4. The demand for good Xis given by Q=1,200-P P+1 P,-8P, +11 M 8P₂+ 10 Research shows that the prices of related goods are given by Py = $5,900 and P, = $90, while the average income of individuals consuming this product is M = $55,000. a. Indicate whether goods Y and Z are substitutes or complements for good X. b. Is X an inferior or a normal good? c. How many units of good X will be purchased when Px = $4,910? d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.

Mary makes the following choices of X1 and X2 when prices and income are as follows:                    X1    X2     P1   P2      I Week 1     10     20      2      1      40 Week 2       6     14      2       2     40   A. Mary considers both goods to be normal goods   B. We cannot say whether Mary thinks the goods are normal or inferior.   C. X1 is a normal good and X2 is an inferior good for Mary   D. X1 is an inferior good and X2 is a normal for Mary             Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

A4

really need detailed solution with steps and graphs. will leave a like if it helps!

please complete question c,d,e please complete question c,d,e please complete question c,d,e

A consumer's weekly income is $5000, the price of a cell phone is $1250, and the price of a watch is $500. What quantity of cell phones and watches will maximize the consumer's utility if they spend their entire weekly income on cell phones and watches? Explain your using I. answer marginal Suppose that this consumer's income elasticity for watches is analysis. 5.4. what does this indicate about watches? If the cross-elasticity calculates to 0.8 what does this indicate about the relationship between watches and cell phones?

14. Based on the following diagram, hamburger is M($/wk) E A normal good b. A luxury good C. d. e. E Hamburger An inferior good Either a luxury or normal good Cannot tell from the graph provided 15 A rise in price of a good always leads to a. b. A decrease in the quantity purchased of the good An income effect leading to lower quantities of the go A substitution effect leading to less (or least not more An Income and substitution effect C. d. e. Both c and d

A consumer has income of $15,000. Masks costs $35 per mask, and sanitizers costs $70 per bottle. b.Suppose his income increases from $15,000 to $20,000. Illustrate what happens if both masks and sanitizers are normal goods. Illustrate what happens if a mask is an inferior good. c.The price of masks rises from $35 to $40 per mask,while the price of sanitizers is unchanged.For a consumer with constant income of $15,000,show what happens to consumption of both goods(assume both goods are normal goods).Decompose the change into income and substitution effects.

2. Dan and Georgie share a trail behind their homes that leads to the beach. It's easier to go to the beach if the trail is kept maintained. Dan only goes to the beach infrequently, while Georgie loves to surf and kayak. Dan's demand for time spent maintaining the trail to the beach is P = 10-2Q. Georgie's demand for time spent maintaining the trail is P=16-Q Assume that time spent maintaining the trail is a public good and both Dan and Georgie value time spent maintaining the trail at $14/hour. a. How much time would Dan spend maintaining the trail on their own? How much time would Georgie spend cleaning up on her own? b. What is Dan and Georgie's combined demand curve for hours of time per week spent maintaining the trail? What is the efficient number of hours spent maintaining the trail per week? c. Explain why it may be hard for Dan and Georgie to reach the efficient outcome.

10. What happens to the demand curve for an inferior good if a consumer's income increases? Show me using a diagram, please.