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Discuss the six approaches to explaining consumption behaviours. (Include graphs and
equations where necessary)
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- What are the determinants for an individual demand? Derive with the help of indifferencecurves and the budget constraint the optimal consumption plan. How do you transfer theoptimal consumption plan into an individual demand function? (use graphs)What is the dependent and independent variable when the household-level annual demand of water is modeled? water demand water generation for households price of relevant inputs price of water What theory is this economic phenomenon? Demand or Consumption utility theorySuppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls Bottles of Gatorade 2020 price Rs.250 Rs.450 Rs.150 2020 quantity 100 100 200 2021 price Rs.250 Rs.653 Rs.255 2021 quantity 100 100 200 a. What is the percentage change in the price of Tennis Balls? b. What is the percentage change in the price of Golf Balls? c. What is the percentage change in the price of Bottles of Gatorade ? d. Using a method similar to the CPI, compute the percentage change in the overall price level.
- Consumers can choose between gas powered cars and electic cars. Suppose the price of gas increases by 25%. We can expect the price of electic cars to : Decrease Remain Unchanged Increase It is impossible to sayGive two examples of intermediate goodsMr Adam was purchasing 1 kg daal and 6 kg rice. This week Mr Adam is purchasing 2 kg daal and 5 kg rice. What can you conclude from the given information? Discuss all conclusions in detail.
- which is the most preferred level of individual’s choice for public expenditure relating it with individual’s utility dependence, by considering three different groups? also draw the graph and intrepret it.What are the determinants for an individual demand? Derive with the help of indifferencecurves and the budget constraint the optimal consumption plan. How do you transfer theoptimal consumption plan into an individual demand function?Use a diagram to explain the three main characteristics of the consumptionfunction.
