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- 1. Suppose income-tax rates are lowered and as a result consumers experience an increase in income earned from working. Basic microeconomics predicts that, Demand for normal goods will fall. Demand for inferior goods will rise. Demand for normal goods will rise. Income changes do not change demand.5. Vera is an impoverished graduate student who has only $100 a month to spend on food. She has read in a government publication that she can assure an adequate diet by eating only peanut butter and carrots in the Öxed ratio of 2 pounds of peanut butter to 1 pound of carrots, so she decides to limit her diet to that regime. a) If peanut butter costs $4 per pound and carrots cost $2 per pound, how much can she eat during the month? b) Suppose peanut butter costs rise to $5 because of peanut subsidied introduced by a politically sensitive government. By how much will Vera have to reduce her food purchases? c) How much in food stamp aid would the government have to give Vera to compensate for the e§ects of peanut subsidy? d) Explain why Veraís preferences are of a very special type here. How would you graph them?Need expert assistanance please SECTION A: Microeconomics Question 1 (a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium(i.e., supply equals demand in each case). Assume further that a good harvest impactsthe world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is notan ingredient in whiskey. Rum and whiskey are substitutes in consumption.(i) Discuss the impact of the good harvest on each of the three markets.(ii) Discuss the effect on the markets for each of the three products if thegovernment implements a price restriction in the sugar cane market with the aimof protecting the farmers. How will this impact the revenues for sugar growers,rum producers and whiskey producers?
- 23. Suppose that there are two goods in an economy and that all prices double. At the sametime, the consumer’s income triples, then:(a) The budget line becomes steeper(b) The budget line becomes flatter(c) The budget line does not change(d) The slope of the budget line does not change, but it makes a parallel shift in towardsthe origin(e) The slope of the budget line does not change, but it makes a parallel shift out fromthe originIntermediate Microeconomics Problem 1: Suppose two goods are perfect complements and the price of good x increases. (a) Draw indifference curves and budget lines to show the initial and new equilibrium. (12) (b) What is the total effect resulting from the price increase of good x?(c) What is the income effect resulting from the price increase of good x?(d) What is the substitution effect resulting from the price increase of x?(e) Provide an intuitive explanation for your answers in (b)-(d).(f) Sketch the consumer’s Marshallian demand curve for good x. Label clearly the pointsthat you used in deriving your graph and label this curve Dm.Please answer all the questions. Thanks in Advance.1. Consider each scenario independently. In each of the following cases, provide an explanation and draw a graph to show:– (a) What will happen in the market for wine if the price of cheese increases (wine and cheeseare complements)?(b) What will happen in the market for brewed coffee if the price of coffee beans decreases?(c) What will happen in the market for lobster if the government reduces the income tax andlobsters are a normal good?(d) What will happen in the market for tomatoes if a new study is released that shows tomatoescontain antioxidants (may help prevent cancer)?(e) What will happen in the market for corn if a new crop rotation technique is discovered thatallows corn to be grown more easily and the price of green beans, a substitute, decreases?(f ) What will happen in the market for gasoline if the price of oil increases and there is a vastincrease in the population (e.g., another baby boomer generation)?(g) A tax on gun buyers.(h) A binding price floor on guns.
- 3)What is the relationship between a demand schedule and a demand curve? * a)A demand schedule shows the various quantities of the good demanded, while a demand curve shows the various prices. b)A demand schedule is a numerical tabulation of the quantity demanded of a good at different prices, while a demand curve is a graphical representation of the law of demand. c)A demand curve shows the various quantities of the good demanded, while a demand schedule shows the various prices. d)A demand curve is a numerical tabulation of the quantity demanded of a good at different prices, while a demand schedule is a graphical representation of the law of demand.12)Suppose a consumer has $100 to spend on two goods, shoes and shirts. If the price of a pair of shoes is $20 per pair and the price of a shirt is $15 each, which of the following combinations is unaffordable to the consumer? A) 0 pairs of shoes and 0 shirts B) 2 pairs of shoes and 4 shirts C) 5 pairs of shoes and 0 shirts D) 0 pairs of shoes and 7 shirts E) 2 pairs of shoes and 3 shirtsQuestion 2: Suppose NAWEC charges D5 for every kilowatt hour of electricity for the first 1000 used in a month and D7.5 for each extra. Kilowatt hour after that. Draw the budget constraint for George who face this price schedule. Discuss why many Gambian may choose to consume exactly 1,000 kilowatt hour. Question 3 Suppose an individual consumes three items: steak, lettuce, and tomatoes. If we were interested only in examining this person’s steak purchases, we might group lettuce and tomatoes into a single composite good called ‘‘salad.’’ Suppose also that this person always makes salad by combining two units of lettuce with one unit of tomato. How would you define a unit of ‘‘salad’’ to show (along with steak) on a two-good graph? How does the price of salad (PS) relate to the price of lettuce (PL) and the price of tomatoes (PT)? What is this person’s budget constraint for steak and salad? Would a doubling of the price of steak, the price of lettuce, the price of tomatoes, and this…
- 29. This is the concept that explains that trends of values continues to increase but at a certain point it begins to do down a. Law of Production Capacity b. Natural course of Economic Propensities c. Law of Demand d. Law of Diminishing Marginal UtilityAssume that potential offenders can choose between burglary and larceny because these two crimes involve similar skills and abilities. Assume that sanctions for larceny rise significantly. What effect would you expect this to have on burglary and on larceny? ( question from Economics of Crime and Enforcement (Anthony Yezer 2014) ch.5 The Market for Crime with Victims) a. Set up the demand and supply model for crime (3 graphs) in an initial equilibrium, and then illustrate the full effects of the change. b. Explain, in a few sentences, the effects of the change on the market equilibrium. Be sure to explain the reason for shifting demand or supply. Do not use chatgpt. Thank you!1. Discuss the reasons managers should be knowledgeable with the concept of equilibrium price and equilibrium quantity of products and services.2. Explain the concept of equilibrium price and quantity and how it is attained. How easy is the re-attainment of equilibrium once we move away from it?3. Describe, by also using appropriate diagram(s), the following: a) A change in consumers' tastes and b) A change in the price of a good.4. Assume that the quantity supplied of wheat is less than its quantity demanded. Will a similar situation impact the market price for wheat? How can such a market condition be resolved?5. Identify substitute and complement products for an i-phone? Will an increase in price of an i-phone's substitute product impact the demand for i-phones?