ii. What type of goods are petrol and gas if XED = 0.5? O Complementary and High responsiveness Complementary and Low responsiveness Neutral O Substitute and High responsiveness Substitute and low responsiveness
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- True/False/Uncertain: 1. In taking an exam, Atack, a rational student, allocates his time to the various questions so as to equalize hismarginal point utility per minute on all questions. 2. The marginal utility of food to Zecher depends only on the amount of food (and not on the amount ofhousing) and the marginal utility declines as more food is consumed; likewise for housing. Therefore,both food and housing are normal goods. (Hint: Express the optimality condition for Zecher’s [UMP], MUF/MUH = PF/PH. Notice that PF/PH is fixed. If all of an increase in income is spent on F, can the equality be maintained?)Demand function: Qdt = 160 − 0.8PtSupply function: Qst = -20 + 0.4Pt−1and when P0 = 160a) A good should be designed in accordance with demand and supply,The equilibrium price is 160. Find the time path of the equilibrium price of this good.b) Comment on the use of this time path. Draw the passage of the time path.Ewa spends all her 600 PLN bonus on the purchase of sweets and cosmetics. Draw the Ewa's budget line, knowing that her favorite sweets cost PLN 10 per pack and the price of cosmetics is PLN 25. •How will Ewa's situation be affected by the PLN 50 bonus increase? •What will happen if the price of cosmetics increases to PLN 30? •How, from the point of view of initial situation, we will evaluate the following quantitative combinations: –30 packages of sweets and 15 cosmetics –60 packages of sweets and 24 cosmetics –20 packages of sweets and 10 cosmetics –10 packages of sweets and 15 cosmetics
- (a) A consumer with income I=120 facing prices pX = 4 and pY = 8 for two goods X and Y (for each good she prefers more to less, with diminishing MRS) chooses optimally to consume 12 units of X. If the prices change and now pX = 6 and pY = 4, what is the possible range for her new optimal X consumption? (b) Forget about (a). A consumer with I=$240 budget is shopping for apples (x) and oranges (y). Apples cost $1 each up until 60 units; thereafter each apple costs $2. Similarly, oranges cost $1 each up until 60 units, and thereafter $2 each. Draw the graph of feasible set of bundles for the consumer with relevant points and numbers (shade the feasible area), no explanation needed. (c)(HARD!) In (b), calculate the optimal bundle assuming the consumer’s utility function is u(x,y) = x5y.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).Dragmmatically show and explain how oil prices dropped as concerns over fuel demand in the near term in COVID- 19 pandemic hit Europe and the United States.
- Q1 (b) – each graph needs to be approximately half page in size. All the axis need to be labeled. The TU values need to be scaled as follows: 10, 20, 30, 40, 50, 60 – with 2 cm gaps. The MU values need to be scaled as follows: -5, 0, 5, 10, 15 – with 2 cm gaps. b) Using the values from the above table, “Plot” (on separate graphs) i) Total UtilityTrue or False explain 2. A consumer’s budget line is kinked towards the origin (i.e., the kink is pointing towards the origin) if this consumer faces a lower price per unit of x as more x is consumed.If Ty's marginal utility for a cup of coffee is 20 and his marginal utility of a donut is 10, then A. they should both be purchased. B. coffee should be his next purchase. C. a donut should be his next purchase. D. price information is also needed to determine what Ty should purchase next.
- topic: Dorect Utility functions... i need part d and e1 explain the role of ceteris paribus in economic analysisQ1 (b) – each graph needs to be approximately half page in size. All the axis need to be labeled. The TU values need to be scaled as follows: 10, 20, 30, 40, 50, 60 – with 2 cm gaps. The MU values need to be scaled as follows: -5, 0, 5, 10, 15 – with 2 cm gaps. b) Using the values from the above table, “Plot” (on separate graphs) i) Total Utility ii) Marginal Utility graphs