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icang [17]
3 years ago
14

(problem 13). margo's marginal utility of one dance lesson is 100 utils per lesson. her marginal utility of a new pair of dance

shoes is 300 utils per pair. the price of a dance lesson is $50 per lesson. she currently spends all her income, and she buys her optimal consumption bundle. what is the price of a pair of dance shoes?
Business
1 answer:
kirill115 [55]3 years ago
6 0

Since Margo purchase her optimal consumption bundle, the marginal utility per dollar consumed on dance lessons must be equivalent to the marginal utility per dollar paid on dance shoes. The marginal utility per dollar spent on dance lessons is 100 utils per lesson, where $50 per lesson is equivalent to 2 utils per dollar. The marginal utility per dollar expended on dance shoes therefore has to equal 2 utils per dollar. Since the marginal utility of a pair of dance shoes cost 300 utils per pair, the value of a pair of shoes should be $150 per pair, so that 300 utils per pair/$150 per pair is equal to: 2 utils per dollar.

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Suppose the price index was 105 in 2017, 126 in 2018, and the inflation rate was lower between 2018 and 2019 than it was between
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Answer:

These are the answers to the question:

a. the price index in 2019 was lower than 126.0.

b. the price index in 2019 was lower than 147.0.

c. the price index in 2019 was lower than 151.2.

d. the inflation rate between 2018 and 2019 was lower than 1.2 percent.

And this is the correct answer:

b. the price index in 2019 was lower than 147.0.

Explanation:

We can see that the price index rose by 21 units from 105 in 2017 to 126 in 2018.

If the inflation rate was lower between 2018 and 2019, it means that the price index rose by less than 21 units during this period.

Because 126 + 21 = 147, we can be certain that the price index in 2019 was lower than 147.

7 0
3 years ago
____ is a referral service that employees can use to seek professional treatment for emotional problems or substance abuse.
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Answer:

Employee assistant programs

Explanation:

An employee assistant prgram is a program organized by organizations to assist their employees' personal problems which are hindering their performance in work-place.

EAP's tend to assist those employees that suffer from alcohol abuse, emotional abuse, substance abuse, etc. EAP's is a short-term counselling or follow-up sessions provided  to employees facing above-mentioned abuses.

Therefore, the correct answer is employee assistant programs.

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3 years ago
Sharon purchases two products, X and Y, with a given fixed budget. The marginal utility she receives from the last unit of X she
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Answer:

A) is maximizing her total utility from the given fixed budget.

Explanation:

The equal marginal principle refers to the principle in which the consumer would select that combination of goods which maximise its total utility. It could be selected by having marginal utility and its price

And for profit maximization, the marginal utility and the price is equivalent to both the goods.

i.e

\frac{MU_X}{P_X} = \frac{MU_Y}{P_Y}

\frac{60}{2} = \frac{30}{1}

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Hence, the correct option is a.

5 0
3 years ago
Suppose the mean income of firms in the industry for a year is 75 million dollars with a standard deviation of 17 million dollar
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Answer and Explanation:

Given:

μ = 75 million

SD = 17 million

Probability (x) raw data = 110 million

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= Probability (x) < 110 million

= Probability [(x-μ) / SD] < [(110 - 75) / 17]

[(x-μ) / SD] = Z

= Probability [z] < [(35) / 17]

= Probability [z] < [2.05882353]

Using z calculator:

P-value from Z-Table:  

Z score = 0.98024

Therefore, probability is 0.98024

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3 years ago
Combined communications is a new firm in a rapidly growing industry. the company is planning on increasing its annual dividend b
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Price of the stock (P0) = $1.23 +$1.37 + $1.53 + $1.70 + $51.13

Price of the stock (P0) = $56.86

Therefore the correct option is d, $56.86

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2 years ago
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