Quantity of bottled water Marginal utility from bottled water Quantity of hamburgers Marginal utility from hamburgers 1 35 1 20 2 25 2 18 3 16 3 17 4 10 4 10 5 5 5 8 6 4 6 7 Given the data in the above table, income of $10, a price of $1 for a bottle of water and $2 for a hamburger. As a result you will consume [value1] bottles of water and [value2] hamburgers.

Suppose firms can produce coffee or tea. If the price of tea increases today and consumers expect coffee to become more expensive next month, the equilibrium price of coffee [value1] and the equilibrium quantity of coffee [value2].

The more ________, the larger is the amount of the tax on the good that the ________ pays.

Quantity of bottled water Marginal utility from bottled water Quantity of hamburgers Marginal utility from hamburgers 1 25 1 30 2 18 2 22 3 10 3 12 4 6 4 8 5 4 5 6 6 1 6 5 Given the data in the above table, income of $20, a price of $1 for a bottle of water and $4 for a hamburger. As a result you will consume [value1] bottles of water and [value2] hamburgers.

The firms in a perfectly competitive market are making an economic profit when new firms enter. The entry shifts the short run market supply curve [value1], the market price [value2], and each firm’s economic profit [value3].

When a perfectly competitive market is in its long-run equilibrium, those firms’ amount of economic profit will

By selecting “true,” I once again verify that the work I am submitting for this exam is entirely my own. I have completed the exam without any assistance from anyone else or non-approved resources (ex. using ChatGPT, Googling the answers, using GroupMe, etc.). I have neither given nor received aid on this assignment and I am the person/student whose name is submitting this assignment. I have not written down or made copies of any questions. I will not share or discuss any exam content with others. 

                                                                   Firm 1 ​ ​ Sells Gives away ​ Sells 1: $32: $3 1: $12: $4 Firm 2 ​ ​ ​ ​ Gives away 1: $42: $4 1: $22: $1 Two software firms have developed an identical new software application. They are debating whether to give the new app away free and then sell add-ons or sell the application at $40 a copy. The payoff matrix is above and the payoffs are profits in millions of dollars. The Nash equilibrium in this game is Firm 1 [value1] and Firm 2 [value2] the software application.

Ms. Doce opened a candy store. She rented a building for $[rent] a year. During the first year of operation, Ms. Doce paid $[wages] to her employees, $[utilities] for utilities, and $[goods] for goods she bought from other firms. To buy equipment for the business, she withdrew $[savings] from her savings account, which earned an annual interest rate of [rate] percent. The market value of the store’s equipment at the end of the year was $[equip]. Her total revenue was $[revenue]. Ms. Doce’s best alternative to running this candy store is to work for Wal-Mart as a sales associate for $[opportunity] a year. During the first year of operation, Ms. Doce’s economic profit is _____. Enter a value. Do not use the “$” sign. Round to two decimal places. For example, 0.51 or 4.40. For values greater than 999, use a comma (example: 12,345). For negative values, use a minus sign “−”.

Output(tons of rice per year) Total cost(dollars per ton) 0 $600 1 $1,400 2 $2,100 3 $2,400 4 $2,900 5 $3,500 Based on the table above which shows Chip’s costs, if rice sells for $500 a ton, at Chip’s profit-maximizing output he earns (incurs) an economic [value1] of $[value2] and should [value3]. For the first answer type in one of the following: profit or loss. For the second answer, just enter a value. Do not include the “$”. For values less than zero, use a minus sign “-“. For the first answer type in one of the following: stay open or shut down.