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Define : Substitute goods; Complementary goods; IRR
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- Please help me to answer the requirements completely: Thank you Compute for the physical change Compute for the price changeFind APC if consumption is $300 and income is $3000Roberto is a senior citizen who consumes food and health care. When he retired in 2002, he consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $64. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $278. As a result, Roberto consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Roberto using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is nothing. (Enter your response rounded to two decimal places.)
- Ross is a senior citizen who consumes food and health care. When he retired in 2002, he consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $73. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $285. As a result, Ross consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Ross using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is (Enter your response rounded to two decimal places.)If Pp denotes the price of a pound of pasta and Pb denotes the price of a loaf of bread, then Pp/Pb represents the number of loaves of bread consumer has to give up in order to buy another pound of pasta. the number of pounds of pasta a consumer has to give up in order to buy another loaf of bread. the number of loaves of bread a consumer is willing to give up to have another pound of pasta. the number of pounds of pasta a consumer is willing to give up to have another loaf of bread.Ruth is a senior citizen who consumes food and health care. When she retired in 2002, she consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $69. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $297. As a result, Ruth consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Ruth using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is 169.92 (Enter your response rounded to two decimal places.) The Laspeyres index suggests inflation has been 69.92 percent over the 10-year period from 2002 to 2012. (Enter your response rounded to two decimal places.) Next, calculate a Paasche cost-of-living index for Ruth using 100 as the base in 2002. In particular, the Paasche index for 2012 is (Enter your response rounded to two decimal places.)
- T/F Normal goods demand increase with the increase in the income of the consumer and vice versa.Write the quantity equation and explain it.The average 15-year-old purchases 100 song downloads from iTunes and buys 20 cheese pizzas in a typical year. If cheese pizzas are inferior goods, would the average 15-yearold be indifferent between receiving a $50 gift certificate for iTunes and $50 in cash? Explain.
- Shahid has a monthly income of 8967 Bangladeshi Taka (BDT). He can buy two goods, brownies and frozen yoghurts. The price of a brownie is BDT306 and the price of frozen yoghurt is BDT355 per kg. In the following table, 6 consumption bundles are presented. That table also shows the values of utility that Shahid derives from different quantities of brownies and frozen yoghurts. Consumption bundle Brownie quantity Brownie marginal utility Brownie total utility Fro-Yo quantity Fro-Yo total utility 1 27.26 2208.06 2 1 81 25.4 2057.4 2. 76,95 23.54 1906.74 4 3 73.1 21.67 1755.27 5 4 69.44 19.81 1604.61 6 366.46000000000004 17.95 1453.95 What is the highest utility that Shahid can derive, given his budget, from the consumption bundles listed in the table? Give your answers in 2-decimal places where applicable. What is the total expenditure needed to consume this bundle? Give your answers in 2-decimal places where applicable. What is the change in utility from brownies when the consumption of…Give two examples of intermediate goodsExplain the impact of the change in consumer's income on the demand of goods and services.