Nobel-winning Keynesian economist Paul Samuelson taught in his influential textbook that when a family gets an extra $1000 in income this year, this causes them to spend (on average) an extra $_____________ on consumer goods that same year.
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- If a 10% decrease in the price of one product thatyou buy causes an 8% increase in quantity demandedof that product, will another 10% decrease in the pricecause another 8% increase (no more and no less) inquantity demanded?ceriuppose that Isaiah has a weekly fixed budget and spends it all on haircuts and ice cream. At his current combination arof consumption, the marginal utility of the last dollar spent on haircuts is greater than the marginal utility of the last dollar spent on ice cream. Has Isaiah maximized his utility? A C E Yes, because changing his current consumption combination will reduce his total utility B No, because he can increase his total utility by purchasing more haircuts and D fewer ice creams Yes, because he has purchased 2 goods in proportion so that he can get- the maximum utility from each Yes, because he purchased the maximum possible with a limited budget No, because he can increase his total utility by purchasing fewer haircuts and more ice creamsOn the diagram to the right is plotted a single bundle of 2 books and 3 DVDS consumed per month. This bundle is a point on the consumer's budget constraint. 10- 9- If the price of one book is $135.00 and one DVD is $90.00, then the consumer's level of monthly income is $ (round your answer to the neareast dollar). 8- 7- 2- 0- 9 10 Books (per month) 15 tv MacBook Air esc 80 DIL F1 F2 F4 F5 F6 F7 FB ! @ $ & * 1 2 3 4 7 8. 9 Q W E T Y tab ps lock A S F H J X C V M control option command DVDS (per month) N * *
- 5.2 David gets $3 per week as an allowance to spend any way he pleases. Because he likes only peanut butter and jelly sand- wiches, he spends the entire amount on peanut butter (at $0.05 per ounce) and jelly (at $0.10 per ounce). Bread is pro- vided free of charge by a concerned neighbor. David is a par- ticular eater and makes his sandwiches with exactly 1 ounce of jelly and 2 ounces of peanut butter. He is set in his ways and will never change these proportions. a. How much peanut butter and jelly will David buy with his $3 allowance in a week? b. Suppose the price of jelly were to increase to $0.15 an ounce. How much of each commodity would be bought? c. By how much should David's allowance be increased to compensate for the increase in the price of jelly in part (b)? d. Graph your results in parts (a) to (c). e. In what sense does this problem involve only a single commodity, peanut butter and jelly sandwiches? Graph the demand curve for this single commodity. f. Discuss the…to indicate the now optimum in thir case. As a result of this price change, the quantity of Raman sous capa consariod Nib meare that Ramen saup must be pood, and the incame wetect the aubstatian effect q, ponts A and 1. True or False: A cup of famen scoup bs a Gifen grod. True Fates teraostrutan efied On the preceding graph, use the blue Ane (circle symbe) to draw the colege student's new budget constraint. Then use the grey point (star symbol) to indicate the new optimum in this case. As a result of this price change, the quantity of Ramen soup cups contamed This means that Ramen soup must be good, and the income effect the substitution effect On the following graph, use the blue ine (arcie symbol) to draw the student's demand for Ramen soup by plotting the optimum information from points A and Price 400 3.50 2.00 250 230 1.30 1.00 8.50 9 13 14 16 Quantity of Ramen soup 20 22 24 True or False: A cup of Ramen soup is a Giffen good. ○ True Falea Derond E O Σ#54
- Pls help me with this homework : Given the following leisure-income bundles, use the chord method to calculate the marginal rate of substitution (MRS) and make sure to use a graph in answering this question, given that the marginal utility of income (MUY) and marginal utility of leisure (MUL) are 4 and 40 respectively : Bundle A: 4 hours of leisure, income equals N$200, utility equals 200 utils; Bundle B: 4 hours of leisure, income equals RI00, utility equals 100 utils; Bundle C: 7 hours of leisure, income equals N$100, utility equals 200 utils. Thank You !!Please correct answer and don't use hend raitingAt her current level of consumption, Wiebke's marginal utility from an aditional pencil is 15 utils, and her marginal utility from an aditional pen is 10 utils. This implies that webkie's would be willing to give up at most ________ pencils for an additional pen.
- The nearby graph shows Claudia's budget constraint for purchases of shoes and purses. Claudia's monthly budget for shoes and purses is $100. Claudia's parents have told her that she has too many shoes and is not allowed to buy more than 1 pair a month. If she buys 1 pair of shoes and 1 purse, she will have $______left each month. Number of 4.5 purses 4.0 3.5 3.0 2.5 2.Q 1.5 1.0 0.5 $50 $10 O $75 $25 0 0.2 0.4 0.6 1.0 1.2 Number of pairs of shoes 0.8Graph is necessaryGive typing answer with explanation and conclusion
