Answer these eight questions

Question 18 Jacob Mincer, a famous Labor Economist, developed an economic model to estimate the average lifetime earnings premium for college. In today's world, the lifetime earnings premium for individuals who attain a 4-year degree (BA or BS) relative to individuals with only a high school degree, is equal to $250,000-$300,000 $400,000-$600,000 $1,000,000-$1,300,000 $2,000,000-$2,500,000$50 S Price 20 15- 10 D 0 24 30 36 Quantity 50 In the figure above, at equilibrium, the consumer surplus is equal to 30$5 Price (per bushel) A 2 B D 0 2 4 6 8 10 12 14 16 18 20 Bushels of Corn (thousands per week) The graph above represents the market for corn in lowa. At a price of $2 per unit (bushel), there will be a O surplus of 8,000 bushels shortage of 8,000 bushels O shortage of 12,000 bushels O surplus of 12,000 bushels\fThe table below contains preference data for an individual consumer. There are two goods in the table, A and B. The price of good A is $1 and the price of good B is $2. Assume the consumer has an income equal to $8. Good A Good B Quantity MUA Quantity MUB NOMANN- 10 YOUAWN- 16 AUTONO 14 12 10 8 Find the consumption bundle that maximizes the consumer's utility. Hint: You'll need marginal utility per dollar to find the solution. After you find the bundle, enter the quantity of A's the consumer will buy. You don't need to enter your solution for the B's. 4Question 20 1 pts Economists at H and R block were able to estimate the demand for their tax preparation services. The equation below has two variables. Qd represents the number of customers willing to purchase their service and P represents the price. Qd=50,000-200P Assuming that H and R block charges $125 dollars for their tax service. First, calculate the price elasticity of demand. Then take the absolute value and enter your result. 249.38Question 4 1 pts We covered four factors that influence the price elasticity of the demand coefficient. Consider the number of substitutes for each item below. Which item is the most price elastic? food O fruit O oranges oranges from a Wal-Mart Super Center in Surprise, Arizona.Question 5 1 pts Arthur is a college student who likes to buy only two goods: chips and cola, To determine Arthurs's budget line, you need to know. 1. Arthurs's preferences for chips and cola. 2. The prices of chips and cola. 3. Arthurs's income. 2 only O 1 and 2 2 and 3 O 1, 2 and 3