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Explain the term random walk in consumption. Under what conditions will consumption follow such a behaviour?.
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- What are the determinants for an individual demand? Derive with the help of indifferencecurves and the budget constraint the optimal consumption plan. How do you transfer theoptimal consumption plan into an individual demand function? (use graphs)What are the determinants for an individual demand? Receive with the help of indifference curves and the budget outline the optimal consumption plan. How do you transfer the optimal consumption plan into an individual demand function?Give two example of intermediate goods?
- True/ False Income and consumption has a direct relationship for the normal goods.Quantity of Potato Chips E Quantity of Diet Coke Refer to the figure. What point does NOT represent a possible consumption option? a) point A b) point B c) point D d) point EElena consumes bundles of food and transportation. In order to understand her behavior, we use a graph of her consumption space in which we draw two axes. We measure food in the horizontal axis and transportation in the vertical axis. Which of the following bundles has the largest amount of food (if the bundles are written consistently with the way we graph consumption)? (80, 100) (99,150) (100,80) (95,95) (98,98)
- Suppose you observed that the consumption of organges increased sharply last year, however thet total consumer expenditure on oranges did not change. Did a supply shift, demand shift or both cause this? explain using graphsConsumers can choose between gas powered cars and electic cars. Suppose the price of gas increases by 25%. We can expect the price of electic cars to : Decrease Remain Unchanged Increase It is impossible to sayRajiv is buying pizza and salad for a company lunch. Suppose that a slice of pizza costs $2.00, and a bowl of salad costs $4.00. Let E be the amount in dollars that Rajiv spends on pizza and salad. If Rajiv buys P slices of pizza and S bowls of salad, then the total amount of money he spends (E) can be represented by the equation Now rearrange the equation you wrote above so that S is written in terms of E and P. The quantity of salad he buys can be represented by the equation Suppose Rajiv has $32.00 to spend on pizza and salad; that is, E = $32.00. Complete the following table with the values of P or S that make the equation true. Hint: To complete the first row, determine the number of salad bowls Rajiv can purchase with $32.00, when the number of pizza slices he purchases is 0. Budget Pizza Salad (Dollars) (Slices) (Bowls) 32.00 32.00 8 32.00 Use the black line (plus symbols) to plot the line illustrating the combinations of pizza and salad that Rajiv can purchase with a budget of…
- According to economists, the satisfaction people get from their consumption activities is called:3. Howard consumes only two goods. An economist has collected the following data on Howard's consumption behavior: Observation P1 P2 P3 X1 X2 X3 1 2 3 2 1 2 1 3 3.5 2 0.5 Does Howard's behavior satisfy WARP? Explain your answer.Use the graph to answer the following: (a) At the optimal consumption point, approximately how many armadillos will be consumed? (b) Approximately how many apricots will be consumed? (c) If this consumer spent all of his income on armadillos, how many armadillos could he buy? (d) If his income decreased, what would it look like? Draw the appropriate shift on the graph.