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- The demand of normal good rises when the income of consumer is rising True/FalseIf the utility function for a consumer is defined by U=6X^3/5Y^2/5 Given that the consumer's income is 300 currency units and unit price of goods X and Y are 12 and 15 currency units respectively, calculate the equilibrium quantity of both goods. Compute the price elasticity of demand for both goods and interpret your results. If income and prices of the two goods increase by 50%, calculate the equilibrium quantities of both goodsA 20% increase in income leads to a 10% decrease in the quantity of hot dogs demanded but the price of hot dogs doesn't change. From this information, we can assume: hot dogs are an inferior good and price elasticity of demand is less than 1. hot dogs are an inferior good and price elasticity of supply is infinite. hot dogs are an inferior good and price elasticity of supply is equal to zero. hot dogs are a normal good and price elasticity of demand is greater than 1
- Normal goods are those for which demand decreases asA) the price of a substitute falls. B) the price of a complement falls. C) the good's own price rises. D) income decreases.Questions 1. Will's utility from vacations (91) and meals (92) is given by the function U(V, M) = 91 x 92. Last year, the price of vacations was $200 and the price of meals was $50. This year, the price of meals rose to $75, while the price of vacations remained the same. Both years, Will had an income of $1500. (a) What is the compensating variation for the price change in meals? (b) What is the equivalent variation for the price change in meals?Utility Maximization A consumer faces income constraints and has CES preferences of the following form: U(x, y) =x y Find the consumer’s demand for x as a function of prices and income
- Multiple answers may be correct.Question 2. A consumer has the utility function U(q1,q2) = q10.5 + q2Assume p2 = 1 and Y = 100. What is the equivalent variation of a price increase for good 1 from 1 to 4?Assume one person has the following utility function : = x f yz and the total income y 2 xpx+ yPy + zpz u( x, y, z, What are the values of income (y) and prices (px.Py,Pz) will be when a person's demand strictly positive quantity of good x?
- If a 5 percent decrease in the price of Good A results in an increase of 8 percent in the quantity demanded of Good B, then it can be concluded that Goods A and B areAssume that a consumer finds that his total expenditure on compact discs stays the same after the price of compact discs declines. Which of the following is true for this price change? Compact discs are inferior goods to this consumer. The consumer's demand for compact discs increased in response to the price change. The consumer's demand for compact discs is perfectly price elastic. The consumer's demand for compact discs is perfectly price inelastic. The consumer's demand for compact discs is unit price elastic. 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.demand for Caramel Iced Mochas is given by p=7−.25x dollars per drink, where x drinks are sold every day. At what number of drinks sold is consumer spending maximized? Round your answer to the nearest whole number
