Please help
1. Tami starts her new job and wants to build a new wardrobe. Her utility for pants and shirts is estimated by the equation U = P0.7.50.3, where U is her total utility from consuming pants and shirts, P is the quantity of pants she buys, and S is the number of shirts she buys. Suppose she has budgeted $1,000 for her wardrobe, and the price of pants is $70/each, and shirts $30 each. a. Putting pants on the x-axis and shirts on the y-axis, draw Tami's indifference curve (estimate it) and income constraint for pants and shirts. b. How many pairs of pants and how many shirts will she buy if maximizing her utility is her objective? c. What is her total utility? d. Suppose that the price of pants fell to $50. Show using the drawing you already created, show the change in Tami's income constraint and indifference curve. 2. A poor college students spends $100 per week on food and all other goods (a composite good consisting of everything else you'd consume other than food). The price of food per unit is $8, and the per unit price of all other goods is $5, and the student's utility for the two goods is U = FO.8.A0.2, where F is units of food and A is units of all other goods. a. Draw this student's indifference curve and income constraint for food and all other goods, with food on the x-axis. b. Next, show what happens when the government subsidizes food purchased by students by giving them vouchers for 12 off the price of all food items.QUESTION ONE One of the economic impacts of the current covid -19 pandemic is a rise in demand deficient unemployment. i) Explain how fiscal policy can be used to solve this problem. (5 marks) i) How can monetary policy be used to address the same problem. (5 marks) iii) Explain the links between changes in the nation's money supply, the interest rate, investment spending, aggregate demand and real GDP. Illustrate with a graph where appropriate (5 marks) iv) Discuss the negative redistributive effects of unanticipated inflation on any three groups/agents in the economy. (5 marks) v) Which of the two types of inflation is most likely to be associated with a negative GDP gap? Illustrate with a graph. (5 marks) vi) During World War II, an Allied soldier named Robert Radford spent several years in a large German prisoner-of-war (POW) camp. At times more than 50,000 prisoners were held in the camp, with some freedom to move about within the compound. Radford later wrote an account of his experiences. He described how an economy developed in the camp, in which prisoners traded food, clothing, and other items. Services such as barbering also were exchanged. Lacking paper money, the prisoners began to use cigarettes (provided monthly by the Red Cross) as money. Prices were quoted, and payments made, using cigarettes. (a) In Radford's POW camp, explain how cigarettes fulfilled the three main functions of money (3 marks) (b) Briefly discuss why a non-smoking prisoner would have been willing to accept cigarettes in exchange for a good or service in Radford's camp. (2 marks)1. The following shows the demands and marginal revenue in two markets (D1 and MR1, and D2 and MR2) for a price discriminating firm along with total demand, DT, marginal revenue, MRT, and marginal cost MC. 350 325 300 D2 275 MR2 250 225 MC 200 175 DI DT MR1 150 125 MRT 100 75 50 25 100 200 300 400 500 600 700 800 . . D1 - - - MR1 - D2 - MR2 WWWWWW= = MRT DT MC As with the PPT slides, you can view the data generating these lines; for reference, D1 = 200 -0.25Q D2 = 300 - 0.25Q MRT = 250 - 0.25Q DT = 250 - 0.125Q MC = 0.0008Q 2 - 0.45Q + 150 a. Compare the demand conditions in each market; i.e. how do the two markets differ in their demand for the firm's product? b. How much total output should the firm produce (for both markets combined)? How should that output be allocated between markets 1 and 2? c. What price should the firm charge in each market
