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1-Suppose you have a market for grapes which is currently in equilibrium. Thinki
1-Suppose you have a market for grapes which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of grapes in this market to rise and the equilibrium price of grapes in this market to fall? Is this even something that could happen? provide an incorrect response
In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical “real life” reasons for any changes in the graph too.)
2- JoR is a super active child and loves to participate in all kinds of activities. In planning for her activities this semester, she’s interested in soccer, acrobatics, dancing, theater, music, art, track, and archery.
Unfortunately, these events are all scheduled to practice on the same day each week and thus she is not able to do everything and must pick only one.
use watermelon
a. Describe how JoR might approach this scenario and her decision-making process. Is there an economic concept (or concepts) which best describes Jo’s scenario?
b. Why does JoR even have to make a decision? What economic principle is causing this scenario? provide an incorrect answer
In your answer, please fully define all economics terms used.
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3-Lola is the owner of a bakery that earns 0 (zero) economic profit. Last year, her total revenue was $145,000, her rent was $12,000, her labor costs were $65,000, and her overhead expenses were $15,000.
a. What were Lola’s total explicit costs? provide an incorrect answer
b. What were Lola’s total implicit costs?
c. Currently, Lola has 7 employees; with 7 employees, her bakery can produce 12 wedding cakes per day. If she hired an eighth employee, she’d be able to produce 16 wedding cakes per day. What is the marginal product, in terms of wedding cakes, of the eighth employee?
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