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- Explain. I don't need chat gpt answeeBrewed coffee is one of the most popular drinks in the world and a big market in Singapore. In recentyears Singaporean consumers have become concerned that coffee farmers often receive very lowprices by large coffee companies buying their beans and selling them in international markets. Forthis reason, fair trade coffee has reached supermarket shelves and coffee shops. Because producingfair trade coffee includes providing extra income for the farmers, this product is more costly to makethan other coffee types of comparable quality. Using the demand-supply model, analyse this changein consumer preferences. Examine the likely consequences in one or two markets of your choice. Limits 500 wordsFive consumers have the following marginal utility ofapples and pears:Marginal Utilityof ApplesMarginal Utilityof PearsClaire 6 12Phil 6 6Haley 6 3Alex 3 6Luke 3 12The price of an apple is $1, and the price of a pear is$2. Which, if any, of these consumers are optimizingtheir choices of fruit? For those who are not, howshould they change their spending?
- 7 This figure below shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive. 1 Sarah points Lew Effont High Effert 00:40 25 Low Effort Joe High Effon The outcome of the game in the figure shown will be: Multiple Choice Joe puts forth high effort and Sarah puts forth low effort. Joe puts forth low effort and Sarah puts forth high effort. Joe and Sarah both put forth low effort. Joe and Sarah both put forth high effort.Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round—trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.
- Mike has a decreasing marginal uity of income We know that Mike's income in greater than S10, but we de not know his exact inome Adam offers Mika the folloeing bet Adam wil throw a fair coin (that is, heads and tals have equal probatilty) a heada. Mke pays Adam $10. ta Adam pays Mke S10 What can we conclude from this infonmation? O Mike will reject the bet only it his income is high emought Ob. Mike will reject the bet, independently of how high his income is Oc Mke wil accept the bet independently of how high his income is Od Mke will accept the bet only if his income is high enought O Mka will always be indiferent between accepting and rejecting the betMylie’s total utility from singing the same song over andover is 50 utils after one repetition, 90 utils after tworepetitions, 70 utils after three repetitions, 20 utils afterfour repetitions, 250 utils after five repetitions, and 2200utils after six repetitions. Write down her marginal utilityfor each repetition. Once Mylie’s total utility beginsto decrease, does each additional singing of the songhurt more than the previous one or less than the previousone?Price Keram H 1 1 4 Becky's D for Blueberries Demand Refer to the graph above to answer this question. The graph shows Becky's demand for blueberries which can be purchased in any quantities and sold at any price What is Becky's total willingness to pay for 6 kilograms of blueberries if the price of each kilogram of blueberries is $27 Multiple Choice O O O O O $12. Cannot be determined. $18. $6. $2
- Im. aminmagmaycempany Cemsumens by Ht dagsand Hlambursens. The fived basbet. Cemsints oflo Hat dogs and 6 Homburgere A Ret dog cot $3 n 2o06 amd $5.pin 2007. A Homburcer cet 5 m 2006.omd $6in 2o07 Colulate CPTE +Th200615 relected he bove 2006 omd 2007. and what is the imeotion rote betweem 2006 amd 2007goods, XandY per of good X is N$4 and the price of good Vis No10 Harrys unlity funchon is UCX,)==XY. Harry consumes 2 and he spend's Npbo month The price Find The values of gocal X and Y maximizes Harcys unly illustruate Hary's utlty maximizing.combinason clearly labelled on a graph. Suppose llustrate Harrys price & spod X increased to Ngb effects income and substitution ef the anel laballed graph.After analyzing the demand for his products, Ahmed realized that the demand for his products is inelastic. This means that, O a. the demand for his products are sensitive to price changes O b. it is not advisable to increase his price O c. the demand for his products are weak O d. it is fine to increase his price