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Homework Answers
Q1) option C)
When income changes, Budget constraint shifts , bcoz income is the parameter
If income rises, BC shifts to right , so graph III is right
Q2) option A)
If price of input resources increase, the supply curve shifts inwards
If number of firms rise, input prices fall, or technology improve , then supply curve shifts outwards
Q3) option A,B
C is wrong, Slope of IC is MRS = ratio of MU
B is right
A is right
Preferences don't depend upon income & prices
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Which of the following pictures show a change in the...
can you please explain this deeply? thank you Question 7 Consider a consumer with preferences over...
can you please explain this deeply? thank you
Question 7 Consider a consumer with preferences over two goods 1 and 2. Assume that the horizontal axis pertains to the amount of good 1 and the vertical axis pertains to the amount of good 2. Suppose that, given the consumption bundle r = 10 and y = 10, a consumer's MRS (marginal rate of substitution) is equal (in absolute value) to 4. The price of good 1 is $1, the price...
2. Explain in complete sentences with the help of graphs how each of the following five...
2. Explain in complete sentences with the help of graphs how each of the following five properties of the indifference curve is derived from the more-is-better principle. (a) Indifference curves are thin. (b) Indifference curves do not slope upwards. (c) The indifference curve that runs through consumption bundle A separates all the better- than-A bundles from the worse-than-A bundles. (d) Define a family of indifference curves as a collection of indifference curves that represent individual's preferences. Indifference curves of the...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
Please answer the following question. Please show all your work/explanation. This question asks you to recall...
Please answer the following question. Please show all your work/explanation. This question asks you to recall what you know about how we study the choices of individual consumers. We will focus on an American tourist consumer in Tehran who must decide how many Persian Rugs (R) and how many ounces of Saffron (S) to purchase. Assume our consumer has complete, transitive preferences over Rugs and Saffron and prefers more to less. Explain in words the meaning of these assumptions. Draw...
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water...
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water and popcorn. At his current consumption level, the marginal utility of mineral water is 70 and the marginal utility of popcorn is 60. The price of a bottle of mineral water is $2.00 and the price of a box of popcorn is $1.50. The utility-maximizing rule suggests that Logan should: O Increase consumption of popcorn and increase consumption of mineral water Decrease consumption of...
1. True or False, and explain briefly. 1) The assumption that more is better implies that...
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
answer all the questions in a type format thank you 100 pts Question 1 Write an...
answer all the questions in a type format thank you
100 pts Question 1 Write an essay that answers the following questions about utility theory. (In your essay, select the appropriate graphs from the file of graphs found at: https://drive.google.com/file/d/1pYKDpKZ5WQYZCICKYeWJ9Z vgeVO v/view? usp=sharinge. Be sure to explain whatever graphs you refer to in terms of your overall essay) 1. How is utility measured? 2. Explain the difference between total utility and marginal utility. 3. Explain the law of diminishing marginal...
Bob has $36 to spend on tacos and burritos which are both ordinary goods for Bob....
Bob has $36 to spend on tacos and burritos which are both ordinary goods for Bob. Burritos cost $4 each and tacos cost $2 each. a. Draw Bob's budget line with tacos on the x-axis and burritos on the y-axis. b. Draw an indifference curve showing Bob's optimal consumption at 5 burritos and 8 tacos. c. What is the ratio of the Marginal Utility of Burritos to the Marginal Utility of Tacos at Bob's optimal consumption bundle? d. On the...
If an increase in income results in a decrease in the quantity demanded of a good then for that good, the a cross-p...
If an increase in income results in a decrease in the quantity demanded of a good then for that good, the a cross-price elasticity of demand is negative b. income elasticity of demand is positive. price elasticity of demand is elastic d income elasticity of demand is negative. 9. if the cross-price elasticity of demand for two goods is 1.25, then a the two goods are luxuries. b. the demand for one of the goods conforms to the law of...
4. Mountain Dew, which (fun fact) was invented in east Tennessee, is sold in 6 and...
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can you please explain this deeply? thank you
Question 7 Consider a consumer with preferences over two goods 1 and 2. Assume that the horizontal axis pertains to the amount of good 1 and the vertical axis pertains to the amount of good 2. Suppose that, given the consumption bundle r = 10 and y = 10, a consumer's MRS (marginal rate of substitution) is equal (in absolute value) to 4. The price of good 1 is $1, the price...
2. Explain in complete sentences with the help of graphs how each of the following five properties of the indifference curve is derived from the more-is-better principle. (a) Indifference curves are thin. (b) Indifference curves do not slope upwards. (c) The indifference curve that runs through consumption bundle A separates all the better- than-A bundles from the worse-than-A bundles. (d) Define a family of indifference curves as a collection of indifference curves that represent individual's preferences. Indifference curves of the...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water and popcorn. At his current consumption level, the marginal utility of mineral water is 70 and the marginal utility of popcorn is 60. The price of a bottle of mineral water is $2.00 and the price of a box of popcorn is $1.50. The utility-maximizing rule suggests that Logan should: O Increase consumption of popcorn and increase consumption of mineral water Decrease consumption of...
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
answer all the questions in a type format thank you
100 pts Question 1 Write an essay that answers the following questions about utility theory. (In your essay, select the appropriate graphs from the file of graphs found at: https://drive.google.com/file/d/1pYKDpKZ5WQYZCICKYeWJ9Z vgeVO v/view? usp=sharinge. Be sure to explain whatever graphs you refer to in terms of your overall essay) 1. How is utility measured? 2. Explain the difference between total utility and marginal utility. 3. Explain the law of diminishing marginal...
If an increase in income results in a decrease in the quantity demanded of a good then for that good, the a cross-price elasticity of demand is negative b. income elasticity of demand is positive. price elasticity of demand is elastic d income elasticity of demand is negative. 9. if the cross-price elasticity of demand for two goods is 1.25, then a the two goods are luxuries. b. the demand for one of the goods conforms to the law of...
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