The economics discipline assumes that the goal of a consumer is: O to maximize knowledge and information. Oto maximize utility. Oto maximize profit. Oto maximize revenue. to minimize costs.
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- After a destructive hurricane in Southeast Texas, gasoline prices around the country increased dramatically. Demand did not decrease much primarily because O there is a long time period under consideration O there are very few substitutes for the product. O there is a small amount of this product. O the cost of the product is a rclatively small percentage of onc's incomeAn increase in price, all else held constant, would cause a change from Multiple Choice point 3 to point 4. point 4 to point 5. point 5 to point 1. point 1 to point 3.State and explain the main assumptions that underlie consumer theory. Use two real-world examples to illustrate circumstances in which such assumptions are violated. kindly use relevant graphs in the explaination
- Question 4 Goals should be set to meet customer demand.1.True2.FalsePrice 0 Quantity Refer to the above graph. An increase in price, other factors constant, would cause a change from Multiple Choice O point 1 to point 6. O point 4 to point 5. O point 5 to point 1. point 3 to point 4.ii. What type of goods are petrol and gas if XED = 0.5? Complementary and High responsiveness Complementary and Low responsiveness Neutral Substitute and High responsiveness Substitute and low responsiveness
- A buyer's willingness to pay for a good is the that good. It measures how much the the good. buyer maximum demand for, is willing to pay for price of, values maximum amount the buyer is willing to pay for, values minimum amount the buyer is willing to pay for, needs actual amount the buyer pays for, valuesGive an example of Quality/new goods bias?A firm has two types of customer. High-value customers have utility 3 ln(1 + x) − p if they buy xunits of the good for the price p. Low-value customers have utility 2 ln(1 + x)−p if they buy x unitsof the good for the price p. There are 10 customers of each type. The firm has the marginal costc < 1 for producing each unit of x. If customers do not buy anything they get zero utility. Help with question a) below please
- learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.com Imagine there is an outbreak of 'mad sheep' disease, which wipes out a considerable portion of the sheep population in Scotland. This results in a shortage of Haggis and an increase in its price. a) Show the effect of this price increase on Angus' budget line and optimal choice, and explain the forces underpinning this outcome. (Hint: Consider substitution and income effects). b) Assuming that Haggis' price continues to increase over the subsequent months, derive the demand curve for Haggis. c) Discuss the income and substitution effects within the context of this price increase assuming that Haggis is an inferior good. 2 26% 1A T-shirt shop discovers that the WTP of its customers varies by time of day that they arrive at the shop. It conducts further research and gathers the data in the table. Then it decides to sell the T-shirts for $6 and $5 at different times of the day. What are the highest Sales $ that it can make this way? $ type your answer... Time of Day Evening WTP $5 Demand (Units) 100 Afternoon Morning $6 500 $7 50 NavQ.1.14 Utility from consuming a good is understood by economists to mean; (a) how often we consume the good.(b) how much satisfaction or benefit we get from consuming the good.(c) how much it costs to buy the good.(d) how we best use the good. Q.1.15 The marginal utility of a good or service declines as one more unit is consumed because:(a) supply slopes upwards.(b) consumers are constrained by income. (c) of the law of diminishing marginal utility. (d) prices move with demand.
