If average income goes from $30,000 to $33,000 and consumption increases from $29,000 to $31,000, the marginal propensity te consume is Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. 67 b 15 1.06 0.96
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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?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.no chagpt answer urgent. The marginal rate of substitution of current consumption for future consumption is A) the slope of the indifference curve. B) minus the slope of the difference curve. C) the downward slope of the budget constraint. D) the endowment point. E) the slope of the lifetime budget constraint.
- True/ False Income and consumption has a direct relationship for the normal goods.Sales are a function of advertising in newspapers and magazines (X, Y). 05 S = XY2 Price of advertising in newspapers and magazines are Rs.5 and Rs.10 respectively. The total budget for advertising is Rs.105. For maximizing the sales, find out the best combination of advertisement in newspapers and magazines by using lagrangian multiplier. (Hint: Make equation of budget line with the help of above information).Steve's utility for socks (q1) and other goods (q2) is given by U(q1,q2) = 10q10.1 0.1q² 0.9 The price of the composite good is p2=1 and the price of a pair of socks is p1=2. Steve's income is Y=100. Every year, Steve's mom buys him 20 pairs of socks. How many dollars is the equivalent variation of the $40 that his mom spends on socks every year?
- If preferences for pizza increase and the price of labor to produce pizza decreases, the equilibrium quantity of pizza will ____ and the equilibrium price of pizza will _____ . increase, increase decrease, be indeerminate increase, be indeterminate increase, decrease Assume an intertemporal budget constraint that shows how consumption can be traded off between two periods, t and t+1. Assume the consumer can save and borrow at the same interest rate of 10%. Assume the consumer collects income of $100 in each period. To gain an extra $10 dollars in period t+1, what must the consumer give up in period t? $11 $9.10 $1 $10 A convex indifference curve implies what type of behavior? diminishing marginal utility complementary goods perfect substitutes inferior goodsAn individual´s utility function is U = x0.5 y0.5 While the budget constraint is x + 4y = 100 Derive the expenditure function. Calculate the CV and EV when the price of the good x increases from 1 to 4.Matt has $13 in income that he devotes entirely towards caffeine purchases, specifically coffee and tea. Tea costs $2/cup and coffee costs $3/cup. Also, tea is subject to a quantity tax of $4/cup, and coffee is subject to a value tax of 0%. By how much will the slope of Matt's budget constraint change if his income were to increase from $13 to $40?
- given f(x,y) = 9x2 - 2xy + 8y2, and Px= 12, Py= 1 and income, I = 165. Construct the budget contraint and Lagrange function and solve for the equilibrium values of x and y. (a) What is the equilibrium value of x? (Give your answer to two decimal places, if required) (b) What is the equilibrium value of y? (Give your answer to two decimal places, if required) (c) What is the value of the determinant of the bordered Hessian matrix? (Give your answer to two decimal places, if required) Question #2 Based on the value of the Bordered Hessian, comment whether the obejective function is maximised or minimised.Given an individual’s current consumption patterns, we know that the person is consuming in such a manner that he is maximizing his satisfaction. Given a decrease in the price of one of the goods he normally purchases, what will happen to the consumer’s total satisfaction and to the marginal utilities connected with the consumption of this particular good. a) His overall satisfaction will increase, but his satisfaction from the last unit consumed of the good with a decreased price will decrease. b) His overall satisfaction will decrease and his satisfaction from the last unit consumed of the good with a decreased price will decrease. c) His overall satisfaction will increase and his satisfaction from the last unit consumed of the good with a decreased price will increase. d) His overall satisfaction will decrease and his satisfaction from the last unit consumed of the good with a decreased price will increase. e) We cannot tell about the changes in his total utility or his marginal…Suppose you have a monthly income of $1000, $850 in monthly expenses, and you can put money in a savings account that yields a monthly interest rate of 4%. Create a budget constraint showing the trade-off between present consumption (horizontal axis) and future consumption (vertical axis). How much will you have in the future if you choose to consume $850 now? Show this point on your budget constraint.