Find deri(10 points) a survey gives the value of the following variables for a sample of households in the uk: x1= number of people in the household x2= total household income x3= total household expenditure on food x4= total household expenditure on clothing x5= total household expenditure on alcohol and tobacco x6= total household expenditure on other goods write the functions which give: (a) total household income (b) total household saving (c) income per person (d) expenditure on clothing per person

Instructions are listed below

Explanation:

Giving the following information:

x1= number of people in the household

x2= total household income

x3= total household expenditure on food

x4= total household expenditure on clothing

x5= total household expenditure on alcohol and tobacco

x6= total household expenditure on other goods

A) total household income = x2

B) total household saving= x2-x3-x4-x5-x6

C) income per person= x2/x1

D) expenditure on clothing per person= x4/x1

answer when little or no data is available;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.