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- T/F Explain Utility numbers cannot be negative since higher utility means a con- sumer is better off.If only the prices of goods in a two-good society quadruple, what will happen to the budget line? A Insufficient information is given to determine what effect the change will have on the budget line but we know society is worse-off. There will be no effect on the budget line. C The slope of the budget line may either increase or decrease. D The intercepts of the budget line will increase.1 explain the role of ceteris paribus in economic analysis
- To make sure he has enough energy for the teaching, Ernie spares $60 every week tospend on Blue Bull and Gigantic energy drinks. A can of Blue Bull costs $2, and a canof Gigantic costs $3. Assume that fractions of a can are allowed.(a) Draw Ernie’s budget line, measuring Blue Bull on the horizontal axis and Giganticon the vertical axis.(b) How many cans of Gigantic can Ernie afford if he buys 15 cans of Blue Bull?(c) What is the maximum number of cans of Blue Bull Ernie can afford?(d) What is the slope of the budget line? Be sure to include the sign. Explain in wordswhat this slope measures.(e) Denote the number of cans of Blue Bull by qb and that of Gigantic by qg. Writedown an equation capturing Ernie’s budget constraint. How would the equation fora budget line be different?Test III. Practical Application. Round up your answers in each stage of your calculation up to the final answer on the nearest hundredths. 1. Assuming that Jin buys only lattes and muffins. a. In year 1, Jin earns $120, lattes costs $2.50 per quart, and muffins cost $7.25 per piece. Draw his budget constraint. graph and solving. b. Now suppose that the price of lattes increases by 25 percent in year 2 so as the muffins by 20 percent. In addition, Jin's salary increases by 15 percent as well. How much is the new prices of the lattes and muffins? Draw his new budget constraint. graph and solving.Taraji's preferences are shown in the figure below. Taraji is just as happy to have as she is to have a 4 comic books and 8 cookies; 6 comic books and 12 cookies. b 6 comic books and 6 cookies; 5 comic books and 13 cookies. с 8 comic books and 8 cookies; 4 comic books and 12 cookies Cookies (number per week) Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. d 2 comic books and 8 cookies; 3 comic books and 5 cookies. 20 16 12 8 O 2 4 6 8 10 12 Comic books (number per week)
- Please answer parts c and d 1. To make sure he has enough energy for the teaching, Ernie spares $60 every week tospend on Blue Bull and Gigantic energy drinks. A can of Blue Bull costs $2, and a canof Gigantic costs $3. Assume that fractions of a can are allowed.(a) Draw Ernie’s budget line, measuring Blue Bull on the horizontal axis and Giganticon the vertical axis.(b) How many cans of Gigantic can Ernie afford if he buys 15 cans of Blue Bull?(c) What is the maximum number of cans of Blue Bull Ernie can afford?(d) What is the slope of the budget line? Be sure to include the sign. Explain in wordswhat this slope measures.(e) Denote the number of cans of Blue Bull by qb and that of Gigantic by qg. Writedown an equation capturing Ernie’s budget constraint. How would the equation fora budget line be different?. Jenna and Walter are on a road trip across the country. They both say that they get 25 utils from peanut butter sandwiches and 25 utils from trail mix. Knowing this, we can conclude that Jenna a. gets the same satisfaction from peanut butter sandwiches that Walter does. b. gets more satisfaction from trail mix than Walter does. c. gets more satisfaction from trail mix than from peanut butter sandwiches. d. and Walter are both indifferent between other food than peanut butter sandwiches or trail mix. e. and Walter will consume the same amount of peanut butter sandwiches and trail mix on the road trip.Explain the cardinal and ordinal utility approach ?
- O Multiple Choice 1. What is a commodity? O a product O a bathroom facility O SHOW ANSWERA consumer's budget is 137. A unit of good x costs 3 and a unit of good y costs 4. If the consumer purchases 3 units of good y, how many units of good x can the consumer purchase? Please round your answer to two decimal places. Answer: Previous page 2028 P Type here to search 01/12/2021define utility with its practical examples also explain its different measures in detail?