Question 3 Mr. Richie was a wealthy business man. He had two children, Janet nd Jackson. Richie has gold necklaces and diamond rings. In this economy, Mr. Richie was the nly consumer who had gold necklaces and diamond rings. Mr. Richie did not write any will. When e died, half of his gold necklaces were inherited by Janet, and the other half by Jackson. Similarly, alf of his diamond rings were inherited by Janet and the other half by Jackson. Janet and Jackson id not have any other assets and did not receive anything else from Mr. Richie. (a) Draw an Edgeworth Box with two consumers, Janet (lower left) and Jackson (upper right), and two goods, gold necklaces (horizontal axis) and diamond rings (vertical axis). Locate the endowment bundles in the Edgeworth Box, after Janet and Jackson receive their father's assets. (b) Suppose a gold necklace is more expensive than a diamond ring. Draw a new Edgeworth Box showing Janet's and Jackson's budget sets. (c) Suppose that Janet only cares about diamond rings, Jackson only cares about gold necklaces and Janet and Jackson can trade among themselves. (i) Draw a new Edgeworth Box showing: (1) two of Janet's indifference curves including an arrow pointing towards the direction of higher utility, and (II) two of Jackson's indifference curves including an arrow pointing towards the direction of higher utility (use a different colour). (ii) Is there any competitive equilibrium in which gold necklaces and diamond rings have the same price? Explain and illustrate your answer. If your answer is yes, identify Janet's and Jackson's competitive allocations. (iii) Is there any competitive equilibrium in which gold necklaces are more expensive than diamond rings? Explain and illustrate your answer. If your answer is yes, identify Janet's and Jackson's competitive allocations. Draw a new Edgeworth Box showing the set of Pareto Optimal allocation(s). (d)

Which type of graph will be suitable for representing the above sales revenue by regions

What is the AVC and MC?

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What is the unit contribution margin?

AutoSave File Document! Word Chris Navo Home Insert Draw Design Layout References Mailings Review View MathType Help Acrobat Graphs Format Cobb and Douglas used economic data published by the government to obtain Table 2. Year P Year 1899 100 100 DOL 1911 148 216 1900 101 105 107 1912 155 1901 112 110 114 1912 1902 122 117 122 1014 169 152 244 1903 124 122 131 1915 109 156 266 1904 122 121 138 1916 225 183 1905 143 125 149 1917 227 1905 152 124 163 1915 223 201 1907 151 140 170 1919 218 19.08 126 123 485 1920 231 104 407 19.09 155 143 198 1921 179 146 417 1910 159 208 1922 240 161 431 Table 2 Swords et Predictions. The Cobb Douglass formula is P(L, K) = bLa K¹-a Determine monetary value of all the goods produced in 1 year or simply the production level in 1920 for a=.20 and b=1.01. Round to one decimal place.

What is the 4p ( Product, price, place, promotion) of caribou coffee ?

hi you have not specified how you got 1.152