please explain thanksHomework Answers
The vertical intercept is reducing here while the horizontal intercept is the same. Thus there is a reduction in the consumption of strawberries and so price of strawberries would have risen. The correct answer is A.
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Use the following to answer question 1: Figure: A Changing Budget Constraint for...
answers are shown above The graph below shows Bobby's preferences and budget for video games and...
answers are shown above
The graph below shows Bobby's preferences and budget for video games and movies. LetM be the quantity of movies and let V be the quantity of video games. Bobby has $1000 of income to spend on video games and movies. Use this information to answer the next four (4) questions. 20 IC1 20 50 45·If the budget line moves from BL1 to BL2, which of the following occurred? a. Price of movies increased from $20 to...
Please explain. Q7: The following figure shows the indifference curves and budget constraint of a consumer....
Please explain.
Q7: The following figure shows the indifference curves and budget constraint of a consumer. De- termine the commodity bundle that will maximize the consumer's satisfaction given his budget. Why is the bundle the optimal choice? Good 1 Budget Constraint 0 1 2 3 4 5 6 7 8 9 10 Good 2
On the budget constraint and indifference curve diagram (click on it to make it bigger), if...
On the budget constraint and indifference curve diagram (click on it to make it bigger), if DK is the original budget line and DF is the new budget line, then which of the following must have happened to cause the move from DK to DF? The price of hot dogs must have risen. The price of Cokes must have fallen. None of the other answers is correct. The price of Cokes must have risen. The price of hot dogs must...
Please answer ALL parts of this one question. No need to show work as long as the answer is CORRE...
Please answer ALL parts of this
one question. No need to show work as long as the
answer is CORRECT. Thank you.
Given: Suppose the initial price of good 1 is $2 and the initial price of good 2 is $4 and initial income is $100. A consumer maximizes utility selecting an initial consumption bundle (pt R) and a new consumption bundle (pt S) given a change in an exogenous variable. 80 Baseline Budget: B New Budget:B 70- 60 50...
14. Suppose Jack has an income of $12 to buy two goods: sandwiches and sodas. The...
14. Suppose Jack has an income of $12 to buy two goods: sandwiches and sodas. The price of a bottle of soda is $1, and the price of a sandwich is $2. Draw Jack’s budget line (BL1) given his income is $12. (Measure sodas on the X-axis and sandwiches on the Y-axis.) Assume Jack’s utility function is U(x,y)=xy (x is the consumption amount of sodas and y is the consumption amount of sandwiches). Jack’s marginal utility of consuming sodas and...
1. Suppose that the price of oranges is $1 per unit and the price of pencils...
1. Suppose that the price of oranges is $1 per unit and the price of pencils is $70 per unit. In addition, suppose that your income is $1900. If you spend all your money on oranges, how many oranges can you buy? 1900 oranges 2. The table below shows total utility for two products. Suppose that the price for product A is $5 and the price for product B is $5. Number of product A Total Utility for A Number...
Please help me i dont know what to do.. thanks 27. Assume that the budget constraint...
Please help me i dont know what to do.. thanks
27. Assume that the budget constraint in Figure 7.1 panel A is: PEE+PAA - I, where I is total income and PE is the price of education and PA is the price of all other goods, If U(E,A) - A+E, PE = 2, PA = 1, and I - 10 what is the quantity of education and all other goods consumed?
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...
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...
Question 2: in the figure below you can find two budget constraints and two indifference curves...
Question 2: in the figure below you can find two budget constraints and two indifference curves for Dan. Initially, Dan's hourly wage is $10, and he chooses bundle A on IC1, and enjoys 13 hours of leisure. When the wage increases to $12, he prefers bundle B on IC2, and enjoys 11 hours of leisure In a manner similar to Figure 2.7 on page 27 of the textbook, draw the income effect and substitution effect for leisure when the wage...
answers are shown above
The graph below shows Bobby's preferences and budget for video games and movies. LetM be the quantity of movies and let V be the quantity of video games. Bobby has $1000 of income to spend on video games and movies. Use this information to answer the next four (4) questions. 20 IC1 20 50 45·If the budget line moves from BL1 to BL2, which of the following occurred? a. Price of movies increased from $20 to...
Please explain.
Q7: The following figure shows the indifference curves and budget constraint of a consumer. De- termine the commodity bundle that will maximize the consumer's satisfaction given his budget. Why is the bundle the optimal choice? Good 1 Budget Constraint 0 1 2 3 4 5 6 7 8 9 10 Good 2
On the budget constraint and indifference curve diagram (click on it to make it bigger), if DK is the original budget line and DF is the new budget line, then which of the following must have happened to cause the move from DK to DF? The price of hot dogs must have risen. The price of Cokes must have fallen. None of the other answers is correct. The price of Cokes must have risen. The price of hot dogs must...
Please answer ALL parts of this
one question. No need to show work as long as the
answer is CORRECT. Thank you.
Given: Suppose the initial price of good 1 is $2 and the initial price of good 2 is $4 and initial income is $100. A consumer maximizes utility selecting an initial consumption bundle (pt R) and a new consumption bundle (pt S) given a change in an exogenous variable. 80 Baseline Budget: B New Budget:B 70- 60 50...
Please help me i dont know what to do.. thanks
27. Assume that the budget constraint in Figure 7.1 panel A is: PEE+PAA - I, where I is total income and PE is the price of education and PA is the price of all other goods, If U(E,A) - A+E, PE = 2, PA = 1, and I - 10 what is the quantity of education and all other goods consumed?
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...
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...
Question 2: in the figure below you can find two budget constraints and two indifference curves for Dan. Initially, Dan's hourly wage is $10, and he chooses bundle A on IC1, and enjoys 13 hours of leisure. When the wage increases to $12, he prefers bundle B on IC2, and enjoys 11 hours of leisure In a manner similar to Figure 2.7 on page 27 of the textbook, draw the income effect and substitution effect for leisure when the wage...
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