Question 7 of 25 Leroy's credit card has an APR of 21%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first purchase. His credit card record for the last 7 months is shown in the table below. End of month 1 2 Finance charges SO,00 946.50 New balance S2GOD OD Previous balance SO 00 S2600 00 $2593 50 52587 02 S2580 55 32574 10 $7567 66 Dal N New charges S2600 00 SO $0.00 SO 00 SO 00 50.00 SO 00 Principal paid 5000 55 60 Se 48 Payment received SO 00 552.00 $51.67 $51.741 55161 56148 55125 $.45 27 S2587 02 $2560 55 $2574 10 5258766 5256124 $45:05 544 93 562 How much of the initial purchase has Leroy paid off over the 7 months? O A. $271.30 O B. $38.76​

On average, someone with a bachelor's degree is estimated to earn times more than someone with a high school diploma. a)1.2 b)1.4 c)1.6 d)1.8

Define the marginal rate of substitution between two goods (x and y). if a consumer’s preferences are given by u(x, y) = x3/4y1/4, compute the consumer’s marginal rate of substitution as a function of x and y. calculate the mrs if the consumer has chosen to consumer 48 units of x and 16 units of y. show your work. (use the back of the page if necessary.

Suppose that two firms produce differentiated products and compete in prices. as in class, the two firms are located at two ends of a line one mile apart. consumers are evenly distributed along the line. the firms have identical marginal cost, $60. firm b produces a product with value $110 to consumers. firm a (located at 0 on the unit line) produces a higher quality product with value $120 to consumers. the cost of travel are directly related to the distance a consumer travels to purchase a good. if a consumerhas to travel a mile to purchase a good, the incur a cost of $20. if they have to travel x fraction of a mile, they incur a cost of $20x. (a) write down the expressions for how much a consumer at location d would value the products sold by firms a and b, if they set prices p_{a} and p_{b} ? (b) based on your expressions in (a), how much will be demanded from each firm if prices p_{a} and p_{b} are set? (c) what are the nash equilibrium prices?