Question: Please answer all three parts True/False/Uncertain (5 points each). Please make sure to justify your answers. Please be clear and concise. All questions can be

Please answer all three parts

Please answer all three parts True/False/Uncertain (5 points each). Please make sure

True/False/Uncertain (5 points each). Please make sure to justify your answers. Please be clear and concise. All questions can be answered in 10 sentences or less! 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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