Table 1 shows measures of the percentage change in the price for electricity (column 1), the final consumption of electricity (column 2), and the mean income (adjusted for inflation) (column 3) in the UK between 2013 and 2022. Table 1: Electricity Prices, Consumption and Income in the UK. (1) Percentage change over 12 months - UK Electricity (2) ElectricityFinal UK Consumption (Temperature corrected) 27,116 (3) Mean real equivalised household disposable income of individuals (adjusted for CPI) - UK Year RPI 2013 7.4 34735 2014 5.5 26,501 36153 2015 -0.3 26,313 36875 2016 -0.2 26,152 38078 2017 6.7 25,920 37956 2018 8.6 25,870 37330 2019 7.2 25,472 37724 2020 0.2 24,297 39218 2021 6.6 24,622 38994 2022 49.1 23,538 39328 Source: OfS (2024) You are working as an economist for the National Grid company, and they need to predict what will happen to electricity consumption in 2023. The percentage change in electricity RPI is expected to be 13.7% in 2023. Your manager has asked you to: (a) Suggest a demand function to use in the modelling of future consumption and explain why this is appropriate based on Table 1; (b) Suggest other data that would be useful in making the prediction.

Table 1 shows measures of the percentage change in the price for electricity (column 1), the final consumption of electricity (column 2), and the mean income (adjusted for inflation) (column 3) in the UK between 2013 and 2022. Table 1: Electricity Prices, Consumption and Income in the UK. (1) Percentage change over 12 months - UK Electricity (2) ElectricityFinal UK Consumption (Temperature corrected) 27,116 (3) Mean real equivalised household disposable income of individuals (adjusted for CPI) - UK Year RPI 2013 7.4 34735 2014 5.5 26,501 36153 2015 -0.3 26,313 36875 2016 -0.2 26,152 38078 2017 6.7 25,920 37956 2018 8.6 25,870 37330 2019 7.2 25,472 37724 2020 0.2 24,297 39218 2021 6.6 24,622 38994 2022 49.1 23,538 39328 Source: OfS (2024) You are working as an economist for the National Grid company, and they need to predict what will happen to electricity consumption in 2023. The percentage change in electricity RPI is expected to be 13.7% in 2023. Your manager has asked you to: (a) Suggest a demand function to use in the modelling of future consumption and explain why this is appropriate based on Table 1; (b) Suggest other data that would be useful in making the prediction.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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For Question 2 there is a typo. It is supposed to say consider Ronald from question 1. Both question 1 and 2 are provided, i would appreciate if someone could complete them as soon as possible. Also this is not a graded question from an exam, it is homework l have been given although l did not purchase the textbook so cant get the solutions for it.
Describe 3 ways in which human decision making differs from the rational individual conventional economic theory.
Using your own words, Explain how does the study of economics depend upon the phenomenon of scarcity?
The questions are attached in the image. The questions are based on 'General equilibrium' model in 'economics'. (please do not tag it in some other subject) These are simple Multiple choice questions which are undergrad level. Please do not reject them. The answers to 45,46 and 47 are D,C and C respectively. Please answer the following as well: 1. For 45, provide the set of pareto efficient outcomes. 2. For 46, provide an algebric solution if possible. Provide a mathematical argument. 3. For 47, provide provide a set of points (if exists) that will take us to the given equilibrium under the given conditions. The questions are easy. PLEASE DO NOT REJECT IT!