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Bu224 Unit 4 Essay

1046 words - 5 pages

-------------------------------------------------
BU224 Unit 4 Assignment Template:
Name: -monique colon
Course Number: -
Section Number: -
Unit Number: - 4
Date: -

---------------------------------- General Instructions for all Assignments-----------------------------------
1. Unless specified differently by your course instructor, save this assignment template to your computer with the following file naming format:
Course number_section number_LAST_FIRST_ unit number

2. At the top of the template, insert the appropriate information: Your Name, Course Number, Section Number and Date

3. Insert your answers below, or in the appropriate space provided for in the ...view middle of the document...

a. Lakshani has $200 to spend on sneakers and sweaters. Sneakers cost $50 per pair, and sweaters cost $20 each. She is thinking about buying 2 pairs of sneakers and 5 sweaters. She tells her friend that the additional utility she would get from the second pair of sneakers is the same as the additional utility she would get from the fifth sweater.
In this she is using her money in the correct way due to the fact that the second pair of sneakers can be utilized the same as the fifth sweater.

b. Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50 and each pencil costs $0.10. She is thinking about buying 6 pens and 20 pencils. The last pen would add five times as much to her total utility as the last pencil. I would say this is not the best way for her to utilize her money due to the fact that if a pen last longer it is not best she should by buy 10 pencils and 8 pens

c. Lakshani has $50 per season to spend on tickets to football games and tickets to soccer games. Each football ticket costs $10 and each soccer ticket costs $5. She is thinking about buying 3 football tickets and 2 soccer tickets. Her marginal utility from the third football ticket is twice as much as her marginal utility from the second soccer ticket. I would say that she is utilizing her funds correctly and is making a great choice.

2. In the United States, 2007 was a bad year for growing wheat. And as wheat supply decreased, the price of wheat rose dramatically, leading to a lower quantity demanded (a movement along the demand curve). The accompanying table describes what happened to prices and the quantity of wheat demanded.

| 2006 | 2007 |
Quantity demand (bushels) | 2.2 billion | 2.0 billion |
Average price (per bushel) | $3.42 | $4.26 |

a. Using the midpoint method, calculate the price elasticity of demand for winter wheat.
I would believe that it is 2.2 billion

b. What is the total revenue for U.S. wheat farmers in 2006 and 2007?
Total revenues for 2006 is 6.92 billion and for 2007 9.372 billion

c. Did the bad harvest increase or decrease the total revenue of U.S. wheat farmers? How could you have predicted this from your answer to part a? It increased the revenues because the demand was...

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