Question

In: Economics

1, Numerical fill-in-the-blank. Marv works at a bakery. During a shift at work, Marv can decorate...

1,

Numerical fill-in-the-blank. Marv works at a bakery. During a shift at work, Marv can decorate either 6 wedding cakes or 19 cheesecakes. The opportunity cost of Marv making a wedding cake is __________ cheesecakes. (If your answer is a decimal, round to the nearest tenth)

2. Josef decreases his consumption of Good X after the price of Good Y decreased. For Josef,

A. Good X and Good Y are substitutes

B. Good X and Good Y are complements

C. Good X is an inferior good

D. Good Y is an inferior good

E. Both [A] and [D] are true

Expert Solution

1.

Since opportunity cost is the next best alternate use of the opportunity.

The opportunity costs can be defined as forgone of next best alternative opportunity due to taking first best opportunity.

Marv opportunity cost of making 6 wedding cake are=19 cheesecakes

Marv opportunity cost of making 1 wedding cake are=19/6 cheesecakes

=3.16 cheesecakes.

Hence it can be said that the opportunity cost of Marv making a wedding cake is 3.16 cheesecakes.

2.

Since two goods which can be used in place of each other, is called substitute goods. There is a positive relation of price of one good and quantity demand of its substitute goods. It means the cross price elasticity of two good is positive.

Since Josef decreases his consumption of Good X after the price of Good Y decreased, it means change in price of one good and change in the quantity demand of its substitute good move in the same direction.

Hence Good X and Y are substitute good.

Hence option A is the correct answer.

Rahul Sunny answered 1 year ago

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