You lose your job and as a result, you buy fewer mystery books. What does this show that you consider mystery books to be? Select one: O a. a complementary good O b. a normal good an inferior good O d. a luxury good
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A: Relative price of the good is the ratio of price of the good itself and price of other good.
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A: Hi, since you have asked multiple questions. We will answer the 1st one for you.
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- Commodity Fetishism is said to be a distortion in the relations between people. What does this mean? What do we lose touch with? Please use an example to illustrate how commodity fetishism works.What combination of goods will this rational consumer purchase? Good X:_____ units Good Y: _____ units b. Suppose that the budgented amount falls to $5. This consumer would buy: ____ units of Good X and ____ units of good Y.Do the equations state that good A is a normal good? Yes or no. Defend your answer.
- whith practical examples distinguish between sacale of preference and opportunity costMr. Burns buys only lobster and chicken. Lobsteris a normal good, while chicken is an inferior good.When the price of lobster rises, Mr. Burns buysa. less of both goods.b. more lobster and less chicken.c. less lobster and more chicken.d. less lobster, but the impact on chicken isambiguous.(9) What determines the utility an individual receives from consuming a good? Select one: a. The individual’s own preferences. b. The demand and supply curves for that good. c. The producers conducting customer feedback surveys of that good and the feedback provided. (10) Denzel bought headphones two months ago, Solo2 Beats by Dre, for $130. He gives them to his little brother and goes online to buy another for himself but they are now $160. What is the percentage change in the headphone’s price? Select one: a. 23% b. 30% c. 21%
- Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either callher on the land-line phone for five cents per minute or he can drive to see her, at a round-trip cost of $2 in gasolinemoney. He has a total of $10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses ahandy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values inTable 6.6, figure out the points on Jeremy’s consumption choice budget constraint (it may be helpful to do a sketch)and identify his utility-maximizing pointOptions for selection: 1. falls or rises 2. negative or positive 3. normal good or inferior good 4. falls or rises 5. negative or postive 6. substitutes or complements 7. increase or decrease 8. elastic or inelastic No handwritten solutionDefine Willingness to sell?
- f consumers want more avocados, prices of avocados will: O increase, signaling producers to grow more. increase, causing the number of avocados traded in the market to d Ohave to decrease so consumers can afford them. decrease, signaling entrepreneurs to grow substitutes.Altruism: now consider the case where each individual cares about the benefit from the museum to the other two. For example, any additional utility to Alice or Bianca is also a utility gain for Claire. Hint: for each person, the total marginal benefit is TMB= MBA+ MBB+MBC Find each person’s optimal number of art works. Who will contribute and how many works of art will be provided?I used to buy 3 movies a month, but when Connecting U dropped the price of a gigabyte of data from a high of $20 to a low of $14.48 (a total decrease of 32.02 percent according to the midpoint formula), I want to buy 5 movies a month. A) My demand for movies increases by 33.34% B) My demand for movies increases by 66.67% C) My demand for movies increases by 50% 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.