Discuss the interdependence of calorie-posting initiatives and food advertising as an effective contributor in reducing calorie intake for minority and lower-income adolescents at risk for obesity
July 11, 2019
Reflect on the evaluation models your team discussed for your Course Project.
July 11, 2019

Draw the budget constraints, indifference curves, and the income consumption curve

for a good (bagels) that has an income elasticity that is perfectly inelastic on horizontal
axis, and another normal good on (salads) on the vertical axis.

2. Can a consumer have a perfectly inelastic income elasticity for every good they consume? Explain.

2

Problem Set 4
3. Koichiro and Sylvia are starting a new high-volume Sushi restaurant, called Robo Sushi
in Davis. While Koichiro plans to manage the business himself, he needs to employ
some combination of workers and “sushi-bots” (sushi-making robots) to produce the
sushi. He estimates his production function as
q = 100L0.5 K 0.5
where q is the number of Sushi rolls, L is worker hours and K is sushi-bot hours.
Workers cost $10/hour and the amortized cost of sushi-bots is equivalent to $40/hr.
(a) Derive Koichiro’s marginal product of labor as a function of output level q and
labor quantity L.

(b) Koichiro needs to produce 5000 sushi-rolls per day or corporate headquarters
will fire him. Using the substitution method, what combination of Labor and
Sushi-bots should he employ to minimize his cost? What will be hist total cost
of making 5000 rolls?

Problem Set 4

3

(c) Suppose that a surge in lunch-time demand forces Koichiro to increase his output
of Sushi quickly. He can only add worker-hours, and does not have time to
add sushi-bots. What is his short-run marginal cost of sushi? Hint: think of
1
∂L/∂Q = ∂Q/∂L = M P1L .

4

Problem Set 4
4. You are considering setting up a business manufacturing and selling giant foam hands
(with fingers making the #1 gesture). The market for giant foam fingers is very
competitive and the cost of one firm is given by C (q) = q 2 − 10q + 64. All firms are
identical and firms are free to enter or to exit the industry. Assume that the price for
foam fingers is $10.
(a) What are the average total cost, average variable cost, and marginal cost functions
for a single firm?

(b) Suppose you are already operating. If the market price for foam fingers were $10,
how many would you produce to maximize your profit?

Draw the budget constraints, indifference curves


 

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