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Hello. I am struggling to answer these 5 questions for my Microeconomics ECO 110 class. Any help answering these questions so I understand for future
Hello. I am struggling to answer these 5 questions for my Microeconomics ECO 110 class. Any help answering these questions so I understand for future reference would be a great help. Thank you again for the time and effort to help me.
Question 6 (10 points) Equilibrium (Unit 3) Suppose that the Supply and Demand of ice cream { } are given by Q = 427 - 3 P Q=1+3P What is the equilibrium price (P*} of ice cream? Round your answer to two (2) decimal places Your Answer: Answer I) Add attachments to support your work V Hide hint for Question 6 The equilibrium price can be found by finding where Supply and Demand cross Question 7 (10 points) Supply and Demand shifts (Unit 3) Suppose the Supply and Demand curves below represent the market for tulips W) p Q Between January and February of 1637, tulips in the Netherlands became extremely popular (an event known as "tulip mania" and an example of an economic "bubble"). As a result, the ' ' A}; {Supply/Demand) in tulips ' ' Q, (increased/decreased) and the equilibrium price (P*) of tulips ' 5/ (increased/decreased). Also, the equilibrium quantity (Q') of tulips ' ' y (increased/decreased) Question 8 (10 points) Identifying costs (Unit 11) Five years ago, Tony opened a pizza ('3) business that employs 10 people. Every day, the business combines tomato sauce, fresh mozzarella cheese, hand-kneaded dough, and spices in a woodfired stove to make delicious pizza. Recently, Tony hired an accountant to prepare his financial statements For each of the following items, identify whether they represent implicit or explicit costs v Cheese v Tomato sauce Tony's long commute to work v The wood-fired stove 1_ Implicit cost The restaurant's location in 2_ Explicit cost a high-crime area v I Flour (for the dough) Tony's inability to develop new products v Wages paid to workers Question 9 (10 points) Identifying Shutdown Times (Unit 12) Ezoca, LLC recently conducted an audit of the average number of units it sells each week, given in the table below: Units sold (typical week) Hours Monday Tuesday Wednesday Thursday Friday 9am 17 72 17 83 35 11am 40 29 23 51 49 1pm 35 14 70 31 35 3pm 26 31 28 24 41 5pm 59 14 12 62 79 7pm 52 18 22 81 58 Suppose the price of Ezoca's product is $7 per unit and total expenses are $300 per hour. What should Ezoca do in each of the time slots listed below? Hint: copying the data and using ExcelO formulas will save you a TON of time. If you don't know how to use them, Mr O can help! 7pm Wednesday 1pm Thursday 9am Monday 1pm Tuesday 3pm Tuesday 1pm Monday 11am Friday 1. Open for business 11am Thursday 2. Shutdown 3. Exit 3pm Friday 5pm Wednesday 11am Wednesday 9am Thursday 1pm Wednesday 11am Monday 3pm WednesdayQuestion 10 (10 points) Signalling (Unit 14) Saying that you're "a great team player" in a job interview is 'I ' Q/ {easyfcostlyJ if you are a hard worker, and it's 6/ {easy/costly) if you are a lazy worker. This makes saying you're a "great team player" an ' ' y (effective/ ineffective) signal of "team player"-ness
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