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1) 2) 3) 4) A consumer has initial income of $200 and faces prices of P x = $1 and P y = $5. Graph

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1) 2) 3) 4) A consumer has initial income of $200 and faces prices of P x = $1 and P y = $5. Graph the budget line, and show how it changes when the price of good X increases to P,' = $2. Suppose a worker is offered a wage of $5 per hour. plus a xed payment of $50. Formulate the Equation for the worker's opportunity set in a given 24-hour day, and find the earnings of the worker in a day, if he works for six (6) hours in a day. A consumer has $500 to spend on goods X and Y. The market prices of these two goods are P x = $10 and P y = $5. Show how the consumer's opportunity set changes if income increases by $500. How does the $500 increase in income alter the market rate of substitution between goods X and Y? The average 15-year-old purchases 100 song downloads and buys 20 cheese pizzas in a typical year. If cheese pizzas are inferior goods, would the average 15-year-old be indifferent between receiving a $50 gilt certicate at a local music store and $50 in cash? Explain. Use the following information to answer question 5 to 6: 5) 5) When trying to assess differences in her customers, Ayethe owner of Aye's Rose Boutique noticed a difference between the typical demands of her female versus her male customers. In particular, she found her female customers to be more price sensitive in general. After conducting some sales analysis, she determined that her female customers have the following demand curve for roses: (31F = 24- 2F. Here, 0" is the quantity of roses demanded by a female customer. and P is the price charged per rose. She determined that her male customers have the following demand curve for roses: Q\" = 27 - P. Here. CI" is the quantity of roses demanded by a male customer. If two unafliated customers walk into her boutique, one male and one female: Show the individual demand curve of female and male customers, in one graph. Determine the demand curve for these two customers combined (i.e., what is their aggregate demand?)

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