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11 Question (17 points) See page 149 Arlo is very health-conscious and consumes only two goods,...

Question

11 Question (17 points) See page 149 Arlo is very health-conscious and consumes only two goods,...

11 Question (17 points) See page 149 Arlo is very health-conscious and consumes only two goods, rice cakes and quinoa. His ut
Part 3 (2 points) See Hint Does the substitution effect of the fall in the price of quinoa make Arlo buy more quinoa or less
11 Question (17 points) See page 149 Arlo is very health-conscious and consumes only two goods, rice cakes and quinoa. His utility function is uír,q) = req, where r is the number of packs of rice cakes he consumes and q is ounces of quinoa. The price of a pack of rice cakes is $4, and the price of an ounce of quinoa is $8. Arlo has $720 to spend this week on these two goods. Suppose that the price of quinoa suddenly falls to $4. 1st attempt Part 1 (2 points) See Hint Before the price charge. Arlo consumed packs of rice cakes and Ounces of quinoa per week. Part 2 (3 points) See Hint after the price change, Arlo's income had changed so that he could exactly afford his old consumption bundle, his new Income would have been With this income and the new prices, Arlo would consume packs of rice cakes and Ounces of quinoa Part 3 (2 points) See Hint How many Des the substitution effect of the fall in the price of quinoa make Arlo buy more quinoa or less quinoa? ounces more quinoa or less quinoa? < 11/ 13 DOF 11 QUESTIONS COMPLETED
Part 3 (2 points) See Hint Does the substitution effect of the fall in the price of quinoa make Arlo buy more quinoa or less quinoa? ounces more quinoa or less quinoa? How many Part 4 (2 points) After the price change. Arlo buys See Hint paces of rice cakes and Ounces of quinoa Part 5 (4 points) See Hint The income effect of the fall in the price of quinoa, on Arlo's demand for quinoa, is equivalent to per week. - in his income of $ Does the income effect make him consume more quinoa or less? quinoa • How much more or less? Ounces of Part 6 (4 points) See Hint Finally, let's think about the effect of the change in the price of quinoa on Arlo's demand for ricecak Does the substitution effect of the fall in the price of quinoa make Arlo consume more of rice cakes? How many more or fewer? packs of rice cakes Does the income effect of the fall in the price of quinoa make Arlo consume more or fewer rice cakes? total effect of the change in the price of quinoa on the demand for rice cakes? . What is the OOF 11 QUESTIONS COMPLETED < 11/11

Answers

lo 24 sr,q) = req Per=4 Pq = 8 Inome = 20 At aptiniality MRS = noon ay h a ha = 3 = £ fer-4 Budget 46 +89 = 720 169+89 - 790


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