Question

In: Economics

32.Suppose that you purchase a Juul vape for $16, leaving you with a Consumer Surplusof $40....

  1. 32.Suppose that you purchase a Juul vape for $16, leaving you with a Consumer Surplusof $40. What is your Willingness to Pay for a Juul vape?(A) $24.(B) $16.(C) $56.(D) $40.33.Suppose that automobile workers form a union to demand higher wages. Whateffect does this have on the market for automobiles?(A) Demand increases.(B) Demand decreases.(C) Supply increases.(D) Supply decreases.10

  2. 34.In Canada, the population is aging, and people are having fewer children. Whatimpact do these factors have on the market for nightclubs?(A) Demand increases.(B) Demand decreases.(C) Supply increases.(D) Supply decreases.35.Which of the following factors causes the Production Possibilities Frontier to con-tract?(A) An improvement in technology.(B) A transition from a democracy to a socialist dictatorship.(C) An increase in the labour force.(D) Capital accumulation

Solutions

Expert Solution

Q32. Price of a Juul vape = $16

Consumer Surplus = $40

Willingness to pay for a Juul Vape = Price paid + Consumer Surplus = $16 + $40 = $56

Ans: C. $56

Q33. As a result of the increase in the workers' wages, the cost of production per unit increases. Therefore, the supply of automobiles decreases i.e., the supply curve shifts to the left

Ans: D. Supply decreases

Q34. An ageing population and fewer children imply a decrease in the proportion of the young population. Due to a decrease in the proportion of the young population in Canada, the demand for night clubs decreases.

Ans: B. Demand decreases

Q35. An improvement in technology - Shifts the PPF outside as the productivity of the economy increases.

A transition from a democracy to a socialist dictatorship - The efficiency of allocation of resources decreases as the government controls what to produce and how to produce. Therefore, the PPF shifts inside.

An increase in labor force and capital accumulation both lead to an increase in the resource stock of the economy and hence the PPF shifts outside.

Ans: B. A transition from a democracy to a socialist dictatorship


Related Solutions

40% of all customers who enter a store will make a purchase. Suppose that 6 customers...
40% of all customers who enter a store will make a purchase. Suppose that 6 customers enter the store and that these customers make independent purchase decisions. Round answers to four decimal places. (1) Calculate the probability that exactly five customers make a purchase. Probability                (2) Calculate the probability that at least three customers make a purchase. Probability              (3) Calculate the probability that two or fewer customers make a purchase. Probability              (4) Calculate the probability that at...
Suppose that we are to conduct the following hypothesis test: H0:μ=40 Ha:μ<40 Suppose that you also...
Suppose that we are to conduct the following hypothesis test: H0:μ=40 Ha:μ<40 Suppose that you also know that σ=11, n=109, x¯=38, and take α=0.02. Draw the sampling distribution, and use it to determine each of the following. Use four decimal places. 1. The value of the standardized test statistic: 2. The p-value is C. Your decision for the hypothesis test: 3. A Reject H0. B. Fail to Reject Ha. C. Fail to Reject H0. D. Reject Ha.
16. Suppose John has an income of $300 and spends his income to purchase two goods...
16. Suppose John has an income of $300 and spends his income to purchase two goods (X and Y ). Price of Y is $5 and the price of X is $10. Furthermore, John always consumes 2 units of Y with 1 unit of X. (a) How many units of X and Y should John consume in order to maximize his utility? (b) Suppose that the price of X goes up to $15 (income and price of Y are the...
24. Suppose that you have a stock with an average (expected) return of 32% and a...
24. Suppose that you have a stock with an average (expected) return of 32% and a standard deviation of return of 16%. Please answer the following question (show your work in your uploaded document): What is the probability of getting a return less than zero? (Round to 4 decimals, like .0000 or 00.00%)
Using the normal approximation, find the approximate probability of at most 16 successes of 40. You...
Using the normal approximation, find the approximate probability of at most 16 successes of 40. You may need to consult your z table or the shiny app
Provide an introduction on the topic of consumer behavior. Select a purchase that you recently made...
Provide an introduction on the topic of consumer behavior. Select a purchase that you recently made and reflect on the purchase decision process. Explain in detail how each step in this process affected your purchase decision. Describe how each of the 4Ps (product, price, promotion, and distribution) affected your purchase decision. Technology is a tool that companies use to influence consumers. Discuss the impact of the internet at every step of the purchasing decision process. The letter concludes by explaining...
Suppose you purchase a bond and right after the purchase, the issuer (the firm) is downgraded....
Suppose you purchase a bond and right after the purchase, the issuer (the firm) is downgraded. The YTM for that bond will most likely ____ A. Increase B. Decrease C. Stay the same
Describe a time when you used the consumer decision process while making a purchase, and the...
Describe a time when you used the consumer decision process while making a purchase, and the role advertising played.
Assume that you wish to purchase a 16-year bond that has a maturity value of $1,000...
Assume that you wish to purchase a 16-year bond that has a maturity value of $1,000 and a coupon interest rate of 9%, paid semiannually. If you require a 6.34% rate of return on this investment (YTM), what is the maximum price that you should be willing to pay for this bond? That is, solve for PV.
Suppose that you wish to purchase a car and that your bank is offering to you...
Suppose that you wish to purchase a car and that your bank is offering to you a loan. You wish to explore the nature of this loan and the payments that you would have to make given certain circumstances such as the amount that you borrow. Fortunately, Excel offers a function (PMT) that calculates the payment for a loan based on constant payments and a constant interest rate. The syntax of the function is: PMT(rate, nper, pv) where rate is...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT