For the Assignment, please answer the following questions:
1. If a consumer’s income increases and if all goods are normal goods, explain how the quantity bought of each good changes.
2. Describe the following concepts: Utility, Total Utility, Marginal Utility and Paradox of value.
3. Jerry has $12 a week to spend on yogurt and magazines. The price of yogurt is $2, and the price of a magazine is $4:
a) List the combinations of yogurt and magazines that Jerry can afford. Draw a graph of Jerry’s budget line with the quantity of magazines plotted on the x-axis.b) Describe how Jerry’s consumption possibilities change if, other things remaining the same, (i) the price of a magazine falls and (ii) Jerry’s income increases.
4. Draw figures that show your indifference curves for the following pairs of goods:
■ Right gloves and left gloves■ Coca-Cola and Pepsi■ Tylenol and acetaminophen (the generic formof Tylenol)■ Desktop computers and laptop computers■ Strawberries and ice cream
For each pair, are the goods perfect substitutes, perfect complements, substitutes, complements, or unrelated?
Your assignment should be submitted in a Word document and follow proper APA formatting and a minimum of two pages in length. Proper APA formatting includes a title page, in-text citations, and a formal reference page.
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