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Pls help with below homework.
David is in a car accident that leaves him paralysed. Using the Grossman model, show how the car accident is likely to affect David's Production Possibility Frontier, optimal H, and optimal Z.
Assume that David's indifference
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- Good Y Use this figure of a feasible frontier and a set of an agent's indifference curves to answer the following three questions: A B C D E Good X shot 2024-... i Q Q Economists use the symbol ">" to mean "is preferred to". For example, if for Ash JK, it means that they prefer J to K. Which of the responses below correctly indicates this agent's preferences over the five labeled points on the feasible frontier, listed from most preferred to least preferred? OD C B E A OC B D A E OB A C D E OE D C B>A OA B C D EExplain the cardinal and ordinal utility approach ?urgent answer need!!!!!!!! Write down the concept of "Indifferent Curve' and *Budget line' with properexplanation and graphical presentation. ples write briefly
- Matt has $14 to spend on fruit today at the grocery store. The only fruits he likes are apples and oranges. Both cost $2 per pound. Matt's preferences between these fruits are presented in the table below. How many apples and oranges will he buy if he were a utility maximizer? a b с Pounds of Apples 1 2 3 4 5 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. d Pounds of Oranges 1 2 3 4 5 Apples = 1 pound, Oranges = 2 pounds Apples = 2 pound, Oranges = 5 pounds Apples = 1 pound, Oranges = 1 pound Marginal Utility from Apples Apples = 3 pounds, Oranges = 3 pounds. 200 300 380 440 480 Marginal Utility from Oranges 100 200 250 280 300Consider a couple's decision about how many children to have. Assume that over a lifetime a couple has 100,000 hours of time to either work or raise children. The wage is $10 per hour. Raising a child takes 10,000 hours of time. a. Make a graph with the budget constraint showing the trade-off between lifetime consumption and number of children. (Ignore the fact that children come only in whole numbers!) Show indifference curves and an optimum choice. b. Suppose the wage increases to $15 per hour. Show how the budget constraint shifts. Using income and substitution effects, discuss the impact of the change on number of children and lifetime consumption. c. We observe that, as societies get richer and wages rise, people typically have fewer children. Is this fact consistent with this model? Explain.If Utility=.5lnX+3Z+10+4VW then Marginal utility from X is...... and the Mu of Z is...... Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с 10; 3 3,4 5/X; 3 d 2/VW; 3
- If only the prices of goods in a two-good society quadruple, what will happen to the budget line? A Insufficient information is given to determine what effect the change will have on the budget line but we know society is worse-off. There will be no effect on the budget line. C The slope of the budget line may either increase or decrease. D The intercepts of the budget line will increase.T/F Explain Utility numbers cannot be negative since higher utility means a con- sumer is better off.Explain the cardinal and ordinal utility approach ? P Type here to search
- what is satiation point? And how it is helpful in deriving indifference curve?Question 2Consider the following diagram. This diagram depicts indifference curves of three differentconsumers: Elena, Peter and Tim. They all face the same budget constraint (the bold blackline). A, B, C, D represent some of the possible consumption bundles. Answer the followingquestions using this graph. I have attached an image of the graph. Q. In the above graph (on Page 18), shade all the “Worse-than-C” bundles for Elena(assuming she likes to consume both Muffins and Coffee). If possible, please send a shot of a sketch of the shaded area.ayesha derives utility from travelling and outdoor dinning o weekends as given utility function U(t,d)=TD.the price of a day spent travelling is $160{Pt=160} and price of dining outdoor $200{Pd=200}.ayesha annual budget for this is $8000. find ayesha's utility maximizing choice of days travelling and dining outside. and alsoo find uutility level from consuming that bundles .show findings graphically