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Suppose that consumers in Bangladesh pay twice as much per unit for mangoes as they pay for bananas, whereas consumers in Indonesia pay half as much for mangoes as ...

Question

Suppose that consumers in Bangladesh pay twice as much per unit for mangoes as they pay for bananas, whereas consumers in Indonesia pay half as much for mangoes as they pay for bananas. Assuming that consumers maximize their utility, which country's consumers have a higher marginal rate of substitution of mangoes for bananas? Explain your answer.

Suppose that consumers in Bangladesh pay twice as much per unit for mangoes as they pay for bananas, whereas consumers in Indonesia pay half as much for mangoes as they pay for bananas. Assuming that consumers maximize their utility, which country's consumers have a higher marginal rate of substitution of mangoes for bananas? Explain your answer.



Answers

Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

a. How would this apple-a-day law affect the demand and equilibrium price of apples?
b. How would the law affect the marginal product and the value of the marginal product of apple pickers?

c. How would the law affect the demand and equilibrium wage for apple pickers?

Oh, looking at this. This Chapter 15 problems, too, on this question were given that we're in a town of many grocery stores, and each of them faced the seeing marginal cost. For the first part of the question, we're asked to assume that they're now in a competitive industry where all the grocery stores are competing with each other and we're about to draw the the graph of the industry and show the consumer and producer and total surplus. And so you have a graph. We have quantity, and we have a price. We have, as always, a downward facing demand curve. And now we have because we're in a competitive industry, the March revenues going equal to man, and we have this constant, more venal cost. And so we're going to produce here at a price that's equal to the marginal cost. All of this is going to be the consumer surplus. There's going to be no producer Stern blessed because now we're in a perfectly competitive industry and we have a cost of marginal cost. And though there's no difference between the price charged and the marginal cost for any quantity and some consumer surpluses going to equal total surplus and there's going to be zero of then weight loss dead, you know, Dad, weight loss. For the second part of the question, we are being told that now all of those grocery stores have become one big monopoly grocery store and draw the same graph again. Showing the produces surplus consumers to plus toaster plus is, well, it's the deadly lost. And so now we're in a monopoly industry, and so we have a downward sloping demand curves. But we also have a marginal revenue curve that is below the demand curves. We still have this cost in marginal cost and still here in the monopoly industry, we're goingto be O. The producer is going to produce where the marginal revenue equals the marginal cost. Here's what's going to be produced, but they can charge up here on the demand curves that hears the price is going to be charged. And now we have. This is going to mean a consumer, sir, class, all of this now, between the price that's charged and the marginal cost, this is going to be the producer surplus. And here we have and are generated loss and so receiving that on. There's both consumer and producer star. Plus here is total so close the big consumers through Plus compared to the previous question is much smaller now. We have also have producer sir Plus and we have this dead weight loss. This was Chapter 15 problem Tio.

Hello. So uh I decided to type this out for you. So this is the uh explanation using uh income and substitution effect. Okay, so I hope that you find this useful. Thank you very much.

For them for them seeing this question yet moved to the technician of this answer electrical there look so everybody doing. Mhm See the you have to what the kids? Uh huh Uh huh. Yeah great large enough cream sick. Yeah. Yes right. Are you chewing them? You do I do. Oh pull it up do you like today? But there right will be he called or are well that's uh huh Coming into your mind that is crazy over for clear. Mhm Did say they feel is so by one. Uh huh Uh huh Yeah to go back to you hear a six by one. Uh huh Two years and report as well. Mhm decor. Mhm page Okay it names yeah you're okay too. I'm like so might okay. Yeah yeah that same two for Alex. Uh huh Yeah there were a few yeah you buy one yeah have played and six back to or yeah few years for fail given to a company in the field. Yeah for well said sits by one. Mhm and mhm Yeah. Hey feel far he is. Mhm It's five to yeah great cheers today by what? Mhm That was okay more new york to make so really putting dealing. Okay more act and redo okay coming to the machine. Mhm Yeah. Mhm Oh yes yeah and for yeah. Haley your fault have brothers yes success to one and Croatia or three ours is terry by two. Wait yeah yeah 1.5 x one from each other. Uh huh Do you bring more? You too Yeah family come here. Yeah. Yeah or half plays energy was Italians are showing? Oh PS yeah and now Taking the last one or new york which we are happens Yes. Made by what? Mhm correct. Yeah. Yeah. Free us is we would like to in which yes 651 I was uh hearing yeah less your Children too. So Yeah. Yeah. Uh Yeah. Okay new york. Mhm. Cardinal zeal. Unless you have first. Hey Grace. Uh huh demolition. Oh yes, so it's a full definition. The question I hope you will understand the whole definition for any further curate and doubts and therefore help. Thank you.

So while saying the question left for the move to the answer. So let's see here that profitable loss is equal to $15 divided by one plus .11 to the power for which is equal to nine point $88 $10, which is equal to minus $1,190 million. And the second one is profitable. Loss is equal to $15, Divided by one plus .10 to the power for which is equal to 10 point $2,452 $-10 which is equal to Point $2,452 million. and the 3rd 1 is profitable, loss is equal to $15 Divided by one plus .09 to the power for which is equal to 10 point $6,264 $-10 which is equal to Point $6,264 million. and the 4th 1 is profit or loss is equal to $15 Divided by one plus 10X. to the power for which is equal to 11.02 $54 $-10 which is equal to one point one point 02 $5.4 million. So here is increasing the discount rate about 10% will make the investment unprofitable hands. The company must financial project At a rate lower than 10 in order to make a or negative profit. So here is the full solution And definition of the question. So here is profit or loss is equal to $15 Divided by one plus .11 to the power for which is equal to $9.88 $-10 which is equal to $-1190 million. And the second one is profit or loss which is equal to $15 divided by one plus Point 10.10 to the power for which is equal to 10 $2,452 -10, which is equal to Point $2,452 million. And the third one is profit and loss which is equal to $15 divided by one plus 10.9 to the power for Which is equal to 10 points $6264 minus $10 which is equal to $100.6264 million. and the 4th 1 is Profit or loss which is equal to $15 Divided by one plus .08 to the power for which is equal to 11 0 to $54 million minus $10 which is equal to $1.254 million. So increasing discount rate above 10% will make the investment unprofitable. Hence the company must finance a project At a rate lower than 10% in order to make a positive profit. So I hope you better understand the full solution and definition. So for any particular reason, doubts I'm there for help. So thank you.


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