In our basic model of utility maximization, identify the graphical representations of the following concepts: (a) Preferences (b) Resource scarcity

Please help me to solve the questions below.

Graphical and Intuitive Optimization Consider a consumer who must allocate their available income between the consumption of two goods, Beer and Pizza.  Their preferences over Beer and Pizza adhere to the usual assumptions we have made about preferences. The indifference curve map below reflects their preferences and the budget constraint reflects current income and prices. In the simplest terms possible, define or explain the term "Marginal Utility of Beer" (MUB). In the simplest terms possible, define or explain the term "Marginal Rate of Substitution of beer for pizza" (MRSBP). In the simplest terms possible, intuitively explain the meaning of MUB/PB, where PB represents the price of one unit of Beer.

Using the homogeneity of indirect utility, which of the following cannot be an indirect utility function? (a) V: = (b) V: = (c) V: = [2 PzPy I Pz+Py p²+p² (d) V = 1 Pz

A consumer has preferences over bundles of two goods with indifference curves defined by X2 = for k>0. (a) Find a utility function representing these preferences assuming that the consumer's pref- erences are monotone. (b) Give an example of a utility function representing non-monotone preferences with the same indifference curves. (c) Show that indifference curves of the form x2 = x + k for k € R cannot arise from monotone preferences.

help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

Apples (pounds per week) 0 A> B B> D b d Butter (pounds per week) he graph above indicates that a consumer's preference combination. Which one of the following is correct based on the graph? C> B C E>F E F B

U.S. food markets consumers viewed beef as a normal good from 1960-1976, but viewed it as an inferior good after that point. This type of change is not abnormal, in that as average household incomes rise, preferences might change. For instance, as households move from poor to middle-class, their consumption of beef might increase. However, as households move from middle- class to upper-middle-class, they might choose to purchase more exotic foods products. Assuming you are a beef producer in 1983, what will happen if incomes continue to increase? a. The marginal cost of beef will increase. b. The marginal cost of beef will decrease. c. The demand for beef will increase. d. The demand for beef will decrease.

Let u(x) be a utility function that represents the preferences of a household. We say that the function v(x) is a monotonic transformation of u if f(·) is a strictly increasing function and v(x) = f(u(x)). (a) Show that if v(x) is a monotonic transformation of u, it represents the same preferences. (b) Can you explain why taking a monotonic transformation of a utility function does not change the marginal rate of substitution? (c) What kind of preferences are represented by a utility function of the form U(x1,x2) =  ? What about the function U(x1,x2) = 13x1+13x2?

sketch a person’s indifference map and budget line for two goods, X on the horizontal axis and Y on the vertical axis. Mark the optimum consumption point. Now illustrate the following (you might need to draw a separate diagram for each):         (a)  A rise in the price of good X (a normal good), but no change in the price of good Y.         (b)  A shift in the person’s tastes from good Y to good X.           (c)  A fall in the person’s income and a fall in the price of good Y, with the result that the consumption of Y remains constant (but that of X falls).