An Excel template is provided for this assignment. Each problem is presented on a separate worksheet/tab, and the assignment must be submitted as one Excel file. To receive full-credit all work must be shown and final answers must be highlighted in yellow, unless answers are derived from a graph and/or table.Module 2 Problem SetsSubmit your completed assignment to the drop box below. Please check the Course Calendar for specific due dates.Save your assignment as a Microsoft Excel document. (Mac users, please remember to append the “.xlsx” extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below:Jstudent_exampleproblem_101504
module_2_problem_sets_copy.xlsx
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Module 2 Problem Sets
Name:
Which of the following pairs of goods are complements and which are
substitutes? Are the goods that are substitutes likely to be perfect
substitutes?
a. Printer and ink.
b. iPhone and Galaxy Samsung.
c. Online education institutions and traditional “ground” education institutions.
d. Digital cable television and a digital video recorder (DVR).
e. Automobiles and gasoline.
If Joshua views three cups of coffee as a perfect substitute for one
cup tea and vice versa, what is the marginal rate of substitution
between coffee and tea?
Nicole wants area rugs and painting for her new house. She has been given a budget of $7,200 for
The area rugs that she wants can be purchased for $900 and paintings from a local Wyoming artist
purchased for $400.
a. Using Excel’s charting tool, draw Nicole’s budget constraint.
Area Rugs
Paintings
Write a budget constraint equation for Nicole
b. For a limited time only Nicole can purchase area rugs at a price of $600, the cost of the paintings
constant and now her budget has decreased to $6,000. Using Excel’s charting tool, draw a new bud
curve. Would the budget constraint curve be likely to shift to the left or right?
Area Rugs
Paintings
Write a new budget constraint equation for N
udget of $7,200 for this purpose.
ocal Wyoming artist can be
equation for Nicole:
cost of the paintings remain
ool, draw a new budget constraint
traint equation for Nicole:
What are the main types of capital, labor, and land used to produce paper?
Based on the information in the Mini-Case “Malthus and the Green Revolution,” how
did the average product of labor in the food production change over time?
Christopher bought a $125 ticket to attend Nickelback concert in Red Rocks. Because it is his favori
attend the concert. However, his friend Keith invites Christopher to go with him to Water World in
opportunity cost of going to the Nickelback concert in Red Rocks ?
cause it is his favorite rock group, he would be willing to pay up to $200 to
to Water World in Denver, but he is only willing to pay up to $100. What is his
Use the following table to answer the questions listed below.
Total Output
0
10
20
30
40
50
60
Cost
20
40
60
90
120
180
280
TFC
TVC
AFC
AVC
ATC
MC
a. Calculate the total fixed costs, total variable costs, average fixed costs, average variable costs, av
b. Plot the cost curves. (Hint: Graph total costs curves separate from average costs and marginal co
c. At what quantity of output does marginal cost = average total cost and quantity of output in wh
Source: Boyes, W. and Melvin, M. (2008). Economics. (7th Ed.). Boston, MA: Houghton Mifflin Co
ge variable costs, average total costs, and marginal costs.
tity of output in which marginal cost = average variable cost.
…
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