B D E e) Curve 2 and Point B A с Curve 4 Ob) Curve 3 and Point A Oc) Curve 4 and Point D d) Cannot tell with the information presented Curve 2 Curve 3 Assume that consumer preferences change due to the positive health benefits of broccoli recently reported in the news, and thus, increases demand for broccoli. Assume "Point E" shows the equilibrium point before the new information was reported. Without any additional information, which curve and point reflects what you might expect to occur to demand and the equilibrium price (if any change)? a) Curve 2 and Point C Axis 2

B D E e) Curve 2 and Point B A с Curve 4 Ob) Curve 3 and Point A Oc) Curve 4 and Point D d) Cannot tell with the information presented Curve 2 Curve 3 Assume that consumer preferences change due to the positive health benefits of broccoli recently reported in the news, and thus, increases demand for broccoli. Assume "Point E" shows the equilibrium point before the new information was reported. Without any additional information, which curve and point reflects what you might expect to occur to demand and the equilibrium price (if any change)? a) Curve 2 and Point C Axis 2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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From the graph below, explain the meaning and provide an interpretation of the position of the two utility curves (U1 and U2). Give an example which is similar to the one used for bread in the graph.
12) A consumer's preferences are given by U(X,Y)= Xo6y04. The price of X is 4, and the price of Y is 6. The consumer has an income of $2200. a) What is the utility maximizing choice of X and Y? b) How would the utility maximizing choice change if price of X rose to 8? c) Given the answers to the previous parts plot a linear demand function for X.
Suppose reports indicate that natto is the new health food, both for the body and the mind. This report will cause the market demand for natto to which will be eliminated as the market price of natto. constant. Select one: A. decrease; shortage; increases B. increase; surplus; increases OC. increase; shortage; increases OD. decrease; surplus; increases E. decrease; shortage; decreases F. increase; shortage; decreases OG. increase; surplus; decreases OH. decrease; surplus; decreases _, resulting in a , everything else held
Don't use ai to answer I will report your answer and add explanation properly at every steps..
Table 10-4 Steak & Cheese Steak & Cheese Grilled Chicken Grilled Chicken Quantity MU MU/P MU MU/P 1 40 10 30 15 2 32 8 24 12 3 20 5 16 8 4 12 3 12 6 5 6 1.5 8 4 6 2 0.5 4 2 Refer to Table 10-4. For steak and cheese sandwiches and grilled chicken sandwiches, the table contains the values of the marginal utility (MU) and marginal utility per dollar (MU/P) for Mabel Jarvis. Mabel has $14 to spend on steak and cheese sandwiches and grilled chicken sandwiches. Which of the following statements is false? 15-- A) If Mabel maximizes her utility, she will buy two steak and cheese sandwiches. B) The price of steak and cheese sandwiches is $4. The price of grilled chicken sandwiches is $2. C) We do not have enough information to determine how many sandwiches Mabel will buy to maximize her utility. D) If Mabel maximizes her utility, she will buy three grilled…
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Alexi has a budget of $21 to spend on toaster and breads. He does not directly gain any utility from owining a toaster but for every slice of toasted bread he consumes he gain 2 units of utility, that is if he owns a toaster. Without the toaster, he gain 0 units of utility from consuming plain bread. Suppose the toaster has inferior quality and will break after toasting only 10 slices, then Alexi needs to buy a new one. The current market price for cheap toaster is $5 and the price for a single slice of bread is $1. Assume that Alexi aims to maximize consumer surplus. In a graph, draw total utility as a function of number of toasted slices, assuming that Alexi buys 1 toaster.
Alexi has a budget of $21 to spend on toaster and breads. He does not directly gain any utility from owining a toaster but for every slice of toasted bread he consumes he gain 2 units of utility, that is if he owns a toaster. Without the toaster, he gain 0 units of utility from consuming plain bread. Suppose the toaster has inferior quality and will break after toasting only 10 slices, then Alexi needs to buy a new one. The current market price for cheap toaster is $5 and the price for a single slice of bread is $1. Assume that Alexi aims to maximize consumer surplus. Find Alexi's income-consumption curve for slices of bread for incomes between $0 and $21, assuming a price of $1 per slice.
Let the following table represents the total utility of a given consumer, in the cardinal utility approach. Q 1 2 3 4 5 Tux 8 14 18 20 20 Tuy 6 10 13 15 16 Mux Muy Mux/px Muy/py D) Assuming the consumer has any amount of money (enough budget) how many of X and Y should the consumer buy, to maximize utility? E) What is the total utility of X and Y? F) Let now price of X is 4 birr per unit and price of Y is 2 birr per unit and budget of the consumer for consumption of X and Y is 20 birr. Given budget constraint how many of X and Y should the consumer buy to maximize utility? G) What are the total utility of X and Y
With this graph given, What are the implications of this to both the sellers and the consumers?
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