ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- I need question sub part D and E answer. Typed answer..arrow_forward1. Use the budget constraint P_X + P_Y = M, thinking of good X as a food item and good Y x as other goods. Present an analysis where an increase in price of the food item causes the consumer to buy less food, demonstrating the "law of demand." b. Then, present a second analysis where an increase in the price of the food item causes the consumer to buy more of the food item, which is the Giffen Good case. Finally, identify two food items, one which you think fits the first case and one which you think fits the second case.arrow_forwardwhat are the units of a good? what are the units of b good? what are the units of c good? the total utility of consuming five units of the b good is what utils? the total utility of consuming three units of the a good is what utils?arrow_forward
- Given: Assume a consumer is attempting to maximize utility subject to the budget constraint by choosing units of consumption between two goods: good 1 and good 2. Utility maximizing choices are provided in the following table for a baseline scenario and new scenario. Item Baseline New Price of Good 1 $10 $10 Price of Good 2 $10 $6 Income $20,000 $20,000 Units Consumed, Good 1 1000 1250 Units Consumed, Good 2 1000 1250 Utility 4000 5000 Using the table, how did the new event affect good 2? It caused demand for good 2 to decrease. O It caused demand for good 2 to incrcase. OIt caused quantity demanded for good 2 to increase. O It caused no change in quantity demanded for good 2. It cause quantity demanded for good 2 to decrease. It caused no change in demand for good 2.arrow_forwardThe price of good "a" is $5 and the price of good "b" is $15. If the marginal utility of good "a" is 20 then the marginal utility of good "b" must be ________ to have an optimum combination of goods purchased. 80 20 60 4arrow_forwardUtils 18 12 MU per S: Price = $2 Movies MU per $: Price = $3 Ⓒ 37 Utils 12 MU per $: Price = $1 Books In the figure to the above, suppose the price of movies increases from $3 to $6. The increase in price shifts the benefit curve (marginal utility per dollar) for movies . For the initial quantity of 6 movies, the marginal than the marginal utility per dollar of books. (Enter your utility per dollar becomes utils, which is response as a whole number.)arrow_forward
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