The "useful" are hypothetical units of measurement with which we suppose it can be measure the “satisfaction” that a consumer can derive from consuming a good or service.
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- The "useful" are hypothetical units of measurement with which we suppose it can be measure the “satisfaction” that a consumer can derive from consuming a good or service.
- The amount of utility (satisfaction) that the consumer can derive from consuming a good or service remains constant, no matter how much we consume.
- "Utility" is something we can measure objectively and is the same for all beings humans. Likewise, we can know in advance the usefulness of a good before consume it.
- An “indifference” curve represents the combination of two goods that we would want consume, regardless of disposable income or their price.
- A consumer is in "equilibrium" when his indifference curve is tangent (touches) his budget line.
Truth or false and why
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- You have k20per week to spend and two possible uses for this money,:telephoning friends back home and drinking coffee. Each hour of phoning costs k2 and each cup of coffee costs k1. Your utility functions U(X,Y)=XY,where X is the hours of phoning you do and Y the number of cups of coffee you drink. How much income per week will enable you to achieve the same quantities at the new process the ones you chose before? What income will enable you to attain the same utility as you did before.? Comment on your answer in the context of equivalent variation and compensation variationConsumers can choose between gas powered cars and electic cars. Suppose the price of gas increases by 25%. We can expect the price of electic cars to : Decrease Remain Unchanged Increase It is impossible to say) It is an established fact in economics that for goods which are described as inferior goods, when incomes of consumers increase, consumers tend to reduce their consumption of such goods and rather patronize goods which would normally provide higher satisfaction .Suppose in Ghana, gari is seen as an inferior good and incomes of low income earners rise substantially as result of the introduction of a new incomes policy. If a researcher decides to undertake a study to verify the general preposition that as incomes rise, the consumption of inferior goods falls. 1.which type of economic study and what analysis is this? Justify your answer.
- Utility: 1.Measures, in units of consumption, the level of satisfaction experienced by a person as a result of consuming units of one or more goods. 2. Measures, in dollars, the level of satisfaction experienced by a person as a result of consuming units of one or more goods. 3. Measures, in utils, the level of satisfaction experienced by a person as a result of consuming units of one or more goods. 4. Measures, in units of joy, the level of satisfaction experienced by a person as a result of consuming units of one or more goods.You have k20 per week to spend and two possible uses for the money: telephoning friends back home and drinking coffee. Each Hour of phoning costs k2 and each cup of coffee costs k1. Your utility function is U(X,Y)=XY,where X is the hours of phoning you do and Y the number of cups of coffee you drink. What are your optimal choices? What is the resulting utility levels? You can use the standard result on the constrained maximization of such a function, but must state in clearlyAssuming that the price of the good is constant, complete the values in the following table. Units Consumed Total Utility Marginal Utility Marginal utility per peso 0 0 1 10 20 2 18 3 6 4 28 8 5 30
- It is an established fact in economics that for goods which are described as inferior goods, when incomes of consumers increase, consumers tend to reduce their consumption of such goods and rather patronize goods which would normally provide higher satisfaction .If a researcher decides to undertake a study to verify the general preposition that as incomes rise, the consumption of inferior goods falls, which type of economic study and what analysis is this? Justify your answer.An analyst for a major apparel company estimates that the demand for its raincoats is given by ln Qdx = 10 − 1.2 ln Px + 3 ln R − 2 ln Ay where R denotes the daily amount of rainfall and Ay represents the level of advertising on good Y. What would be the impact on demand of a 10 percent increase in the daily amount of rainfall? What would be the impact of a 10 percent reduction in the amount of advertising directed toward good Y? Can you think of a good that might be good Y in this example?The one-period model with quasi-linear utility predicts that a decrease in marginal income tax rates could increase tax collection if:Group of answer choices Substitution effects dominate income effects so that the percent change in taxes is greater than the percent change in GDP Substitution effects dominate income effects so that the percent change in taxes is less than the percent change in GDP Income effect dominate substitution effects so that the percent change in taxes is less than the percent change in GDP Income effects dominate substitution effects so that the percent change in taxes is greater than the percent change in GDP
- Suppose that the government tends to maximize the tax revenue. How would the cannabis price drop affect the government tax revenue if cannabis was taxed by price? Did the government anticipate the cannabis price drop when designing the tax scheme? You may come up with an artificial numerical example to support your findings. are alcohol and cigarettes substitutes or complements of cannabis?(The answer to this question depends on the actual consumption data. If you do not know the data, you may make an assumption. Then, you should stick with this assumption for the rest of your analysis. For example, if you assume that alcohol and cigarettes are substitutes of cannabis, then your entire analysis is based upon this assumption.) How would the change in the price of cannabis possibly affect the market demand curve for alcohol/cigarettes?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).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. Illustrate the change in the market equilibrium through a graph. What presumably happened to the total revenues of the sellers during the = price hike period? Compute the price elasticity of demand. Derive the total revenue before the hike (TR1), and after the hike (TR2).
