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(Figure: Market for Pants) According to the figure, if there is international trade in this market, and the world price of a pair of pants is $40, the value of the
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- List and explain the four (4) properties of the indifference curves Describe the Giffen good and give an example. How do indifference curves represent the consumer's preferences? How do wages affect labor supply?An increase in the price of a good causes Select one: a. none b. An increase in the consumption of that good c. A parallel rightward shift of the budget line d. A rightward shift of the demand curve for that goodBob's Candy Store provides candy for sweets-loving locals. It employs Susan, who works the day shift, and Terry, who works the night shift. Is Bob's Candy Store a buyer (demander) in the market for factors of production or goods and services? In this market, does the money flow from household's to Bob's Candy store or from Bob's Candy Store to Susan and Terry?
- Explain and give example 1. Satisfaction of wants VS Fullfilment of needs) Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the price of food is $10. Jane spends her entire income when she purchases ________ units of clothing and ________ units of food.A) 25; 5 B) 16; 8 C) 12; 20 D) 10; 10Question Earlier this year, 2021, the price of chicken meat rose unexpectedly reached to 250/ kilo at peak from the previous price of 170/ kilo. This 68% increase of price per kilo was primarily caused by excess demand for chicken meat. This is the result of the decrease in consumption for pork meat due to the threat of African Swine Flu (ASF). However, even though consumer shifted preferences, the increase in the price of chicken was perceived to be too high for the budget of consumers. Therefore, sellers realized decrease in their daily aggregate sales from 1,000 kilos to 700 kilos. 1. Illustrate the change in the market equilibrium through a graph. 2. What presumably happened to the total revenues of the sellers during the price hike period? a.) Compute the price elasticity of demand b.) Derive the total revenue before the hike (TR1), and after the hike (TR2).
- What happens to the original budget line if the price of good ? falls to 4$? (i.e., Will there be a change in the slope and/or intercepts of the original budget line? If yes, what are those changes?). Interpret economically how the change in the price of good ? affects the consumption decision of the consumer.Please, read the below small cases. All of them are related with Machboos. Answer questions for each of them Doctors do not recommend eat hamburgers. (people can replace hamburgers with Machboos) a. Which factor is this? b. What is changed: D, S, QD or QS? c. Draw the graph and show the change d.Show how EP and EQ will be changedPlease, read the below small cases. All of them are related with Machboos. Answer questions for each of them Doctors do not recommend eat hamburgers. (people can replace hamburgers with Machboos) a. Which factor is this? b. What is changed: D, S, QD or QS? c.Draw the graph and show the change d.Show how EP and EQ will be changed
- (1) Which budget line shows the highest relative price for food? A. AB B. BC C. DC D. ED (2) Budget line CD A. represents more nominal income than budget line ED. B. illustrates that food has twice the relative price of shelter. C. indicates that the absolute prices of both food and shelter are the same. D. shows the absolute price of shelter to be more than shelter’s absolute price on line ED.Course: Microeconomic - Consumer Theory Model, explain and analyze in detail, based on consumer theory, how an individual responds to a change in the price of a good in his or her basket (income and substitution effect).a) Considering 2 goods (potatoes and meat) explain how they are related. Analyze the total effect of a decrease in the price of the first good.b) Analyze the income and substitution effect if potatoes are an inferior good.Attach the graphs in each case.Please, read the below small cases. All of them are related with Machboos. Answer questions for each of them Price of Machboos has decreased a. Which factor is this? b. What is changed: D, S, QD or QS? c. Draw the graph and show the change d. Show how EP and EQ will be changed