Homework Answers
Blanks-
1) 700
2) better
| Fancy dinners | Represented by | Consumption change |
| substitution effect | R to S | 3 more |
| Income effect | S to T | 2 fewer |
3) increase
4) an inferior good
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Sean and Yvette Nag live in San Diego and enjoy going out to fancy restaurants for...
Bob and Cho Iverson live in San Francisco and enjoy going out to fancy restaurants for...
Bob and Cho Iverson live in San Francisco and enjoy going out
to fancy restaurants for dinner and to diners for breakfast. On the
following diagram, the purple curves I1 and I2 represent two of
their indifference curves for fancy dinners and diner breakfasts.
They have $1,000 per month available to spend on eating out. The
price of a diner breakfast is always $10. Each labeled point
represents the tangency between a budget constraint and the
corresponding indifference curve.
9....
9. Income and substitution effects Carlos and Deborah Azinian live in Detroit and enjoy going out...
9. Income and substitution effects Carlos and Deborah Azinian live in Detroit and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves 11 and 12 represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget constraint and the...
9. Income and substitution effects Larry and Megan Stein live in Detroit and enjoy going out...
9. Income and substitution effects Larry and Megan Stein live in Detroit and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves 11 and 12 represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget constraint and the...
9. Income and substitution effects Felix and Janet Green live in Detroit and enjoy going out...
9. Income and substitution effects
Felix and Janet Green live in Detroit and enjoy going out to
fancy restaurants for dinner and to diners for breakfast. On the
following diagram, the purple curves I1I1 and I2I2 represent two of
their indifference curves for fancy dinners and diner breakfasts.
They have $500 per month available to spend on eating out. The
price of a diner breakfast is always $5. Each labeled point
represents the tangency between a budget constraint and the...
9. Income and substitution effects Dmitri and Frances Doherty live in Miami and enjoy going out...
9. Income and substitution effects Dmitri and Frances Doherty live in Miami and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves 11 and 12 represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget constraint and the...
Homework (Ch 21) 9. Income and substitution effects Andrew and Beth Trimble live in Philadelphia and...
Homework (Ch 21) 9. Income and substitution effects Andrew and Beth Trimble live in Philadelphia and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves I, and I, represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget...
Homework (Ch 21) 9. Income and substitution effects Andrew and Beth Trimble live in Philadelphia and...
Homework (Ch 21) 9. Income and substitution effects Andrew and Beth Trimble live in Philadelphia and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves I, and I, represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget...
2. Identifying normal, inferior, and Giffen goods The green line BC, on the following graph represents...
2. Identifying normal, inferior, and Giffen goods The green line BC, on the following graph represents your initial budget constraint for good X and good Y, and point A represents the optimal consumption choice, given this choice set. Suppose the price of good X dropped by 50%. The compensated budget is parallel to BC2, representing the same tradeoff between good X and good Y, and it is tangent to the given indifference curve (U) at point B. On the following...
7. Consider the figure below, which shows the budget constraint and the indifference curves of good...
7. Consider the figure below, which shows the budget constraint and the indifference curves of good King Zog. Zog is in equilibrium with an income of s300, facing prices px 4 and py sio 30 22.5 0 35 43 75 90 a. How much X does Zog consume? b. If the price of X falls to s2.50, while income and the price of Y stay constant, how much X will Zog consume? c. How much income must be taken away...
7) The picture below shows several indifference curves of a consumer and several budget lines: X2...
7) The picture below shows several indifference curves of a consumer and several budget lines: X2 1 2 3 4 5 6 7 8 9 10 11 12 Note that the lines passing through A, C, and E are parallel. Also the lines passing through B, D, and F are parallel. Move over at each bundle labeled with a letter, the budget line and indifference curve passing through that bundle are tangent. The consumption levels at each of the labeled...
Bob and Cho Iverson live in San Francisco and enjoy going out
to fancy restaurants for dinner and to diners for breakfast. On the
following diagram, the purple curves I1 and I2 represent two of
their indifference curves for fancy dinners and diner breakfasts.
They have $1,000 per month available to spend on eating out. The
price of a diner breakfast is always $10. Each labeled point
represents the tangency between a budget constraint and the
corresponding indifference curve.
9....
9. Income and substitution effects Carlos and Deborah Azinian live in Detroit and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves 11 and 12 represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget constraint and the...
9. Income and substitution effects Larry and Megan Stein live in Detroit and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves 11 and 12 represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget constraint and the...
9. Income and substitution effects
Felix and Janet Green live in Detroit and enjoy going out to
fancy restaurants for dinner and to diners for breakfast. On the
following diagram, the purple curves I1I1 and I2I2 represent two of
their indifference curves for fancy dinners and diner breakfasts.
They have $500 per month available to spend on eating out. The
price of a diner breakfast is always $5. Each labeled point
represents the tangency between a budget constraint and the...
9. Income and substitution effects Dmitri and Frances Doherty live in Miami and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves 11 and 12 represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget constraint and the...
Homework (Ch 21) 9. Income and substitution effects Andrew and Beth Trimble live in Philadelphia and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves I, and I, represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget...
Homework (Ch 21) 9. Income and substitution effects Andrew and Beth Trimble live in Philadelphia and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves I, and I, represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget...
2. Identifying normal, inferior, and Giffen goods The green line BC, on the following graph represents your initial budget constraint for good X and good Y, and point A represents the optimal consumption choice, given this choice set. Suppose the price of good X dropped by 50%. The compensated budget is parallel to BC2, representing the same tradeoff between good X and good Y, and it is tangent to the given indifference curve (U) at point B. On the following...
7. Consider the figure below, which shows the budget constraint and the indifference curves of good King Zog. Zog is in equilibrium with an income of s300, facing prices px 4 and py sio 30 22.5 0 35 43 75 90 a. How much X does Zog consume? b. If the price of X falls to s2.50, while income and the price of Y stay constant, how much X will Zog consume? c. How much income must be taken away...
7) The picture below shows several indifference curves of a consumer and several budget lines: X2 1 2 3 4 5 6 7 8 9 10 11 12 Note that the lines passing through A, C, and E are parallel. Also the lines passing through B, D, and F are parallel. Move over at each bundle labeled with a letter, the budget line and indifference curve passing through that bundle are tangent. The consumption levels at each of the labeled...
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