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Tea = -0.7*Price of Tea + 0.8*Income + 1.0* Price of Cofee
how does this equation show consumer behavior
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- 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).The graph shows the budget line for a consumer who only buys cookies and magazines. If the consumer's income is $20, what is the price of a Magazine? Cookies (number per week) 24 20 a 16 8 4 O 2 4 6 8 10 12 Magazines (number per week) 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.Type the correct answer in the box. Spell all words correctly. Vivian conducted market research on her company’s products. She found that after the company raised the price of its product by $1.50, the demand in the uptown region remained the same with only minor fluctuations. However, she found that the demand in the downtown region dropped by 20 percent after the price change. How should Vivian take these demands into consideration? In a situation where demand differs in different areas, Vivian should consider the demand.
- Question1: a-Using an example with graph, explain when consumer is in equilibrium? b- Draw the graph (curves)1. Suppose someone's budget is $780, and it is fully spent on buying Product A. The price of this product is $26. Calculate the price change of Product A if there is a 1.3 times increase in the quantity available to purchase. Enter your answer in the box below, use a minus sign to show a decrease in price, and round to the nearest whole number if necessary. 2. Consider the spending choices of the following consumer: Emily's income is spent on colas and orange sodas, as well as other goods. She considers colas to be a normal good and orange sodas to be a normal good. What will happen to Emily's purchases of these goods if her income decreases? Select the best answer. She will buy more colas and fewer orange sodas.She will buy fewer colas and fewer orange sodas.She will buy more colas and more orange sodas.She will buy fewer colas and more orange sodas. Is the following statement true or false? Select the best answer. The price ratio of coffee to cookies is 1.5, so the marginal utility…A consumer has $300 to spend on good X and Y. The market price of these two goods are Px=$50 and Py=$100. a. Mathematically and graphically present the budget line. b. Describe graphically what would happen to the budget line if the consumer is given a $50 gift certificate for good X and Px=$25? 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.
- List and explain the three (3) types of consumer expenditures and give an example of each.Give examples of goods with high utility and high prices, andgoods with low utility and low prices.Please, I need answer about question d) I need graphic about question a) Determine and GRAPH consumer's optimum. THANKS
- Explain and give example 1. Satisfaction of wants VS Fullfilment of needsMary wants to buy equal amounts of sodas and candy bars for her party guests Sodas cost $.50 each and candy bars cost $1.25 each. How much will it cost to buy favors for 20 party guests? f Mary's budget is $100.00 how many sodas and candy bars can she buy?Choose the best/correct answer. ___1. Anything that satisfied someone. A. Needs C. Desires B. Wants D. Willingness ___2. A place where buyers and sellers interact together. A. Social media C. Market B. Business Area D. Classified Ads ___3. It is the satisfaction derived from the consumption of a commodity. A. Total utility C. Disutility B. Marginal utility D. Utility ___4. It is the change of total utility over the change of quantity. A. Total utility C. Disutility B. Marginal utility D. Utility ___5. It is the foregone value when a firm is engaged in production. A. Cost C. Revenue B. Profit D. Interest
