##### Assignment Instructions

ECONOMICS AND QUANTITATIVE ANALYSIS (ONLINE) CALCULATIONS & SHORT WRITTEN RESPONSES.

ECONOMICS AND QUANTITATIVE ANALYSIS (ONLINE)
CALCULATIONS & SHORT WRITTEN RESPONSES
INSTRUCTIONS
Undertake the necessary calculations and prepare short written responses for the following four questions.
Answers for each question must not exceed 250 words.
Question 1 (5 marks)
Special Agent Fox Mulder has a budget of \$180. He spends it on conspiracy theory magazines (good X) and
UFO videos (good Y). Each magazine costs \$30, and each UFO video costs \$20.
(a) Write out and plot Fox Mulder’s budget constraint (2 points).
(b) What is Fox Mulder’s trade-off? How many UFO videos must he give up to purchase an additional
conspiracy theory magazine? (1 point).
(c) Upon hearing of Mulder’s obsessive expenditure, his boss, Assistant Director Walter Skinner, cuts his
budget to \$90. Write out and plot Mulder’s new budget constraint. How has his budget constraint changed? (2
points).
Question 2 (5 marks)
The production possibility table for the making of Karaoke machines (good Y) and moviequality Chewbacca
masks (good X) is shown in the table below:
Combination Chewbacca masks (thousands) Karaoke machines (thousands)
21/01/2021 62795 – ECONOMICS AND QUANTITATIVE ANALYSIS (ONLINE)CALCULATIONS
https://www.bestchoicewriters.com/Recent_Question/62795/ECONOMICS-AND-QUANTITATIVE-ANALYSIS-ONLINE-CALCULATIONS 3/4
A 0 10 B 2 9 C 4 7 D 6 4 E 8 0
(a) Plot the production possibilities data with Karaoke machines on the Y-axis and Chewbacca masks on the
X-axis. What is the opportunity cost of the first 2,000 Chewbacca masks? (2 points).
(b) Between which points is the opportunity cost per thousand Chewbacca masks the highest? (1 point).
(c) At point D, what is the opportunity cost of 1,000 more Karaoke machines? What is the opportunity cost of
2,000 more Karaoke machines? (2 points).
1
Question 3 (5 marks)
Best friends Scott Baio and Willie Aames decide to open up a movie poster shop in downtown Los Angeles.
The following relationships describe the supply and demand for movie posters:
Qd = 65,000 – 10,000P
Qs = -35,000 + 15,000P
Where Q is the quantity and P is the price of a movie poster in dollars.
(a) Complete the following table (4 points):
Price Qs Qd Qs – Qd Surplus/Shortage
\$6.00
\$5.50
\$4.50
\$4.00
\$3.50
\$3.00
\$2.50
(b) What is the equilibrium price? (1 point).
Question 4 (5 marks)
Gene Wilder’s demand curve for lambs-wool sweaters is:
Q = 2000 – 20P
(a) How many lambs-wool sweaters will be sold at \$10? (1 point).
(b) At what price would 2,000 lambs-wool sweaters be sold? (1 point).
(c) What would be the total revenue at a price of \$70? (1 point).
(d) What is the point elasticity at a price of \$70? (2 points).
Hint – for (d) use the following formula:
??
?? = ?????????? ×
??

ECONOMICS AND QUANTITATIVE ANALYSIS (ONLINE) CALCULATIONS & SHORT WRITTEN RESPONSES

Price (USD)
\$

### Why Choose Us For Your Assignment?

##### Privacy

We value all our customers' privacy. For that reason, all information stays private and confidential and will never be shared with third parties.

##### Punctuality

With our service you will never miss a deadline. We use strict follow-ups with our writers to ensure that all papers are submitted on time.

##### Authenticity

We have no tolerance for plagiarism. All papers go through thorough checking to ensure that no assignments contain plagiarism.

##### Money Back

You feel unsatisfied with your results? No worries. We offer refunds to our customers if any paper is not written according to the instructions.

### Clients Love Us

Client #121678
This is by far the best I have ever scored in a custom essay. I am surprised the writer handled this assignment so well despite the short notice. I will definitely use your service next time.
Client #21702
When I was recommended to you by my friends, I wasn't sure you could deliver excellent results for Masters research papers until I submitted my first order. I am all yours now.
Client #20730