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- You have $4,000 to spend on entertainment this year (lucky you!). The price of a day trip (T) is $40 and theprice of a pizza and a movie (M) is $20. Suppose that your utility function is U(T, M) = T3/4M1/4.a. What combination of T and M will you choose? b. Suppose that the price of day trips rises to $50. How will this change your decision?EXERCISE 1Below is a production possibilities table for consumer goods (Food) and capital goods(Robots):A B C D EFood 0 1 2 3 4Robots 10 9 7 4 01. Show these data graphically. Upon what specific assumptions is this productionpossibilities curve based?2. If the economy is at point C, what is the cost of one more food? Of one morerobot? Explain how the production possibilities curve reflects the law ofincreasing opportunity costs.3. If the economy characterized by this production possibilities table and curvewere producing 3 food and 2 robots, what could you conclude about its use ofavailable resources?4. What would production at a point outside the production possibilities curveindicate? What must occur before the economy can attain such a level ofproduction?EXERCISE 2Explain how (if at all) each of the following affects the location of a country’s productionpossibilities curve:1. The quality of education increases.2. The number of unemployed workers increases.3. A new technique…ASAP While we re applying decision rule lets say we come to the point that the Marginal utility per dollar for good A is 4U and for good B is 4U and the price of A is 4 dollar and B is 5 dollar and the our remaining budget is 4 dollar (let say we have 2 good ) then for that situation if we buy good A our total utility remain same ?PLEASE ANSWER JUST MY SCENİRO DONT GİVE GENERAL DEFİNİTİON
- (a) A consumer with income I=120 facing prices pX = 4 and pY = 8 for two goods X and Y (for each good she prefers more to less, with diminishing MRS) chooses optimally to consume 12 units of X. If the prices change and now pX = 6 and pY = 4, what is the possible range for her new optimal X consumption? (b) Forget about (a). A consumer with I=$240 budget is shopping for apples (x) and oranges (y). Apples cost $1 each up until 60 units; thereafter each apple costs $2. Similarly, oranges cost $1 each up until 60 units, and thereafter $2 each. Draw the graph of feasible set of bundles for the consumer with relevant points and numbers (shade the feasible area), no explanation needed. (c)(HARD!) In (b), calculate the optimal bundle assuming the consumer’s utility function is u(x,y) = x5y.Let MUA = z = 10 − x and MUB = z = 21 − 2y, where z is marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B—that is, x + y = 10. How is the $10 best allocated between A and B? How much utility will the marginal dollar yield?Wherein:TU = Total Utilityf= is a function ofMU = Marginal UtilityO = units of consumptionA= infinitesimal change EMV= Expected Monetary Value
- Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.A) What is substitution effect? And how it effects purchase decision of consumer? in detail B)What is intertemporal choice? And how it is elaborated in economics? in detailAssume that a∈[-1,1] and θ∈(0,2). The utility function is given by u(a,θ)=a(θ-1). Which of the following action is never optimal ex-post? a. 0b. All can be optimal ex-postc. 1d. -1
- True or False explain 2. A consumer’s budget line is kinked towards the origin (i.e., the kink is pointing towards the origin) if this consumer faces a lower price per unit of x as more x is consumed.a. A young connoisseur has $600 to spend to build a smallwine cellar. She enjoys two vintages in particular: a 2001French Bordeaux (wF) at $40 per bottle and a less expensive 2005 California varietal wine (wC) priced at $8. Ifher utility is U (wF, wC))=wF2/3 w C1/3 ,then how much of each wine should she purchase?b. When she arrived at the wine store, this young oenologistdiscovered that the price of the French Bordeaux hadfallen to $20 a bottle because of a decrease in the valueof the euro. If the price of the California wine remainsstable at $8 per bottle, how much of each wine shouldour friend purchase to maximize utility under thesealtered conditions?c. Explain why this wine fancier is better off in part (b)than in part (a). How would you put a monetary value onthis utility increase?Give typing answer with explanation and conclusion Consider a good or service where consumers pay more than its actual valuation (for eg, products with markup prices at retail significantly higher than their cost: greetings cards, bottled water, stock price, movie theatre popcorn/candy). Based on the irrational decision-making and marginal analysis, explain why such irrational decision-making could take place in this situation.
