in solving the questions in the attachments below. Write brief notes on the following: (a) Scarcity and choice. (b) Diminishing marginal utility. (c) Price clasticity of demand. (d) Income elasticity

in solving the questions in the attachments below. Write brief notes on the following:
(a) Scarcity and choice.
(b) Diminishing marginal utility.
(c) Price clasticity of demand.
(d) Income elasticity of demand.
(c) Substitution and income effects of a price change. Show that the variance of a discrete random variable X is given by:
var(X ) = G*(1)+G'()-[G'()]
where G(r) denotes the probability generating function of X . If the random variable X has a Poisson distribution with mean 1, derive an expression
for the expected value of 1/(X + 1).
[3] A discrete random variable X has probability function given by:
0
2
P(X = x)
0.3
0.5
0.2
Calculate:
(i)
E(X )
(ii)
var( X )
(iii) the coefficient of skewness.

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