Question: Please answer all parts True/False/ or Uncertain? Please justify your answer and be clear and concise. Graphs may be used. 1. A breakout of mad

Please answer all parts

True/False/ or Uncertain? Please justify your answer and be clear and concise. Graphs may be used.

Please answer all parts True/False/ or Uncertain? Please justify your answer and

1. A breakout of mad cow disease that makes it riskier to consume beef would reduce the consumption of beef more by persons who initially consumed relatively large quantities of beef. 2. The following utility function describes describes two goods that are per- fect substitutes: U(x, y ) = y+ (x+3 ) = 3. Consider an individual who enjoys consumption of just two goods: apples and oranges. If, all else equal, the consumer's willingness to pay for apples increases with consumption of oranges, then oranges must be normal goods

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