Give a one or two-sentence explanation of each curve using proper economic terms. Be sure to identify the difference in effect and the cause of each?

Question 2.A  write a short note about the following variables and support your answers by giving examples for each variable:                                                                                                                                                                         TFC: TC: VC:

Consider the problem of an individual that has Y dollars to spend on consuming over two periods. Let c, denote the amount of consumption that the individual would like to purchase in period 1 and c2 denote the amount of consumption that the individual would like to consume in period 2. The individual begins period 1 with Y dollars and can purchase c1 units of the consumption good at a price P and can save any unspent wealth. Use sı to denote the amount of savings the individual chooses to hold at the end of period 1. Any wealth that is saved earns interest at rate r so that the amount of wealth the individual has at his/her disposal to purchase consumption goods in period 2 is (1+r)s1. This principal and interest on savings is used to finance period 2 consumption. Again, for simplicity, we can assume that it costs P2 dollars to buy a unit of the consumption good in period 2. 2 The individual's total happiness is measured by the sum of period utility across time, u(cı) + u(c2). Let u(c)…

One topic of behavioral economics is?

Suppose you and your friend go out for dinner. Your friend orders a cheeseburger and fries. When your food first arrives, you ask your friend if you can have one of his fries. He looks at you like you are crazy and says, "No!" Then a few minutes later, after you both have started eating, you ask again, and your friend reluctantly says, "Sure. Go ahead."   An economist's explanation for your friend's change of heart is most likely to be that:     Your friend's total utility declines as he eats more fries, so he's more likely to share with you after he's eaten a few. Your friend's marginal utility from eating additional fries declines as he eats more of them, so he's more likely to share with you after he's eaten a few. Your friend's total utility increases as he eats more fries, so he's more likely to share with you after he's eaten a few. Your friend's marginal utility from eating additional fries increases as he eats more of them, so he's more likely to share with you…

Analyze whether each of the following is primarily a microeconomic or a macroeconomic issue:   a) Setting the price for a cup of coffee.   b) Measuring the impact of tax policies on total household spending in the economy

In the Salop circle model, if all consumers get more pleasure from ice cream (u increases), how does the equilibrium change?

Why is the burden of a tax to taxpayers greater thanthe revenue received by the government?

(2) Graph the following given these two goods and their respective prices: books (units with per week) at price Ph=1; and food (units per week) at price Pƒ= 2: (a) Point A (market basket A) that maximizes satisfaction of a consumer. (b) Point B (market basket B) that is affordable but satisfaction is not maximized. (c) Point C (market basket C) that gives a higher level of satisfaction but not affordable.