The future super bowl winners, the LA Dodgers, will be selling a lot of apparel after the eventual, but obvious win on November 3, 2019. The apparel sold will depend on one thing: the income of the fan (Although, I'm not sure who would not want to be a dodger fan, but people do weird things...). The following function provides you with the demand for apparel which, self-proclaimed "super fan" Josh. Apparel sold 0.05 x Income P a) How much apparel should Josh, who makes $21,000 buy? (if you answer all his money, you would be right and earn my respect, but you would be wrong for the assignment) b) How much would Josh purchase if he made $120,000 in dodgers apparel?, c) How much in percent will Josh purchase out of his income of Dodgers gear? d) If Josh makes no income, will he still purchase gear?, How much?

The future super bowl winners, the LA Dodgers, will be selling a lot of apparel after the eventual, but obvious win on November 3, 2019. The apparel sold will depend on one thing: the income of the fan (Although, I'm not sure who would not want to be a dodger fan, but people do weird things...). The following function provides you with the demand for apparel which, self-proclaimed "super fan" Josh. Apparel sold 0.05 x Income P a) How much apparel should Josh, who makes $21,000 buy? (if you answer all his money, you would be right and earn my respect, but you would be wrong for the assignment) b) How much would Josh purchase if he made $120,000 in dodgers apparel?, c) How much in percent will Josh purchase out of his income of Dodgers gear? d) If Josh makes no income, will he still purchase gear?, How much?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter5: Income And Substitution Effects

Section: Chapter Questions

Problem 5.9P

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