You are reviewing your monthly budget and determine you have $60.00 to spend on either books or movies each month. (Remember you must have whole…
You are reviewing your monthly budget and determine you have $60.00 to spend on either books or movies each month. (Remember you must have whole numbers, not fractions) The books cost $8.00 and the movies cost $20.00. Put this into equation form.
Complete the following Total Utilities table.
Using the equation created above, solve to locate four points and plot them on a budget constraint line. Create the graph in Excel and paste onto your Word document answering the questions below. Review the tutorial on creating graphs in Week 01 if you run into any problems.
Write a one page response answering the following questions about your graph and tables:
- How many books and movies would maximize your level of satisfaction given the budget of $60.00?
- Are the charts above consistent with the Law of Diminishing Marginal Utility? Why or Why not?
- What is the consumer surplus of purchasing three books?
- If you were able to go to the matinee for movies at a price of $10.00 instead, how would this change the amount of books and movies you could purchase?
Select a new, realistic good or service for an existing industry.Write the economic analysis section of a business proposal. This will include statements about the market structure and the elasticity of demand for the good or service, based on text book principles. You need to create hypothetical data, based on similar real world products to estimate fixed and variable costs.Required Elements:Identify market structureIdentify elasticity of the productInclude rationale for the following questions:How will pricing relate to elasticity of your product?How will changes in the quantity supplied as a result of your pricing decisions affect marginal cost and marginal revenue?Besides your pricing decisions, what are your suggested nonpricing strategies? What nonpricing strategies will you use to increase barriers to entry?How could changes in your business operations alter the mix of fixed and variable costs in line with your strategy?No more than 1400 wordsYour proposal is consistent with APA guidelinesClick the Assignment Files tab to submit your assignment.
Chapter 12 Fiscal Policy
Question on page 267 under Question and Review
Question 1. (Fiscal Policy) 3. (Evolution of Fiscal Policy) 12. (Changes in Government Purchases) 16. (Fiscal Policy)
Chapter 13 Federal Budgets and Public Policy
Question on page 291 under Question and Review
Question 1. (The Federal Budget Process)
Next question on page 293 under Problems and Exercises
17. (The National Debt)
This question needs answered, (Federal Debt) What has happened to the Federal debt since 2008 as measured relative to GDP?
Your completed Homework assignment should be at least three to four pages in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style. Time New Roman/ 12 Font/ Double Space
1 1.Let the number of books bought in a month be X₁ and that of movies be X₂So the equation will be;8X₁+20X₂=$60 and simplifying the equation, we end up with;2X₁+5X₂=15So we need…