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- ali was consuming 100 units of X comodities and 50 units of Y. THE PRICE OF x rose from 2 to 3.the price of Y remained at 4. a) write down the budget equation for Ali b)how much would Ali income have to rise so that he can still exactly afford 100 units of X and 50 units of Y.George has a fixed income and can afford at most 7 units of X if he spends his entire income on X. Alternatively, if he spends all his income on Y, he can afford at most 6 units of Y. Draw George's budget line and an indifference curve such that George chooses to buy 4 pieces of X. Martha has the same income and faces the same prices, yet she chooses to buy 2 pieces of X. In equilibrium, what is George's subjective value of X in terms of Y? What is Martha's? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.If Jaxson's consuming goods x and y where mrs>mrt, he can increase his utility by a. decreasing x and increasing y. b. increasing x and decreasing y. c. doing nothing, because he is maximizing his utility. d. none of the above.
- Lorenzo lives on x and y alone. His utility function is U(x, y) = min{3x + 4y, 7y}. The prices of both goods are positive. He will Question options: never buy more x than y. buy equal amounts of the two goods. always buy more y than x. always buy more x than y. More than one of the above is true. What is the correct answer to this and why?Please tell me which of the multiple choices in question 1.6)1.7)1.8) are correct.State only the correct ones please. 1.6) The marginal rate of substitution (MRS) can be defined as: Select one or more: a. The amount of one good that the consumer is willing to trade for one unit of the other. b. The ratio of the amounts of two goods. c. The change in the consumer’s utility when one good is substituted for another. d. The absolute value of the slope of the indifference curve. 1.7) (SEE ATTACHED PICTURE) The diagram shows that: Select one or more: a. If Angela works 24 hours a day she can still survive. b. There is a technically feasible allocation where Angela does not work. c. A new technology that produced more grain would give a larger technically feasible set. d. If Angela needed less grain to survive the technically feasible set would be smaller.A great economist once argued that a poor community would likely not distinguish quality grades of a commodity like beef, whereas a rich community would. Construct indifference curves for low- and high-quality beef at both low and high levels of income. Why should different beef qualities be better substitutes at low incomes than at high incomes? Illustrate and discuss your answer.
- Suppose a consumer has an income of $40, the price of A is $5, and the price of B is $4. Which of the following combinations is on the consumer's budget line? Multiple Choice 8A and 10B 4A and 5B 6A and 3B 3A and 6BThe income of a consumer is $40, the price of A is $2, and the price of B is $6. If the quantity of A is measured vertically, then the slope of the budget line is Multiple Choice −3.0. −0.5. −0.33. −2.5.If the price of a slice of cake is $4, the price of a slice of pie is $2, and Latasha spends her entire budget of $10, she will choose to buy of pie and of cake.
- Maria spends all of her income of $2,000 on food (F) and clothing (C). The prices per unit are: PF = $5 and PC = $20. (d) Graph Maria’s budget line, with F on the vertical axis and C on the horizontal axis. (e) Maria (can, cannot) __________ afford to buy a combination of 200 F and 60 C because this combination of goods is located (outside, inside, on) __________ her budget line. (f) The slope of this budget line is _________.Draw indifference curves for two goods that are perfect complements and two goods thatare perfect substitutes. How do the indifference curves relate to utility functions?Draw indifference curves that reflects the following preferences. A. Pizza and Pepsi B. Potatoes and Rice C. Income and Polluted Water. D. Consumer like Strawberries and dislike carrots
