I need some help with the following

(a) (hi (a) (bi Assume the demand for good it is fog Aims-ac with (1x = c e-[F'IIII1 If the quantity demanded is 120 when H is $2.00, what is the quantity demanded when P: rises to $4.50? HINT: Begin by finding the value of the constant c. Using your answer in part (a). find the precise price elasticity between Still] and $4.50. Assume that demand for good It is a function of its price (Pic). the price of good 'i' (Pv), and Income (M) as follows: 0: = {(M + vatgpx ' 1 Given the following values for these variables: P:=2;Pv=5;lvl=51 Calculate the {own} price elasticity Em Calculate the cross price elasticity Exv Calculate the income elasticity Em Assume that demand for a good (E1) is a function of its price (P), as follows C = e- P, for i] -: P s e. where eis Euler's number (a constant 2 231323). If the equilibrium price P' = 31: What is the price elasticity of demand (= dQI'dF' - PEG) in equilibrium? What is the dollar value of consumer surplus (CS) in equilibrium? HINTze- P] = [Is-P - laF'z] What is the total dollar benefit to buyers (C3 + total mpaid} In "equilibriu n1? """""""""""""""""""""""""" Page BI'EBH'" (H) (b) A city government is considering renting space in an all day parking garage for its 10C- employees. The government estimates these employees' demand function for parking spaces is 150 50F (P a $1). where P is the per-day price of parking, and the city will pass on the cost. If the city needs n_ot charge each of its employees the same price for a parking space, what is the maximum amount the city could pay for the 100 spaces, and what would be the average cost per space? Assume the employeesr union insists that - per their contract - each employee must be charged the same price for parking. and the city/s response is to intend charging the once that maximizes its parking fee revenue. What price per space would the city charge under this circumstance, and how much less total dollar benefit would the nrnnlnunnr: rnhniun'} 5. You are shown four envelopes. Envelope A contains $1,500; envelopes B, C and D contain uncertain amounts of money but with the following probabilities: Envelope B -- $5,000 with a 10 percent probability, $1,500 with an 89 percent probability, and $50 with a one percent probability. Envelope C -- $1,500 with an 11 percent probability and $50 with an 89 percent probability. Envelope D - $5,000 with a 10 percent probability and $50 with a 90 percent probability. Show mathematically that if envelope A has a higher expected utility than envelope B, then it must be true that envelope C has a higher expected utilitythan envelope D. (Note: For a given value of M, U(M) is a fixed but unknown number; DO NOT assume U(M) = M!!) 6. A graduating MBA student has job offers from two brokerage firms. Firm #1 pays a straight salary of $70,000 (but no commission bonuses). Firm #2 pays a salary of $6,000 plus a commission bonus, with a fixed bonus schedule based on annual sales; the potential commission bonus for firm #2's job is as follows: $150,000 with a probability of 11%, $50,000 with a probability of 83%, $20,000 with a probability of 5%, and zero with a probability of 1%. (a) What is the expected monetary value of Firm #2's job? (b) The student claims to be indifferent between the two job offers. If this is true, is the student risk averse, risk loving, or risk neutral, and why?Question 1 Let an individual's utility function be given as w(x1, *2) = 2 vx1-12. a) Compute the Marginal Rate of Substitution. b) Initially, the individual consumes bundle (x1 = 100, x2 = 12.5). Then, the indi- vidual's consumption of the first good is cut to x, = 50. What is the new level of consumption of good 2, x2, that the individual needs to consume in order to reach the same utility level as before? c) Given the prices p1 = 1 and p2 = 2 for the first and the second good, respec- tively, and a budget of m = 100, what is the best consumer choice? d) Find the individual's general demand function for good 2. e) If the price for the first good rises to p; = 50, how much less of good 2 will the individual conusme? f) Assuming the demand function for good 1 is xi (pi ) = : ", what is the inverse demand funtion, and what is the own-price elasticity of demand for good 1! g) Assuming the demand function for good 1 is x (PI) = 1 pi ", show mathemati cally that the good is not inferior.Question 3 The demand function is given by 1=ApY with x giving the demand, p the price and a and y as positive parameters. a) Derive the price elasticity of demand, E. What is the economic meaning of the price elasticity of demand? What is elastic, what is inelastic demand? b) Denote revenues as a function of demand x and price p. How do revenues change as a reaction to an increase of the price, if demand is inelastic? c) Is the good in focus a Giffen good? Explain your answer both verbally and analytically