# ECONOMICS AND QUANTITATIVE ANALYSIS (ONLINE) CALCULATIONS & SHORT WRITTEN RESPONSES – Essaylink

ECONOMICS AND QUANTITATIVE ANALYSIS (ONLINE)
CALCULATIONS & SHORT WRITTEN RESPONSES
INSTRUCTIONS
Undertake the necessary calculations and prepare short written responses for the following four questions.
Answers for each question must not exceed 250 words.
Question 1 (5 marks)
Special Agent Fox Mulder has a budget of \$180. He spends it on conspiracy theory magazines (good X) and
UFO videos (good Y). Each magazine costs \$30, and each UFO video costs \$20.
(a) Write out and plot Fox Mulder’s budget constraint (2 points).
(b) What is Fox Mulder’s trade-off? How many UFO videos must he give up to purchase an additional
conspiracy theory magazine? (1 point).
(c) Upon hearing of Mulder’s obsessive expenditure, his boss, Assistant Director Walter Skinner, cuts his
budget to \$90. Write out and plot Mulder’s new budget constraint. How has his budget constraint changed? (2
points).
Question 2 (5 marks)
The production possibility table for the making of Karaoke machines (good Y) and moviequality Chewbacca
masks (good X) is shown in the table below:
Combination Chewbacca masks (thousands) Karaoke machines (thousands)
21/01/2021 62795 – ECONOMICS AND QUANTITATIVE ANALYSIS (ONLINE)CALCULATIONS
https://www.australiabesttutors.com/Recent_Question/62795/ECONOMICS-AND-QUANTITATIVE-ANALYSIS-ONLINE-CALCULATIONS 3/4
A 0 10 B 2 9 C 4 7 D 6 4 E 8 0
(a) Plot the production possibilities data with Karaoke machines on the Y-axis and Chewbacca masks on the
X-axis. What is the opportunity cost of the first 2,000 Chewbacca masks? (2 points).
(b) Between which points is the opportunity cost per thousand Chewbacca masks the highest? (1 point).
(c) At point D, what is the opportunity cost of 1,000 more Karaoke machines? What is the opportunity cost of
2,000 more Karaoke machines? (2 points).
1
Question 3 (5 marks)
Best friends Scott Baio and Willie Aames decide to open up a movie poster shop in downtown Los Angeles.
The following relationships describe the supply and demand for movie posters:
Qd = 65,000 – 10,000P
Qs = -35,000 + 15,000P
Where Q is the quantity and P is the price of a movie poster in dollars.
(a) Complete the following table (4 points):
Price Qs Qd Qs – Qd Surplus/Shortage
\$6.00
\$5.50
\$4.50
\$4.00
\$3.50
\$3.00
\$2.50
(b) What is the equilibrium price? (1 point).
Question 4 (5 marks)
Gene Wilder’s demand curve for lambs-wool sweaters is:
Q = 2000 – 20P
(a) How many lambs-wool sweaters will be sold at \$10? (1 point).
(b) At what price would 2,000 lambs-wool sweaters be sold? (1 point).
(c) What would be the total revenue at a price of \$70? (1 point).
(d) What is the point elasticity at a price of \$70? (2 points).
Hint – for (d) use the following formula:
??
?? = ?????????? ×
??

## Reviews, comments, and love from our customers and community

### Article Writing

Great service so far. Keep doing what you do, I am really impressed by the work done.

Researcher

### PowerPoint Presentation

I am speechless…WoW! Thank you so much! Definitely, the writer is talented person. She provided me with an essay a day early before the due date!

#### Stacy V.

Part-time student

### Dissertation & Thesis

This was a very well-written paper. Great work fast. I was in pretty desperate need for help to finish this paper before the due date, which was in nine hours.

Student

### Annotated Bibliography

I love working with this company. You always go above and beyond and exceed my expectations every time. Kate did a WONDERFUL job. I would highly recommend her.

Student

### Book Report / Review

I received my order wayyyyyyy sooner than I expected. Couldn’t ask for more. Very good at communicating & fast at replying. And change & corrections she put in the effort to go back and change it!

Student

### Essay (Any Type)

On time, perfect paper. All concerns & matters I had Tom was able to answer them! I will definitely provide him with more orders!

Student

### Case Study

Awesome! Great papers, and early! Thank you so much once again! Definitely recommend to trust James with your assignments! He won’t disappoint!

Student

### Proofreading & Editing

Thank you Dr. Rebecca for editing my essays! She completed my task literally in 3 hours. For sure will work with her again, she is great and follows all instructions

Researcher

### Critical Thinking / Review

Extremely thorough summary, understanding and examples found for social science readings, with edits made as needed and on time. It’s like having a tutoring service available (:

Customer

### Coursework

Perfect!I only paid about \$80, which i think was a good price considering what my paper entailed. My paper was done early and it was well written!

Student