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- A consumer has $300 to spend on goods X and Y. The market prices of these two goodsare Px = $15 and Py = $5. b. Illustrate the consumer’s opportunity set in a carefully labeled diagram.What is the the total utility of consuming five units of the B good? What is the total utility of consuming three untis of the A good?Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
- Who determines how much utility an individual will receive from consuming a good?Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.Explain why individuals make Choices that are directly on the budget constraint, rather than inside the budget constraint DI outside it.
- If the price of a pie is 12, what is the maximum number of pies she could buy in a week?Draw Maries budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of me budget constraint?The president of LeTall University, President John, spends $30 per week on pizzas (qz)and beers (qb). At LeTall Pizza, his go-to pizza joint, pizza costs $3 per slice and beeralso costs $3 per can. Assume fractions of the goods are allowed.(a) Draw President John’s budget line (qb on the horizontal and qz on the vertical axis).(b) President John receives a coupon from LeTall Pizza. The coupon, which will expirein a week, allows him to buy a can of beer at a discounted price of $1 per can. Itis, however, only good for a dozen cans of beer. Draw President John’s budget lineunder the coupon. Label any critical points on the budget line.(c) In another week, LeTall Pizza offers a special deal for pizza. For every half dozenslices of pizza bought during the week, one can get two additional slices for free.Draw President John’s budget line under the special deal. Label any critical pointson the budget line.
- ASAP!! ANSWER PLEASE Danish Wali has Rs.70 to spend on apples and bananas and wants to maximize his utility on his purchase. Based on the data in the table: How many apples and bananas should Danish purchase? What is his total utility from the purchase? Does the utility-maximizing rule hold true for his purchase? Explain. Apples Rs.10 Bananas Rs .5 Quantity MU TU Quantity MU TU 0 - - 0 - - 1 28 28 1 12 12 2 24 52 2 10 22 3 20 72 3 8 30 4 16 88 4 6 36 5 12 100 5 4 40 6 8 108 6 2 42 7 4 112 7 0 42 8 0 112 8 -2 40Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal benefit of consuming each cup of coffee? How many cups should he consume each day? Quantity of Coffee Total Benefits Marginal Benefit 1 $8 2 $14 3 $18 4 $20 5 $21A consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25 and a slice of bread at $40. Assuming that the ice cream will be located aling the vertical axis, and bread slice along the horizontal axis, what is the opportunity cost of bread in terms of the ice cream? (How many units of ice cream will be given up to gain a slice of bread?) Answer in absolute value.
