PLEASE TELL ME IF THE OPTIONS BELOW FOR QUES 1 ARE CORRECT OR NOT? IF NOT THEN PLEASE ANSWER THE CORRECT THING!!!

FOR THE OTHER TWO QUESTIONS PLEASE SOLVE THEM!

Question 1 1 pts Consider the market demand for cornflakes. Complete the following table by indicating whether an event will cause a movement along the demand curve for cornflakes, or a shift of the demand curve for cornflakes, holding all else constant. Event Movement Along or Shift A decrease in the price of cornflakes Movement Along A change in preferences of consumers that makes them desire Shift more cornflakes An increase in income of consumers Shift A decrease in the price of millet-flakes (a substitute for Movement Along cornflakes)Question 2 2 pts Harsha enjoys having biscuits (b) and chocolates (c) in the store outside his school. These provide him utility, which is given by the utility function U (b, c) = vbc. A biscuit costs Rs. 2 and a chocolate costs Rs. 5, and Harsha's mother has given him Rs. 40 as pocket money. If he wants to maximize utility, he will consume [ Select ] biscuits and [ Select ] chocolates. If the price of a biscuit increases to Rs. 5, but his pocket money remains the same at Rs. 40, Harsha will now consume [ Select ] biscuits and [ Select ] chocolates.Question 3 3 pts Charles and Dani Bloom live in Boston, and enjoy going out to fancy restaurants for dinner, and to coffee shops for breakfast. On the following graph, the purple curves Uj and U2 represent two of their indifference curves for dinners and breakfasts. They have $500 per month available to spend on eating out. The price of a breakfast is always $5. Each labeled point represents the tangency between a budget constraint and the corresponding indifference curve. BREAKFASTS H DINNERSThe initial budget constraint (BC, ) shows the Blooms' budget constraint when the price of a fancy dinner is $25. At this price, Charles and Dani would choose to consume eight dinners. Suppose that the price of a fancy dinner increases to $50, shifting their budget constraint to BC2. which represents a new relative price of ten breakfasts per dinner. (Hint: The blue line labeled H is parallel to BC, and tangent to Uj at point M.) Complete the following table by indicating which point movement represents the substitution effect and income effect for dinners when the price increases from $25 to $50. Consumption Change Fancy Dinners Represented by.. (Quantity of dinners) Substitution effect [ Select ] [ Select ] Income effect [ Select ] [ Select ] In this case, the price increase of dinners causes the Blooms' real income to [ Select ] . Because of the change to Charles and Dina's real income and the direction of the income effect, dinners are [ Select ] for the Blooms