2. Problems and Applications Q3 Suppose that people consume only three goods, as shown in this table: 2023 Price Quantity 2024 Price Quantity Tennis Balls Golf Balls Bottles of Gatorade $2 100 Percentage Change $2 100 $4 100 % $6 100 Complete the following table by computing the percentage change in price for each of the three goods. Tennis Balls Golf Balls Bottles of Gatorade % $2 200 % $3 200 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is %

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ECON Questions 5, 6, 7, and 8 How to solve and answer these economics questions showed in the screenshot?

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QUESTION 7 Assume the following is the budget equation for Courtney who spends her income between music concerts and movies: 86 Music Concerts + 85 Movies = 7216 If Music Concerts are measured on the vertical axis, what would be the slope of the budget line ? 2

Reset 9 UTILITY CALCULATIONS TOTAL AND MARGINAL UTILITY Quantity Consumed Marginal Utility Total Utility Total Utility 70 60 50 22 40 22 30 18 20 40 10 14 3 54 2 4. 8. Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 1 2 3 4 6. 8. -10 -20 Quantity Consumed Quantity Consumed 2. 3. 6 8. 1. 3.

3. Based on each scenario in this question, indicate whether the following statements is true or false, and briefly explain your reasoning. You may also want to use a graph in your explanation if you think it's necessary. a) Mike makes $500 per week and spends all her income on books and tea. Books cost $25 each, and Mike buys 16 each week. Tea costs $5 per cup, and Mike buys 20 cups. When Mike's income falls to $450 per week, he cuts his consumption of books by 3 books and purchases 5 more cups of tea. Based on Mike's consumption behaviors, books are an inferior good and Tea is a normal good. b) Lucy consumes food and clothing. For incomes near her current income, her income expansion path is negatively sloped. Assume that food is measured along the horizontal axis and clothing is measured along the vertical axis. Therefore, at current income levels, both food and clothing must be inferior good. c) For any normal goods, the income and substitution effects work in the same direction.…