if she only had $2 to spend?
Explanation:_______
a. Janice will purchase potatoes until the value of potatoes is less than the cost of potatoes or until her income has been exhausted. For example, assume Janice has $5.00 to spend on potatoes or other items and the cost of a pound of potatoes is $1. Now assume the first pound of potatoes is worth $1.50 to Janice. She will purchase this pound of potatoes, since the value of the pound of potatoes ($1.50) is greater than the cost ($1). If the second pound is worth $1.14 and the third pound is worth $1.05, then Janice will purchase these as well, since the value exceeds the cost of $1. If all remaining pounds are worth $0.30, then Janice will not purchase these because the value is less than the cost. Thus, Janice will purchase 3 pounds of potatoes at a total cost of $3.00.
b. Now assume Janice only has $2.00 to spend on potatoes. She will purchase the first pound because it is worth $1.50 to her and it only costs $1. She will purchase the second pound because it is worth $1.14. She has now spent her entire income on potatoes. She would like to purchase the third pound because the value of this pound of potatoes is $1.05, but she does not have the income to make this purchase. Thus, Janice will purchase 2 pounds of potatoes at a total cost of $2.00.
Business
1 answer:
fiasKO [112]3 years ago
3 0

Answer:

A) Janice will purchase 3 pounds of potatoes since she will buy them until her consumer surplus ≤ 0. The fourth pound of potatoes costs $1, and Janice is willing to pay only $0.30, so her consumer surplus s negative (-$0.70).

Consumer surplus is the difference between the price that a customer is willing and able to pay for a good and the good actual price.

B) If Janice only had $2 to spend, she would buy 2 pounds of potatoes, since her consumer surplus is positive at 2 pounds.

first pound costs $1, and Janice is willing to pay $1.50, consumer surplus = $0.50

second pound costs $1, and Janice is willing to pay $1.14, consumer surplus = $0.14

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False

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3 years ago
Jimmy's supervisor noticed that he was falling short on the number of setups he was required to complete for the production depa
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C. Take corrective action.

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According to the information given to us in the question, we can say that Jimmy's supervisor is taking corrective action when he gives Jimmy suggestions to improve his efficiency. We can determine this because Jimmy has been lacking in productivity and by giving him pointers on how to improve his productivity Jimmy's manager is taking action towards solving a problem.

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5 0
3 years ago
The atomic number of an element represents the number of:
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Answer:

  • <u><em>protons</em></u>

<u><em></em></u>

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The protons are the positevely charged particles in the nucleus of the atom.

The atomic number of an element is what uniquely identifies it. There are 118 known elements and all of them are represented in the periodic table. Then, there are 118 different atomic numbers.

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4 0
3 years ago
There are 20 workers in Thailand and each can produce either 4 computers or 60 tons of rice. There are 40 workers in the United
Nimfa-mama [501]

Answer:

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Absence of trade:

Thailand consumes 150 tons of rice, it can consume = (300 - 150)/30 x 2 = 10 computers

US consumes 50 computers, it can consume = 400 tons of rice

After trade :

10 computers exchanged for 120 tons of rice

Thailand continues to consume 150 tons of rice, it will consume = 12 computers (=10 + 30/15)

US continues to consume 50 computers, it will consume = 440 tons of rice (=120 + 40 x 8)

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