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The price of a slice of cake is $4, therefore his income is
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- The reason the substitution effect works to encourage a consumer to buy less of a product when its price increases is: a. the product is now relatively more expensive than it was before. b. other products are now relatively more expensive than they were before. c. the real income of the consumer has been increased. d. the real income of the consumer has been decreasedSuppose a consumer can afford to buy 6 units of good 1 and 8 units of good 2 if she spends her entire income. The prices of the two goods are Rs 6 and Rs 8 respectively. How much is the consumer’s income?A consumer is in equilibrium and is spending income in such a way that the marginal utility of product X is 40 units and that of Y is 32 units. If the unit price of X is $5, then the price of Y must be:
- If the price of good X is $10 and the price of good Y is $5, how much of good X can the consumer purchase if her income is $15 and she spends it entirely on purchasing good X?The utility function is max(2x,y). If the price of x is 1, the price of y is p, and his income is m, how much y does he demand? Please show your workIf a household has an income of $50 and buys only milk at $3 each unit and honey at $6 each unit, what is the household’s budget equation? Explain your answer.
- Siobhan divides her spending between lemons and limes. If the price of lemons falls, the income effect predicts she will buy Question 15 options: Fewer limes. The same number of limes. More limes.If the price of a cinema ticket is 20 , the price of a concert ticket is 40 and the income is 120 , draw the budget line.Ebrima gets $3 per month as an allowance to spend any way he pleases. Because he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $.05 per ounce) and jelly (at $.10 per ounce). Bread is provided free of charge by a concerned neighbor. Ebrima is a picky eater and makes his sandwiches with exactly 1 ounce of jelly and 2 ounces of peanut butter. He is set in his ways and will never change these proportions. How much peanut butter and jelly will Ebrima buy with his $3 allowance in a week? Suppose the price of jelly were to rise to $.15 per ounce. How much of each commodity would be bought? By how much should Ebrima’s allowance be increased to compensate for the rise in the price of jelly in part b? Graph your results of part a through part c. In what sense does this problem involve only a single commodity—peanut butter and jelly sandwiches? Graph the demand curve for this single commodity. Discuss the results of this problem in terms of…
- Draw budget constraint if he has income of Rs. 1000 which he can spend on buying Pizzas and Pepsi cans (Price of a Pizza is Rs.100 and price of a can of Pepsi is Rs.20)The part of income which is not consumed is called ________A consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts is 30. Is this consumer maximizing his or her utility? Would you suggest that he buy more jeans and fewer T-shirts, or more T-shirts and fewer jeans?
