Information for questions 17-23 The figure shows two of Zhan…

Information for questions 17-23 The figure shows two of Zhang’s indifference curves, in green. Zhang’s income is $240. The price of good Y is kept constant throughout this problem, at $40. The price of good X goes up from $30 to $120. Four straight lines (the two solid blue and the two dashed blue lines) are shown, which should be helpful in this problem. Four consumption points, A, B, C, and D, are also shown as dots, and labeled for the units of good X and good Y that they represent. For example, A=(2.4,5) means “consumption point A, with 2.4 units of X and 5 units of Y,” and analogously for all other points shown. All four points are points of tangency between one indifference curve and one of the straight lines. Only exact answer is accepted, so make sure to double check your reasoning and calculations. Enter 0 if the answer cannot be obtained from the information given. Note: to get exact answers, don’t read anything off the scale of the figure. Rather, just take the point labels as given. Suppose that you trace a curve through dots B, C, and other dots similar to B and C, for other price changes (but not through dots like A or D). The resulting curve would be

4 (6 pts). Suppose a person is paid $75 after working 6 hour…

4 (6 pts). Suppose a person is paid $75 after working 6 hours for a job. (a) How much will the person earn for 11 hours? (b) How many hours are needed for the person to earn $400?   5 (6 pts). Determine which one is cheaper: A 18-ounce bottle of orange juice at $3.59 or a 14-ounce bottle at $2.95.   6 (6 pts). Suppose a car uses 5.4 gallons of gas travelling 150 miles. At the same rate, how many gallons would it use on a trip of 200 miles.

Information for questions 17-23 The figure shows two of Zhan…

Information for questions 17-23 The figure shows two of Zhang’s indifference curves, in green. Zhang’s income is $240. The price of good Y is kept constant throughout this problem, at $40. The price of good X goes up from $30 to $120. Four straight lines (the two solid blue and the two dashed blue lines) are shown, which should be helpful in this problem. Four consumption points, A, B, C, and D, are also shown as dots, and labeled for the units of good X and good Y that they represent. For example, A=(2.4,5) means “consumption point A, with 2.4 units of X and 5 units of Y,” and analogously for all other points shown. All four points are points of tangency between one indifference curve and one of the straight lines. Only exact answer is accepted, so make sure to double check your reasoning and calculations. Enter 0 if the answer cannot be obtained from the information given. Note: to get exact answers, don’t read anything off the scale of the figure. Rather, just take the point labels as given. Overall, when the price of good X increases, what will happen to Zhang’s utility?

13 (6 pts). Open the following graph: graph13.docx (a) What…

13 (6 pts). Open the following graph: graph13.docx (a) What is the area of the Triangle as a percentage of the Octagon? (b) What is the area of the Rectangle as a percentage of the Octagon?   14 (6 pts). A person deposits $2000 in a bank account. If the bank pays the rate of 6.5% interest compounded annually, how much will the account be worth after 6 years?   15 (8 pts). Let x be the age of Bernie. Form algebraic expressions for the following: (a) Bernie’s age in six years. (b) Bernie’s age four years ago. (c) The age of Bernie’s little brother, who is half of Bernie’s age. (d) The age of Bernie’s father, who is three times of Bernie’s age.