I need 3 only please!! 1. Loveflower only consumes two goods - carrots and tofu, and she is currently buying both from her localfood coop where she pays $2 for a bag of carrots and $6 for a block of tofu. Loveflower consumes 2 bags ofcarrots and 4 blocks of tofu, and her MU from carrots is 30 and her MU from tofu is 60. Which of thefollowing statements is true?a. Loveflower is currently minimizing her utility.b. Loveflower can increase her utility by eating more carrots and less tofu.c. Loveflower can increase her utility by eating more tofu and fewer carrots.d. Loveflower can increase her utility by eating less tofu and fewer carrots.e. Loveflower cannot increase her utility.2. Suppose that the local government wants to encourage more low-income students to learn mathematics byincreasing access to calculators. To make calculators more affordable, the government institutes a priceceiling on calculators below the current market price. If the market for calculators is perfectly competitive,what is the result?a. There will be deadweight loss, but more students will buy calculators.b. There will be improvements in both equity and economic efficiency in the market for calculators.c. More calculators will be available, but there will be a decrease in economic efficiency.d. There will be an increase in affordability with no change in the quantity of calculator sales.e. Fewer calculators will be available, and there will be a decrease in economic efficiency.3. Harriet can consume goods X and Y. The graph below represents one of her indifference curves (IC). All herICs are similar to the one in the graph, and prices are p, = 4 and p, = 4. If the Harriet's income is $80, heroptimal choice is to consumeYAICXa. X = 8b. X = 11c. X = 4d. X = 6е. X%3D 124. Joe likes to eat avocado toast. As avocados become cheaper Joe buys more bread. Based on thisinformation, we can conclude that, for Joe, bread and avocados area. Normalb. Efficientc. Complementsd. Inferiore. Substitutes2.3.

Perfect compliments are those goods whose consumption are done in a fixed proportion like 2 sugars…

3. Harriet can consume goods X and Y. The graph below represents one of her indifference curves (IC). All her ICs are similar to the one in the graph, and prices are p, = 4 and p, = 4. If the Harriet's income is $80, her optimal choice is to consume Y4 IC 2 a. X = 8 b. X = 11 c. X = 4 d. X = 6 е. Х%3D 12

3. Harriet can consume goods X and Y. The graph below represents one of her indifference curves (IC). All her ICs are similar to the one in the graph, and prices are p, = 4 and p, = 4. If the Harriet's income is $80, her optimal choice is to consume Y4 IC 2 a. X = 8 b. X = 11 c. X = 4 d. X = 6 е. Х%3D 12

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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