According to the graph below, a change in the spending plans of consumers, businesses, government, or foreigners is illustrated by the movement from point to point LRAS SRAS B P₁ Po AD1 ADo YY₁ OA; B OC; A OC; B OB; C
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- 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 graphsA grocery store is considering putting broccoli on sale, temporarily reducing the price 501 %. Let Y₁¡ denote the amount of broccoli household i would purchase if broccoli is on sale when they visit the grocery. And let Yoi denote the amount of broccoli household i would purchase if broccoli is not on sale when they visit the grocery. Which of the following represents the causal effect of putting broccoli on sale on the amount of broccoli household i purchases? O Y₁i-Yoi 10 Y + Y li 2 O Y₁i O O Oi"THE EFFECT OF COVID 19 IN THE ECONOMY OF THE PHILIPPINES"
- A food truck vendor averages 150 tacos sold when the price per taco is $4. A study shows that the average number of tacos sold will increase by 25 facos for every $1 that the price per taco is lowered. Which equation models the food truck's average sales in dollars, s, in terms of the price per taco, x ? A 325x + 250 3 = - 25x + 250 3 = 25x + 250x 3 = - 25x + 250x P Type here to search 315 P 1/28/20 Esc Delete CD & 2 8 Backspace Num Lock R T. Y P Home D K L Enter Z. B Shift End Alt Pgup Alt Ctrl Home PgDn End deapad S rivacy Shutter on Webcam DeliveryIn 2005, suppose a typical U.S. owner of a home theater (a television and a DVD player) bought 8 music CDs (q₁) per year and 24 top-20 movie DVDs (9₂) per year. The average price of a CD was about p₁ = $15, the average price of a DVD was roughly p₂ = $20, and the typical consumer spent $600 on these entertainment goods. We'll call this typical consumer Barbara. We estimate her Cobb-Douglas utility function as 0.2 0.8 U(91, 92)=91 9₂ Use the 3-point curved line drawing tool to draw Barbara's annual demand curve for CDs, using prices of $15, $30, and $60 as your control points. Carefully follow the instructions above, and only draw the required object. Explain the shape of the price-consumption curve for changes in the price of good q₁. The equation for Barbara's price-consumption curve for changes in the price of good q₁ is |91 92 = (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a subscript can be created with the_…Briefly describe the concept extrapolation.
- The government of the island nation of Autarka has become increasingly concerned aboutthe health and wellbeing of low income households. Medical experts stress the importanceof a healthy diet in this regard. They have determined that, ideally, a household wouldconsume at least 5kg of fresh fruit and vegetables each week.The government has proposed implementing a new voucher scheme to ensure that the5kg per week consumption target is met. Under the government’s proposal, the voucherswould be redeemable for fresh fruit and vegetables, but could not be used for other typesof food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme,the value of the vouchers sent to a household would be linked to the household’s income.Community groups in Autarka have expressed concern that a voucher scheme is unnec-essarily paternalistic; depriving low income households of the choice of how to spend theirincome. These groups argue that the government’s consumption targets could…True/ False Income and consumption has a direct relationship for the normal goods.Suppose that in Zambia, people consume only two goods, peas and beans. Suppose that John, a citizen in that country has an income of ZMW10, the price of beans is 20N per kg and the price of peas is 40N per kg. Suppose that John consumes 30 kg of beans. Assume that he wants to spend all his income, how many kg of peas is he going to consume? Assume that the price of peas falls from 40N to 20N. Assuming that John still consumes 30kg of beans, find the new quantity of peas. After the decrease in the price of peas to 20N, assume that Jonh is just as well off as he was in (a) if he has an income of ZMW7.6. However, with that income and the new price of peas he would have consumed 20 kg of beans. Find the quantity of peas he would have consumed in this case. Find the substitution effect on consumption of peas due to the decrease in the price of peas in (c). Find the income effect on consumption of peas due to the decrease in income in (c). Question d and e to be solved
- TABLE 12.1 | Two Stage Least Squares Estimates of the Demand for Cigarettes Using Panel Data for 48 U.S. States Dependent variable: In(Qfte) – In(Qfte) cigarettes Regressor (1) (2) (3) In(Peisarettes) - In(Pçigarettes -0.94** -1.34** -1.20** i,1995 i,1985 (0.21) (0.23) (0.20) In(Inc;1995) – In(Inc;1985) 0.53 (0.34) 0.43 (0.30) 0.46 (0.31) Intercept -0.12 -0.02 -0.05 (0.07) (0.07) (0.06) Both sales tax and Instrumental variable(s) Sales tax Cigarette-specific tax cigarette-specific tax First-stage F-statistic 33.70 107.20 88.60 Overidentifying restrictions J-test and p-value 4.93 (0.026) These regressions were estimated using data for 48 U.S. states (48 observations on the 10-year differences). The data are described in Appendix 12.1. The J-test of overidentifying restrictions is described in Key Concept 12.6 (its p-value is given in parentheses), and the first-stage F-statistic is described in Key Concept 12.5. Individual coefficients are statistically significant at the *5%…T/F Normal goods demand increase with the increase in the income of the consumer and vice versa.What is consumer equiliberium Los coralinal af/2rach?
