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1. One of our ten principles of economics is "People make decisions at the margin." Explain how producers use this principle to decide how much to produce. 2. If a demand curve is perfectly inelastic and consumers buy 4,000 units of the good at a price of $8, how many units will be purchased if the price increases to $9? 3. If a demand curve is perfectly elastic and consumers buy 4,000 units of the good at a price of $8, how many units will be purchased if the price increases to $9?4. Pete's income elasticity of demand for vacations is 3. If he takes two vacations when he makes $800,000, how much money would he have to make in order to buy one more vacation? 5. Joe's hot dog stand projects the following demand for hot dogs: Price Quantity Purchased (per day) $2 50 53 40 $4 20 Calculate the same price elasticity of demand between $2 and $3.6. Define normal good. Explain how the definition ties in to the equation for the income elasticity of demand and what implication that has for the sign (+ or -) for IED of a normal good. 7. Define substitute goods. Explain how the definition ties in to the equation for the cross price elasticity of demand and what implication that has for the sign (+ or -) for CPED of substitute goods.8. Rank the following items from 1-4 in terms of their substitutability with Pepsi for the majority of consumers. (The item ranked 1 is the closest substitute for Pepsi.) water Coke Sprite donuts 9. Which of the four listed items in problem #8 are consumers most likely to switch to if the price of Pepsi increases? 10. Which of the four listed items in problem #8 will have the greatest cross price elasticity of demand with Pepsi? 11. Show a perfectly inelastic demand curve with Q* = 200. Remember to label your axes and Q*.12. Fill in the chart below. Employees Units of Output Marginal Total Cost Marginal Cost Product 0 0 0 1 15 150 2 29 300 42 450 54 600 65 750 6 75 900 84 1,050 8 92 1,200 13. If the product the producer in problem #12 makes sells for $15, how many units of output will be made? 14. If the product the producer in problem #12 makes sells for $15, how many employees will be employed?15. This relates otherwise disparate topics across this course... It turns out that the producer was making hot dogs and the price of hot dog buns has skyrocketed. Due to an increase in price of this complementary good, demand for hot dogs has fallen. With the new demand curve, the equilibrium price for a package of hot dogs has fallen to $10. Given this new information and the previous information in problem #12, how many packages of hot dogs will be made in this case? 16. Given the new information in problem #15 and the previous information in problem #12, how many employees will the hot dog producer hire? 17. Florida goes through a frost in April, killing off many of the citrus trees. What happens to the supply of oranges? Circle an answer below. SUPPLY GOES UP SUPPLY STAYS THE SAME SUPPLY GOES DOWN Consequently, what happens to the equilibrium price and quantity for oranges? Circle an answer for each below. PRICE GOES UP PRICE STAYS THE SAME PRICE GOES DOWN QUANTITY GOES UP QUANTITY STAYS THE SAME QUANTITY GOES DOWN18. A new study reveals the huge health benefits of yoga. What happens to the demand for yoga classes? Circle an answer below. DEMAND GOES UP DEMAND STAYS THE SAME DEMAND GOES DOWN Consequently, what happens to the equilibrium price and quantity of yoga classes? Circle an answer for each below. PRICE GOES UP PRICE STAYS THE SAME PRICE GOES DOWN QUANTITY GOES UP QUANTITY STAYS THE SAME QUANTITY GOES DOWN