Homework Answers
Question 9: Correct option is: -1/2
Given,
Amount spent by consumer per day=$100
Unit price of product A=$7
Unit price of product B=$14
Slope of budget line can be calculated as follows:
So, slope of budget line is -1/2.
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7 1/P or I/Pb Incorrect Question 9 0/3 pts A consumer has $100 per day to...
Question 2: A consumer has 100 dollars to spend on two goods, price of a sweater...
Question 2: A consumer has 100 dollars to spend on two goods, price of a sweater is $ 10 and price of shoes is $ 20. Assume the consumers budget line has shoes on the vertical axis and sweaters on the horizontal axis; a. Determine the slope and the intercept of the budget line b. What will be the effect of the following on the budget line: Increase in price of sweaters Increase in income of consumer If price of...
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...
I have the correct answers for number 1 and 2. I just don't understand why it...
I have the correct answers for number 1 and 2. I just don't
understand why it rotates counterclockwise from the
intersection.
1. A consumer has $100 per day to spend on product A, which has a unit price of $7, and product 且which has a unit priceof $15 What is the slope of e budget line if good A is on the zontal axis and good B is on the vertical axis? C)-15/7 D) 7/15 7 2. In question 1,...
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...
Need help with this practice problem 2. (20 points) Suppose a consumer has $250 to spend...
Need help with this practice problem
2. (20 points) Suppose a consumer has $250 to spend on two goods, Good X and Good Y. The price of Good X is given by Py = $10. The price of Good Y is given by Py = $25. Graph the consumer's budget constraint. Please put the quantity of Good X on the horizontal axis, and the quantity of Good Y on the vertical axis. Be sure to label your graph carefully and...
Question 13 0/1 pts respectively, and income is M, what is the Consider a consumer with...
Question 13 0/1 pts respectively, and income is M, what is the Consider a consumer with a utility function u = 1/2 3/2. If the prices for goods 1 and 2 arep, and consumer's optimal consumption of good 1? x1 = M/(3p2) Correct Answer xi = M/(41) You Answered x1 = 3M/(41) x = 4MP1/(p2) None of the above Question 14 1/1 pts Consider a consumer with a utility function y = x1/23/2. If the prices for goods 1 and...
only question that is problem is (i) many thanks . Problem 1 [32 marks] A consumer...
only question that is problem is (i) many thanks .
Problem 1 [32 marks] A consumer has a demand function for good 2, X, that depends on the price of good I. P. the price of good 2. Pz, and income, m, given by xy = 2+ +2P. Initially, assume m= 40, P-1, and P = 2. Then the price of good 2 increases to P = 3. a) What is the total change in demand for good 2? [2...
9 kmlv.github.io Question 2: A consumer has an income of $1,000 to spend on food and...
9 kmlv.github.io Question 2: A consumer has an income of $1,000 to spend on food and medicine. The price of one unit of food is $5 and the price of one unit of medicine is $10. For each question, write down the mathematical expression of the budget constraint and draw it carefully. Put food on the x-axis and medicine on the y-axis. Label the incercepts,slopes, and kinks. 1. Suppose the consumer receives coupons for 50 units of food and those...
Suppose that a consumer has $200 to spend per month. Assume that the price of a...
Suppose that a consumer has $200 to spend per month. Assume that the price of a unit of a household product is $5. For each of the following scenarios, draw the consumerís budget constraint by plotting all else on the y-axis and household products on the x-axis. (a) For every $100 she spends on household products she gets $10 back which she can spend on anything. (b) Suppose that once the consumer purchases 10 household products, each additional household product...
3. A consumer lives for two periods. His income in period 1 is Y, and his...
3. A consumer lives for two periods. His income in period 1 is Y, and his income in period 2 is Y.,. The consumer is free to lend and borrow at zero interest rate (r=0 and R=1+r=1). Y, = Y, = 10. (a) What is the price of consumption in period 1 in terms of consumption in period 2? (How many units of period 2 consumption must the consumer give up to get an additional unit of consumption in period...
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...
I have the correct answers for number 1 and 2. I just don't
understand why it rotates counterclockwise from the
intersection.
1. A consumer has $100 per day to spend on product A, which has a unit price of $7, and product 且which has a unit priceof $15 What is the slope of e budget line if good A is on the zontal axis and good B is on the vertical axis? C)-15/7 D) 7/15 7 2. In question 1,...
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...
Need help with this practice problem
2. (20 points) Suppose a consumer has $250 to spend on two goods, Good X and Good Y. The price of Good X is given by Py = $10. The price of Good Y is given by Py = $25. Graph the consumer's budget constraint. Please put the quantity of Good X on the horizontal axis, and the quantity of Good Y on the vertical axis. Be sure to label your graph carefully and...
Question 13 0/1 pts respectively, and income is M, what is the Consider a consumer with a utility function u = 1/2 3/2. If the prices for goods 1 and 2 arep, and consumer's optimal consumption of good 1? x1 = M/(3p2) Correct Answer xi = M/(41) You Answered x1 = 3M/(41) x = 4MP1/(p2) None of the above Question 14 1/1 pts Consider a consumer with a utility function y = x1/23/2. If the prices for goods 1 and...
only question that is problem is (i) many thanks .
Problem 1 [32 marks] A consumer has a demand function for good 2, X, that depends on the price of good I. P. the price of good 2. Pz, and income, m, given by xy = 2+ +2P. Initially, assume m= 40, P-1, and P = 2. Then the price of good 2 increases to P = 3. a) What is the total change in demand for good 2? [2...
9 kmlv.github.io Question 2: A consumer has an income of $1,000 to spend on food and medicine. The price of one unit of food is $5 and the price of one unit of medicine is $10. For each question, write down the mathematical expression of the budget constraint and draw it carefully. Put food on the x-axis and medicine on the y-axis. Label the incercepts,slopes, and kinks. 1. Suppose the consumer receives coupons for 50 units of food and those...
3. A consumer lives for two periods. His income in period 1 is Y, and his income in period 2 is Y.,. The consumer is free to lend and borrow at zero interest rate (r=0 and R=1+r=1). Y, = Y, = 10. (a) What is the price of consumption in period 1 in terms of consumption in period 2? (How many units of period 2 consumption must the consumer give up to get an additional unit of consumption in period...
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