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- Using graph, explain when consumer is in equilibrium? Draw the graph ( curves )Table 1: Consumption of Bread and Flour Consumer Consumption Consumption 1 2 3 4 5 of Bread 100 26205 6 15 of Flour 10 90 120 50 75 1202 A supermarket has employed you to do some analysis of their customers' shopping. They have provided you with the data in Table 1. Based on the data in Table 1, explain what preference type you would use in your analysis.Part C 3. The manager of a certain gasoline station wants to forecast the demand for the unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. The manager has accumulated the following data demand for unleaded gasoline from sales during the past eight months. Month Gasoline Demanded (gallons) Mar 900 Given that the forecast for March is 920. Apr 755 May 650 Jun 550 Jul 625 Aug 730 Sept 820 Oct 1 100 a. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.25. b. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.45. c. Plot the actual demand and the forecasts determined in part a and b on the same graph and compare them. d. Make a comparative analysis out of your answers in the plotted data. (3-5 sentences)
- You drink only Coffee or Orange juice: a) Calculate the MU per dollar for Coffee b) Calculate the MU per dollar for Orange JuiceYpsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the home that they purchased. PRICE (Thousands of dollars per home) 500 450 400 350 300 250 200 150 100 50 L 0 10 20 30 40 50 60 70 80 INCOME (Thousands of dollars per year) 90 1001. Table 1 is the data for the per week household consumption Y and income X in the US. Table 1 data for household consumption and income Income per week (US $) (X) Consumption per week (US $) (Y) 80 55, 60, 65, 70, 75 100 65, 70, 74, 80, 85, 88, 120 79, 84, 90, 94, 98 140 80, 93, 95, 103, 108, 113, 115 160 102, 107, 110, 116, 118, 125 180 110, 115, 120, 130, 135, 140 200 120, 136, 140, 144, 145 220 135, 137, 140, 152, 157, 160, 162 240 137, 145, 155, 165, 175, 189 260 150, 152, 175, 178, 180, 185, 191 a. For each Xi, calculate the conditional expectation of Y: E(Y| Xi) b. draw the scattergram, with income being X-axis, consumption being Ү-аxis. c. Draw the E(Y| Xi) on the above figure d. Write the different representations of PRF and SRF. (like Y, = b, +b,X, +u,, E(Y|X = X,)=b, +b,X,, etc.)
- Using graph, explain when consumer maximize his utility? - Draw the graph ExplanationWith use of graphical illustration discuss the optimal consumption bundle of an consumerExercise 3 Use a model for the household's trade-off between consumption and leisure to answer the following questions: a) Use a graph to show the household's optimal solution and then explain your answer in words. b) Suppose the household has not adapted optimally. Explain such a situation using a diagram and numbers that fit your example. How do you explain that it is not optimal? c) Discuss the statement:" Statistics show that some people work fewer hours when the real wage rises". Use a model for the labour market to answer the following question: d) Use graphs to show the difference between involuntary unemployment and voluntary unemployment and then explain your answer in words.
