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- 1.The average individual in a country earns an annual salary of $60,000, of which $24,000 is spent on housing, $10,800 on transportation, and $14,000 on other goods and services. Suppose the government in this country mandates that all that all salaries and prices of all goods be reduced by 40 percent. A. How much does average individual now earn B. How much does the average individual now spent on the housing, food, transportation and other goods and services? c. What happened to the average individual's real salary?1. The above graph shows the bundle of goods per day and free time per day in a country between 1900 and 2013. When thinking about the difference between 1900 and 2013, which effect is more important on net, the income effect or the substitution effect? CEBUDGEI ABC 1. The above graph shows the bundle of goods per day and free time per day in a country between 1900 and 2013. When thinking about the difference between 1900 and 2013, which effect is more important on net, the income effect or the substitution effect? 14 17 19 Free time per day 22 0 1900 A Goods per day ($) 50 100 2013 13.50 200If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
- Aji used to consume 100 units of X and 50 units of Y when the price of X was $2 and the price of Y was $4. If the price of X rose to $4 and the price of Y rose to $9, how much would Aji's income have to rise so that she could still afford her original bundle a. $700 b. $450 c. $350 d. $1,050Assume that dusty has $30 in income, the price of a loaf of bread is $1.50, and the price of a jar of peanut butter is $3. Dusty can buy a maximum of _________ loaves of bread or a maximum of ________jars of peanut butter.fl you know that Linda's consumption of potatoes fell from 200 pounds a year to 150 pounds a year when her income went up from $50,000 to $60,000 a year, you are able to calculate Linda's incomeelasticity of demand for potatoes. What is it? What do economists call this kind of a good?
- 11 Suppose a typical American consumer purchases three goods, creatively named good A, good B, and good C. The prices of these goods are listed in the table below. 04:02:52 Good Price in 2017 ($) Price in 2018 ($) A 10 15 5 1 4 2 B C Instructions: Round your answers to two decimal places. a. If the typical consumer purchases two units of each good, the percentage increase in the price paid by the consumer for this basket between 2017 and 2018 is: % b. If the typical consumer purchases 10 units of good B and 2 units of both good A and good C, the percentage increase in the price paid by the consumer for this basket is: % c. The percentage price change is: O influenced more by the relative change in prices of the goods in the basket. O always positive. O influenced more by the quantities of the goods in the basket. O determined by the relative quantities of the goods and the relative price change for those goods.PROBLEM You are choosing between two goods, X and Y, and your MU from each is shown in the table below. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? Using the two prices and quantities of X, derive a demand curve for X. 3. If your income is $9 and the prices of X and Y are $2 and $1, respectively, how many units of product Y will you purchase to maximize utility? Use a number, no decimal value, no commas, no space, no unit of measurement. 4. If your income is $9 and the prices of X and Y are $2 and $1, respectively, how much will be the total utility for product Y only to maximize utility? Use a number, no decimal value, no commas, no space, no unit of measurement. please answer all questions. Thanks1. Discuss fully the effect of each of the following to a couple’s demand for children and other goods. Answer at ceteris paribus. a. Increase in a couple’s income b. Increase in the net price of children
- 1. Suppose that the price of oranges is $1 per unit and the price of pencils is $70 per unit. Inaddition, suppose that your income is $1900. If you spend all your money an oranges, how many oranges can you buy?PROBLEM You are choosing between two goods, X and Y, and your MU from each is shown in the table below. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? Using the two prices and quantities of X, derive a demand curve for X. 7. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. How much will be the total utility for product X only to maximize utility? Use a number, no decimal value, no commas, no space, no unit of measurement. 8. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. What maximum total utility for products X and Y that will you realize? Use a number, no decimal value, no commas, no space, no unit of measurement. please answer all questions. ThanksSuppose that Akbar has consumed two goods Ice cream and apple juice. Details of MUice-cream and MUapple_juice are given in the following table. Akbar's income is Rs.100 and the price of Ice-cream is Rs.20 and the price of apple juice is Rs.20. Units 1 2 3 4 5 7 8 10 MUice-cream 300 290 260 230 190 160 120 80 60 20 MUapple_juice 240 220 200 130 125 110 80 40 -5 a. Determine how much total utility Akbar receives when he purchases the combination of Ice-cream and Apple Juice that maximizes total utility? b. How much total utility would the Akbar get if he spends all his income on Apple Juice? c. How much total utility would the Akbar get if he spends all his income on Ice-Cream?
