Business, 06.08.2019 18:10 datzmypupppup

Charlie budgets a portion of his income for attending ball games and movies. assuming he is utility maximizing, what would happen to his consumption of movies if the ticket price fell, everything else being equal? it would stay the same unless the price of ball games changed as well. it would rise. it would fall. without more information, how he reacts is uncertain. which statement best explains the answer to the first question? the ratio of the marginal utility of movies to the price of movies went up compared to the ratio for ball games. the change in the price of movies changes charlie's budget constraint, so he can buy less of both goods. when the price of movies went down, the marginal utility went up. the ratio of the marginal utility of ball games to the price of ball games went up compared to the ratio for movies. which law does this illustrate? the law of demand the law of consumer sovereignty the law of diminishing marginal utility

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Answer from: board8061

It would rise.

The ratio of the marginal utility of ball games to the price of ball games went up compared to the ratio for movies.

the law of demand

Explanation:

According to the law of demand, the quantity of the item purchased depends on the price of the item. When the price of an item is high, the quantity purchased is less. On the other hand, if the price of an item is low, the quantity purchased becomes more respectively. The law of demand occurs because of the diminishing marginal utility. The higher the price, the lower is the demand and the lower the price, the higher is the demand.

Answer from: Quest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

Answer from: Quest

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.

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