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- The Marginal Rate of substitution depends on the O a. Tastes and preferences of the consumer B Price level of goods income of the consume Oc.income of the consumer O d. Availability of goodsA consumer has $300 to spend on goods X and Y. The market prices of these two goodsare Px = $15 and Py = $5. a. What is the market rate of substitution between goods X and Y?7. (Figure 5.13) Which of the following statements is (are) TRUE? Hourly wage $30. 25 20 18. 15- 10 5 0 I 2 4 6 8 9 10 12 14 Hours of labor I. At a wage above $18, the income effect dominates the substitution effect. II. At a wage below $18, the substitution effect dominates the income effect. III. At a wage above $18, the substitution effect dominates the income effect. IV. At a wage below $18, the income effect dominates the substitution effect. Oa. I and II Ob. I Oc. III and IV Od. II and III
- Jack's marginal utility of consumption is MUc = L - 6, and the marginal utility of leisure is MUL=C-40. Jack does not have any nonlabor income, i.e., V = 0. Jack faces a $48 an hour wage rate. Jack's total number of hours available per week is 150. What is Jack's optimal choice of consumption? (calculate to 2 decimal places)An example of income earned but not received is O a. welfare payments. O b. consumption. Ocundistributed profits. O d. Social Security payments.2 - Suppose that Omer's income is OR 4800. His demand for books ( good X ) and shoos ( good Y ) depends upon the prices for these two goods , if the price of one unit of book ( good X ) is OR 40 and the price of one unit of shoos ( good Y ) is OR 20 . a ) Draw the budget line for Omar ( show your work ) b ) Find the slope of this budget line .
- 2.27 The Chuzzlewits have an income of $m per week. Let x be food and let y be all other goods. Let px be the price of food and py be the price of other goods. They can use food stamps to buy food at a price of px(1s) for up to x* units of food per week. If they buy more food than x*, they have to pay the full price, px for additional units. Their weekly income is greater than px(1 s)x. The maximum amount of food that they can buy per week is: (a) x +(m=px) (b) (m + x)=px (c) (m=px)+sx (d) m=(1 s)px (e) (m + px)=(1 s)p answer is c, please show workingA consumer has $300 to spend on goods X and Y. The market prices of these two goods arePx =15 and Py =5, please explain the concepts and answer the following questions● What is the market rate of substitution between goods X and Y?● Illustrate the consumer’s opportunity set in a carefully labeled diagramMonthly income = salary of 1200 and a gov welfare payment of 800 Y= 2000 Needs to use this income for food and goods quantity of food = qf quantity of goods= qd Price of food = 1 Price of goods = 2 1) Draw budget line, qf on vertical axis and qd on horizontal one 2) The welfare payment is now given in the form of food stamps. 1200 can be spent on food and other goods, food stamps can only be used to purchase food. The prices of food and other goods remain the same. budget line with the food stamps, measuring on the vertical axis and on the horizontal axis. Label all critical points on the budget line. Show you are at least as well off under the cash welfare payment as under the food stamps. Here is how: Depict the budget lines in 1. and 2a. in a single diagram and superimpose indifference curve(s) to show the optimal consumption bundle(s). You will need two such diagrams to illustrate two different cases: optimal consumption bundle is the same under the cash welfare…
- Q-4 Suppose that Kaleed’s income 1800 RO. And he purchased 30 units of goods y that cost 30 RO per unit. Calculate how many units Kaleed can buy of product X when it costs 20 RO.Eren’s two main hobbies are taking vacations overseas (V) and eating expensivemeals (M). His utility function is given as: U(V,M) = V2MLast year, the average price of taking a vacation overseas was US$200 and the averageprice of an expensive meal is $50. However, due to supply problems in Onions, theaverage price of an expensive meal rose to $75. The average price of a vacation did notchange. His income, which is $1500, did not change. Suppose that the Department of Welfare wants to know how much should begiven to Eren to offset his change un utility due to the price increase of an expensivemeal. Calculate the compensative variation (CV).Suppose that the president proposes a new lawaimed at reducing healthcare costs: All Americans arerequired to eat one apple daily.a. How would this apple-a-day law affect thedemand and equilibrium price of apples?b. How would the law affect the marginal productand the value of the marginal product of applepickers?c. How would the law affect the demand andequilibrium wage for apple pickers?
