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What would the Engel curve look like for each of the following three types of goods? Necessary, Luxury, Giffen.
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- Can Giffin goods also be normal goods?The first graph presents the utility maximizing combinations of bread and brie that Hayden chooses when the price of bread is $1.00 per loaf and the price of brie is either $4.00 or $6.00 per wheel. The second graph shows Hayden's demand curve for brie, based on those utility maximizing points. What are the specific prices and quantities of brie associated with points A and B on Hayden's demand curve? Bread (loaves) 26 16 BC2 24 BCI Brie (wheels) Price ($) Market for brie B Demand Quantity (wheels of brie)Ronald consumes two goods, X and Y. He has a utility function given by the expression: U = 4X0.75y0.25. So, MUX y0.25 and MUY = x0.75 The current prices of X and Y are y0.75 3. X0.25 24 and 48, respectively. Ronald currently has an income of 960 per time period. a. Calculate the optimal quantities of X and Y that Ronald should choose, given his budget constraint.
- Draw the following scenario: Muhammad's percelves canned tuna (Y) as an inferior good and fresh tuna (X) as a normal good. If his income Increases by 100%, and his Income elasticity of both types of tuna is 1. Show the effect of this increase in income on the change in his optimal choice of canned and fresh tuna, highlighting his income-consumption curve. Clearly label your graph. Reflect the proportional changes in your graph. The graph may be something like thatConsider the market for Netflix Subscriptions. Show graphically and explain using economic intuition, what happens to the market price and quantity in each of the following 3. Bruno can spend his income on two different goods: smoothies and energy bars. For each of the following three situations, decide if the given consumption bundle is within Bruno’s consumption possibilities. Then decide if it lies on the budget line or not. a) Smoothies cost $2 each, and energy bars cost $3 each. Bruno has income of $60. He is considering a consumption bundle containing 15 smoothies and 10 energy bars.b) Smoothies cost $2 each, and energy bars cost $5 each. Bruno has income of $110. He is considering a consumption bundle containing 20 smoothies and 10 energy bars. c) Smoothies cost $3 each, and energy bars cost $10 each. Bruno has income of $50. He is considering a consumption bundle containing 10 smoothies and 3 energy bars. 4. In each of the following situations, describe the substitution…David consumes two things: gasoline (4₁) and bread (9₂). David's utility function is 0.5 U(9₁.42) 900₁ 2 0.5 Let the price of gasoline be p,, the price of bread be p₂, and income be Y. Derive David's demand curve for gasoline. David's demand for gasoline is 91 = (Property format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a subscript can be created with the character)
- David consumes two things: gasoline (q,) and bread (q2) David's utility function is U(q1. 92)-50q,02q,0.8 Let the price of gasoline be p,, the price of bread be p2, and income be Y. Derive David's demand curve for gasoline. David's demand for gasoline is 91 =D (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a subscript can be created with the character)Suppose that you are trying to determine whether or not your friend Rajiv views a pound of cheese as a necessity, a luxury, or in between a necessity and a luxury. Rajiv has a weekly income of s50 to spend on either cheese or other consumption. The price of cheese is $10 per pound, and the vertical axis is treated as a composite good representing dollars spent on other consumption. On the following graph, use the blue line (circle symbol) to graph Rajiy's budget constraint (BC). Then, place the black point (plus symbol) on the graph to indicate the best bundle in this case. Note: Dashed drop lines will automatically extend to both axes. 100 90 вс, 70 Initial Best Bundle 00 50 40 BC, 30 20 New Best Bundie 10 2. 6. 10 CHEESE (Pounds per week) Now, suppose that Rajiv's weekly income increases to $100. Use the green line (triangle symbol) to graph the new budget constraint (BCa). Then, place the grey point (star symbol) on the graph to indicate the new best bundle. According to the…Student question Time Left : 00:09:39 5) Quasimodo consumes earplugs and other things. His utility function for earplugs x and money to spend on other goods y is given by ux,y=100x-x22+y What kind of utility function does Quasimodo have? What is his inverse demand curve for earplugs? (Implicitly, the price of money left over for other goods is 1) If the price of earplugs is $50, how many earplugs will he consume? If the price of earplugs is $80, how many earplugs will he consume? Suppose that Quasimodo has $4,000 in total to spend a month. What is his total utility for earplugs and money to spend on other things if the price of earplugs is $50? What is his total utility for earplugs and other things if the price of earplugs is $80? How much does the utility decrease when the price changes from $50 to $80?
- Jason has the following utility function: U = F2C where F is food and C is clothing. Clothing is measured on the vertical axis while food is measured on the horizontal one. Suppose the price of food is €3 per unit, the price of clothing is €2 per unit and that Jason’s income is €36. Calculate the number of units of clothing that Jason consumes in equilibrium. Mary has a different utility function than Jason in Question 2 but faces the same prices as him. Suppose she also only consumes food and clothing but we do not know her utility function or her income. What is Mary’s marginal rate of substitution of food for clothing when her utility is maximized? Explain your answer briefly.Would you expect marginal utility to rise or fall with additional consumption of a good? Why?Good Y 20 Each week, Mary Selects the quantity of two goods, X and Y that she will consume in order to maximize her utility. She spends her entire weekly income on these two goods. Suppose you are given the following information about a three-week period, the choices that Mary makes over Where Px is the price of good X, Py is the price of good Y, and I is income: Week 1 Week 2 مل ۳۰ رم Week 3 is 7 Hi▬▬▬▬t da. X 10 6 14 Px $1 $1 8 $1 Y GOOD 3 6 9 12 15 17 21 24 21 10 ९1 1) using the line drawing tool, graph Mary's budget line for each week. Label the line L₁, L₂, and 13. + $1 2) Using the point drawing tool, indicate Mary's utility-maximizing bundle for each week. Label these points A, B.C. 30 $2 $2 I 20 20 38