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krek1111 [17]
3 years ago
5

Based on his​ preferences, Bill is willing to trade 4 movie tickets for 1 ticket to a basketball game. If movie tickets cost $8

each and a ticket to the basketball game costs ​$28 should Bill trade movie tickets for basketball​ tickets? Why or why​ not?
Bill should
A. not trade movie tickets for basketball tickets because his marginal utility per dollar spent on movie tickets is less than his marginal utility per dollar spent on basketball tickets.

B. trade movie tickets for basketball tickets because his marginal rate of substitution is greater than the ratio of the price of a basketball ticket to the price of a movie ticket.

C. trade movie tickets for basketball tickets because his marginal utility per dollar spent on movie tickets equals his marginal utility per dollar spent on basketball tickets.

D. not trade movie tickets for basketball tickets because his marginal rate of substitution equals the ratio of the price of a basketball ticket to the price of a movie ticket.

E. not trade movie tickets for basketball tickets because his marginal utility per dollar spent on movie tickets is greater than his marginal utility per dollar spent on basketball tickets.
Business
1 answer:
nexus9112 [7]3 years ago
6 0

Answer:

The correct option is option e)

not trade movie tickets for basketball tickets because his marginal utility per dollar spent on movie tickets is greater than his marginal utility per dollar spent on basketball tickets.

Explanation:

The cost of one movie ticket is $8 then Bills' four tickets will be $32.

The cost of a basketball ticket is $28.

Therefore if bill should trade 4 movie tickets for a basketball ticket he will make a loss of $ 4 so it is advisable for bill not to trade movie ticket for basketball ticket. And again his marginal utility per dollar spent on movie tickets is greater than his marginal utility per dollar spent on basketball tickets.

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Based on the real GDP growth rate, the velocity of circulation, and the quantity of money, the long run inflation rate will be 0%.

<h3>What is the long-run inflation rate?</h3>

This can be found using the Quantity theory of money:
Money supply x Velocity of circulation = Price level x Real GDP

Can also be written as:

% change in M + % change in V = % change in P + % change in Y

Solving gives:

3% + 0 = P + 3%

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The price level is to increase by 0% which means that inflation is 0%.

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7 0
2 years ago
Calculating and using Dual Charging Rates
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Answer:

1. Calculate a variable rate for the Maintenance Department. Round your answer to the nearest cent. $ per maintenance hour Calculate the allocated fixed cost for each using department based on its budgeted peak month usage in maintenance hours.

variable rate = $1.30 per maintenance hour

Department                            Peak Number              Allocated  

                                               of hours                        Fixed cost  

Assembly                          (210/2,100) x $65,400          $6,540

Fabrication                     (1,050/2,100) x $65,400        $32,700

<u>Packaging                        (840/2,100) x $65,400         $26,160</u>

Total                                        2,100/2,100                   $65,400

2. Use the two rates to assign the costs of the Maintenance Department to the user departments based on actual usage. Calculate the total amount charged for maintenance for the year.

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Assembly                      $6,540     3,500 x $1.30 = $4,550      $11,090

Fabricating                  $32,700     7,000 x $1.30 = $9,100      $41,800

<u>Packaging                   $26,160    10,000 x $1.30 = $13,000    $39,160</u>

Total                           $65,400            $26,650                      $92,050

3. What if the Assembly Department used 3,550 maintenance hours in the year? How much would have been charged out to the three departments?

Department             Fixed costs         Variable cost                  Total              

Assembly                      $6,540     3,550 x $1.30 = $4,615        $11,155

Fabricating                  $32,700     7,000 x $1.30 = $9,100      $41,800

<u>Packaging                   $26,160    10,000 x $1.30 = $13,000    $39,160</u>

Total                           $65,400              $26,715                       $92,115

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