/ID 19 an income M. As a result of lockdowns, markets for experiences were significantly curtailed. Using a combination of supply/demand and indifference curves/budget constraints, show how COVID 19 affected the consumer's choices between experiences and stuff.
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- Pareto eliminated psychology from economics:a. by defining utility as ordinal, not cardinal utilityb. searching for secondary qualities of thingsc. defined rationality as consumer behavior only after they have bought something several timesd. by accepting revealed preference.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.What happens to the original budget line if the price of good ? doubled? (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
- Question 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).Application of Consumer Theory. Derive and explain the Dual Problem of the Consumer Theory assuming that and Pxx+Pyy=BWhen using the social ecological model, which of the following would be considered part of the "exosystem" of influence on an individual's physical activity? O Personal factors O public policy O Institutional factors O Exosystem does not exist in the social ecological model If you have a client who wants to work out on his own, which of the following method of prescribing exercise intensity you should recommend to be more accurate? O Rating of perceived exertion (RPE) O Talk test O % Age predicted HRmax O % Heart rate reserve (measured)
- Question3 a) Suppose a household is faced with the choice between consuming gasoline (G) and all other goods (OG). Today the household consumes 800 liter of gasoline a year.Suppose then that a gasoline price increase is perfectly compensated by a wage increase. If the family followed the utility maximization model, how would this affect their consumption of gasoline? Explain by using a figure. b) Explain by using an example why an MRS (Marginal Rate of Substitution) between two goods must equal the ratio of the price of the goods for the consumer to achieve maximum satisfaction?Course: MicroeconomicsConsider a consumer who has income equal to 100 and who faces prices Px = 2 and Py = 1, of 2 goods, X and Y. Consumer is in equilibrium consuming basket (X*, Y*) = (20, 60). If price of Y increases and becomes Py = 2, and income increases and becomes equal to 160, which consumption basket will consumer choose in new situation? Explain and graphHow can microeconomic theory(or theories) explain the existence of an increase in demand for luxury items among consumers? Precisely explain your answer in your own words. It has to be LESS THAN 400 WORDS.IMPORTANT NOTE: This question does not require a mathematical model for its answer.
- a halving price of the prices of good A and Good B have the same effects on the budget line as doubling income. is this true or false and how woukld it look like using ana equation of a budget lineAssume you have a two-good model: Beverages are on the X axis and Food on the Y axis. You have a $400 budget. The price of beverage is $10, and the price of food is $20. a. Graphically illustrate the budget line correctly. b. Now assume the price of food decreases to $10 ceteris paribus. Graphically note the change on the same graph. PLEASE SOLVE THIS QUESTION WITH PROPER AND UNDERSTANDABLE GRAPHQuestion 1 What is the importance of studying economics? Give an example how it can help you. Question 2 What is your observation regarding market/individual demand and supply for customer goods and services during the current crisis of COVID 19? You can use example(s) of any goods to explain your answer. Question 3 5.1) Jane has RM500 a week to spend on clothing and food. The price of clothing is RM25 and the price of food is RM10. The clothing and food pairs in Jane's choice set include ________ units of clothing and ________ units of food. 5.2) Sue is maximizing her utility. Her MUx/Px = 10 and MUy = 40. Then the price of Y must be __________ 5.3) Ted has $600 a week to spend on clothing and food. The price of clothing is $30 and the price of food is $5. What is the equation for Ted's budget constraint, assuming he spends his entire budget? ______________________