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Define time preferences for consumption
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- What is econometrixThe vending machine in Katherine's office building offers cans of pop and candies. Katherine's utility function is U = 3PC, where P is the amount of pop consumed per %3D week and C is the amount of candy consumed per week. Pop costs $1 and candy costs $0.5 per bag. If Katherine has $10 to spend, she will consume A bags of candy.A budget function is given by 4x+2y = 100, thus the slope of the budget line is
- why is there no inclusion of the parameter z in the solutions and the budget constraint?Compare the results of your personal time allocation to your ideal time allocation. Are you close to your ideal allocation? If not, what factors are affecting your use of time? Time allocation is the process of efficiently organizing your time by devoting a certain amount of time to each job that you must do. When I compared the outcomeConsumers can choose between gas powered cars and electic cars. Suppose the price of gas increases by 25%. We can expect the price of electic cars to : Decrease Remain Unchanged Increase It is impossible to say
- Quantity of Potato Chips E Quantity of Diet Coke Refer to the figure. What point does NOT represent a possible consumption option? a) point A b) point B c) point D d) point Ewrite a short note about the following variables and support your answers by giving examples for each variable: TFC , TC , VC , MCCould you please help me only with the last part-money metric utility function? Thank you!