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- ali was consuming 100 units of X comodities and 50 units of Y. THE PRICE OF x rose from 2 to 3.the price of Y remained at 4. a) write down the budget equation for Ali b)how much would Ali income have to rise so that he can still exactly afford 100 units of X and 50 units of Y.Maria spends all of her income of $2,000 on food (F) and clothing (C). The prices per unit are: PF = $5 and PC = $20. (d) Graph Maria’s budget line, with F on the vertical axis and C on the horizontal axis. (e) Maria (can, cannot) __________ afford to buy a combination of 200 F and 60 C because this combination of goods is located (outside, inside, on) __________ her budget line. (f) The slope of this budget line is _________.Given that Tebogo's income is P1800, price of food is P30 and price of entertainment is P40. Draw Tebogo's budget line
- George has a fixed income and can afford at most 7 units of X if he spends his entire income on X. Alternatively, if he spends all his income on Y, he can afford at most 6 units of Y. Draw George's budget line and an indifference curve such that George chooses to buy 4 pieces of X. Martha has the same income and faces the same prices, yet she chooses to buy 2 pieces of X. In equilibrium, what is George's subjective value of X in terms of Y? What is Martha's? 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.If Jaxson's consuming goods x and y where mrs>mrt, he can increase his utility by a. decreasing x and increasing y. b. increasing x and decreasing y. c. doing nothing, because he is maximizing his utility. d. none of the above.Using Figure 4 , explain why the point of tangency of the budget line with an indifference curve is the consumer’s equilibrium position. Explain why any point where the budget line intersects an indifference curve is not equilibrium. Explain: “The consumer is in equilibrium where MRS = PB /PA.”
- Draw indifference curves that reflects the following preferences. A. Pizza and Pepsi B. Potatoes and Rice C. Income and Polluted Water. D. Consumer like Strawberries and dislike carrotsPlease tell me which of the multiple choices in question 1.6)1.7)1.8) are correct.State only the correct ones please. 1.6) The marginal rate of substitution (MRS) can be defined as: Select one or more: a. The amount of one good that the consumer is willing to trade for one unit of the other. b. The ratio of the amounts of two goods. c. The change in the consumer’s utility when one good is substituted for another. d. The absolute value of the slope of the indifference curve. 1.7) (SEE ATTACHED PICTURE) The diagram shows that: Select one or more: a. If Angela works 24 hours a day she can still survive. b. There is a technically feasible allocation where Angela does not work. c. A new technology that produced more grain would give a larger technically feasible set. d. If Angela needed less grain to survive the technically feasible set would be smaller.Draw indifference curves for two goods that are perfect complements and two goods thatare perfect substitutes. How do the indifference curves relate to utility functions?
- 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.Every week Chris consumes 14 medium-sized pepperoni pizzas, which cost $10.00 each, and 22 galions of ice cream, which cost $15.00 each. Chris' marginal utility of pizza at that point is 2.75 and marginal utility of gallons of ice cream is 3.30. Comment on Chris choice (economically speaking, not nutritionally) and illustrate with an indifference map (Pizza on the y-axis, ice cream on the x-axis).Lorenzo lives on x and y alone. His utility function is U(x, y) = min{3x + 4y, 7y}. The prices of both goods are positive. He will Question options: never buy more x than y. buy equal amounts of the two goods. always buy more y than x. always buy more x than y. More than one of the above is true. What is the correct answer to this and why?
