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- There are several factors that have influenced the importance of purchasing andsupply”. Justify this statement by discussing information technology as a major factor.Provide an example of your choice to explain the factor.Economics Picabo, an aggressive skier, spends her entire income on skis and bindings. Suppose Picabo has $8,400 to spend on skis and bindings each year. Find her best affordable bundle of skis and bindings on the basis that (a) she wears out one pair of skis for every pair of bindings she wears out, and (b) she wears out two pairs of skis for every one pair of bindings. Skis are $800/pr and bindings are $400/pr. a. pairs of bindings Instructions: Round your answer to 1 decimal place. b. pairs of bindings - and pairs of skis ----- -- - -- - and pairs of skis - - - - - -Explain the impact of the change in consumer's income on the demand of goods and services.
- What is the type of consumption of household spending which is independentJanelle spends all of her income on songs from iTunes ($1 each) and apps ($5 each) for her iPhone. If she makes her best affordable choice, she purchases 20 songs and 4 apps, what is her real income in terms of apps?Exercise D12 What are the components on which the aggregate expenditure function is based?
- Exercise D7 What does the 45-degree line show?Exercise D9 What is the marginal propensity to consume, and how is it related to the marginal propensity to import?Jien is just bored all the time; no amount of success makes him happy, it seems. Below is a list of his income for the last several years and the utility he experienced per dollar of income: Year Yearly Income Utility per Dollar Earned 2017 $60,000 2 utils 2018 $70,000 1.8 2019 $100,000 1.5 2020 $120,000 1 2021 $145,000 0.40 From the above, we can say that Jien most likely is different from most people economists study in terms of risk attitudes is "risk loving" will not take a fair bet has a utility of wealth curve that is a straight line