Info in images Suppose that with a budget of $180, Deborah spends $108 on sushi and $72 on bagels when sushi costs $2 per piece and bagels cost$2 per bagel. Then, the price of bagels falls to $1 per bagel.Instructions: Enter your answers as a whole number.How many pieces of sushi and how many bagels did Deborah consume before the price change?pieces of sushi and|bagelsAt the new prices, how much money would it have cost Deborah to buy those same quantities (that is, the quantities that sheconsumed before the price change)?Given that it used to take Deborah's entire $180 to buy those quantities, how big is the income effect caused by the lower price ofbagels?%24 You are choosing between two goods, X and Y, and your marginal utility from each is shown in the following table.Units of XMUXUnits of YMUy123182161631231448.41054584Instructions: Enter your answers as a whole number.a. If your income is $18.00 and the prices of X and Y are $4.00 and $2.00, respectively, what quantities of each will you purchase tomaximize utility?units of X andunits of Yb. What total utility will you realize?utilsC. Assume that, other things remaining unchanged, the price of X falls to $2.00. What quantities of X and Y will you now purchase?units of X andunits of Yd. Using the two prices and quantities for X, complete the table to derive the derived demand schedule (a table showing prices andquantities demanded) for X.Instructions: Start with the highest price firstPrice of XQuantity Demanded of X$$

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Suppose that with a budget of $180, Deborah spends $108 on sushi and $72 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. Then, the price of bagels falls to $1 per bagel. Instructions: Enter your answers as a whole number. How many pieces of sushi and how many bagels did Deborah consume before the price change? pieces of sushi and bagels At the new prices, how much money would it have cost Deborah to buy those same quantities (that consumed before the price change)? the quantities that she Given that it used to take Deborah's entire $180 to buy those quantities, how big is the income effect caused by the lower price of bagels? 2$

Suppose that with a budget of $180, Deborah spends $108 on sushi and $72 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. Then, the price of bagels falls to $1 per bagel. Instructions: Enter your answers as a whole number. How many pieces of sushi and how many bagels did Deborah consume before the price change? pieces of sushi and bagels At the new prices, how much money would it have cost Deborah to buy those same quantities (that consumed before the price change)? the quantities that she Given that it used to take Deborah's entire $180 to buy those quantities, how big is the income effect caused by the lower price of bagels? 2$

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Info in images

Suppose that with a budget of $180, Deborah spends $108 on sushi and $72 on bagels when sushi costs $2 per piece and bagels cost
$2 per bagel. Then, the price of bagels falls to $1 per bagel.
Instructions: Enter your answers as a whole number.
How many pieces of sushi and how many bagels did Deborah consume before the price change?
pieces of sushi and
|bagels
At the new prices, how much money would it have cost Deborah to buy those same quantities (that is, the quantities that she
consumed before the price change)?
Given that it used to take Deborah's entire $180 to buy those quantities, how big is the income effect caused by the lower price of
bagels?
%24

You are choosing between two goods, X and Y, and your marginal utility from each is shown in the following table.
Units of X
MUX
Units of Y
MUy
1
23
18
2
16
16
3
12
3
14
4
8.
4
10
5
4
5
8
4
Instructions: Enter your answers as a whole number.
a. If your income is $18.00 and the prices of X and Y are $4.00 and $2.00, respectively, what quantities of each will you purchase to
maximize utility?
units of X and
units of Y
b. What total utility will you realize?
utils
C. Assume that, other things remaining unchanged, the price of X falls to $2.00. What quantities of X and Y will you now purchase?
units of X and
units of Y
d. Using the two prices and quantities for X, complete the table to derive the derived demand schedule (a table showing prices and
quantities demanded) for X.
Instructions: Start with the highest price first
Price of X
Quantity Demanded of X
$
$

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