Ji-ho watches both movies and sports. He likes variety and prefers to watch a balanced mix of both movies and sports rather than just one game. What do Ji - ho's indifference curves look like, with movies on the y-axis and sports on the x - axis? Draw the curves.
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- Sub : EconomicsPls answer very fast.I ll upvote. Thank You In each of the following games, how many pure strategies (complete plans of action) are available to each player? List all of the pure strategies for each player.A police department must conduct 100 interrogations every month. Interrogations canbe done by friendly looking “good-cops”, who earn £20,000, or by scary looking“bad-cops”, who earn £40,000. Assume that both types of police can be hired quicklybut take several months to fire. When graphing the two kinds of police officer, put“good-cops” on the vertical axis. (a) Write an equation showing the police department’s costs as a function ofgood-cops and bad-cops hired. Convert this budget constraint into the equationfor a line that could be plotted on a graph, with the number of good-cops as afunction of total costs and the number of bad-cops hired. (b) The production function for interrogations isQ = min{good-cop, bad-cop}.Show the police department’s hiring decision in a large, suitably labelledgraph. How many of each is hired? What are the department’s costs?(c) The next year, the police department starts training good-cops how to beintimidating and bad-cops to be friendly. The training is…Sub : EconomicsPls answer very fast.I ll upvote correct answer. Thank You In each of the following games, how many pure strategies (complete plans of action) are available to each player? List all of the pure strategies for each player.
- Taraji's preferences are shown in the figure below. Taraji is just as happy to have as she is to have a 4 comic books and 8 cookies; 6 comic books and 12 cookies. b 6 comic books and 6 cookies; 5 comic books and 13 cookies. с 8 comic books and 8 cookies; 4 comic books and 12 cookies Cookies (number per week) Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. d 2 comic books and 8 cookies; 3 comic books and 5 cookies. 20 16 12 8 O 2 4 6 8 10 12 Comic books (number per week)‘‘Risk-averse people should only be averse to big gambles with a lot of money at stake. They should jump on any small gamble that is unfair in their favor.’’ Explain why this statement makes sense. Use a utility of income graph like Figure 4.1 to illustrate the statement. For a challenge, demonstrate the statement using a two-state graph like Figure 4.6.You have 6 hours to study for 2 exams tomorrow. The relationship between the time studying and test scores is shown below. Economics Psychology Score Hours Score Hours 58 58 66 1 64 2 73 2 69 3 79 3 73 84 76 88 5 78 91 6 79 a. Use the rule for determining optimal purchases decide how many hours you should study each subject. Treat each point on an exam like 1 unit of utility and assume you equally interested in doing well in economics and psychology. You should study economics for hours and psychology for hours.
- If we have money, we buy goods and services to satisfy our needs. In economics, thesatisfaction that we get from the consumption of goods and services is called utility. Usea utility graph to explain what happen to the utility when you keep on increasing thenumber of units consumed. Also explain what happens to the utility when you keep onincreasing the number of units consumed. Also explain what happens to the additionalutility (i.e. additional satisfaction) when you increase your consumption by one unit1. Suppose that there are two breakfast options, pancakes and waffles. Kwame only cares about the calories he gets from his breakfast he wants to consume as much as possible, no matter the food. Suppose that a waffle has thrice as many calories as a pancake. What do Kwame's indifference curves look like, illustrated with waffles on the y axis and pancakes on the x - axis?What is cardinal approach?
- 1. Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $.75 and the price of peanuts is $1.50. a. Construct a table showing the alternative combinations of the two products that are available.b. Plot the data in your table as a “budget” line in a graph. What is the slope of the “budget” line? What is the opportunity cost of one more candy bar? Of one more bag of peanuts?b. A student has a monthly budget of $120 to spend on either beer, which cost $6 each, or sodas, which cost $4 each. i. Find out the largest number of beers and the largest number of sodas the student could afford to purchase in one month? ii. After buying 15 sodas, how many beers that the student could afford to purchase in one month? iii. Plot each of the bundles from parts A-C on a graph that measures Beers on the horizontal axis and sodas on the vertical; connect the dots. iv. Show what happens to the budget constraint if the price of sodas rises to = $5 per soda.Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $.75 and the price of peanuts is $1.50.a. Construct a table showing the alternative combinations of the two products that are available.b. Plot the data in your table as a budget line in a graph. What is the slope of the budget line? What is the opportunity cost of one more candy bar? Of one more bag of peanuts?Do these opportunity costs rise, fall, or remain constant as each additional unit of the product is purchased?c. How, in general, would you decide which of the available combinations of candy bars and bags of peanuts to buy?d. Suppose that you had won $30 on your ticket, not $15. Show the $30 budget line in your diagram. Why would this budget line be preferable to the old one?