Please answer all 4 questions w/ explanation:

Question#1

Once an individual decides on their optimalfutilitv-maximizingr'best choice demand for goods 3:. and 12;, their choice is expressed as the bundle (x: , 155 ll . Stars indicate an optimal choice. 11x? l {assuming nothing else changes} and is often referenced 1uvt'ler'l talking about the \"Law of Demand". One comparative static relationship we discussed in class is .Theoreticallv, the relationship is 0 cannot be known Q 0 (:3 positive 0 negative 0 either positive or negative In the empirical example on the relationship between births per woman and GDP per capita, each observation in the dataset is O a state O a country O an individual O a firm O a cityStandard errors measure the precision of the estimated regression coefficients. In general, standard errors are larger when O there are many other factors determining y that are not included in the regression equation O All of the above lead to larger standard errors O the sample size is small O there is little variation in the x variableAkerlof and Kranton (2000) argue that a person's identity can alter their decision-making by introducing constraints on their choices. These constraints will make some choices less costly and some more costly. For an individual in a society with norms and established culture, deviating from their prescribed identity will have has costs. In a single phrase or sentence, think about what those costs could be and provide an example