The budget constraint displays a price of good Y equal to $3.00 and a price of good X equal to $3.00. 26.67 Qy 20.0025 - 13.335 (16, 10.67) A 6.6675
Q: Price 300 275 250 225 200 - 175 150 125 100 75- 50 - 25 25 30 75 100 125 150 175 200 Ority Refer to ...
A: Equilibrium in the market occurs where quantity demanded equals quantity supplied.
Q: Which of the following best describes Relative Purchasing Power Parity? A basket of goods should cos...
A: The amount of goods and services that can be bought with given income is referred to as purchasing p...
Q: 1. How does the demand curve faced by a pure monopolist seller differ from that confronting a purely...
A: Monopoly refers to the market structure where there is only a single seller of a product and no othe...
Q: (15 Marks) A new public arena costs $60 million. The largest portion of this amount, $40 million, is...
A:
Q: Suppose that Lizzo's utility function U is given by U = wD.53 where w is wealth. Lizzo has wealth of...
A: The term "risk-averse" basically refers to an investor who prioritizes capital preservation over the...
Q: Answer the question on the basis of the following production possibilities data for Gamma and Sigma....
A: Given: Gamma production possibilities: A B C D E Tea 120 90 60 30 0 Pots 0 30 60 90 120 ...
Q: What are three errors that Ricardo made in his own work on trade theory?
A: Ricardo's theory infers that comparative benefit as opposed to absolute benefit is liable for a lot ...
Q: a. In a few words, under what circumstances is the SRAS quantity of output different from the LRAS q...
A: Answer: (a). SRAS is shown by an upward sloping line whereas the LRAS is a vertical line that shows ...
Q: According to the recent report the debt of the Philippines reach about 11.6 Trillion Pesos. If by th...
A: The total debt of the country at the end of 6 years of the next administration can be calculated by ...
Q: r=0% on deposits. Consumer needs to borrow $50 loan and the consumer has uncertain income of y=50,80...
A:
Q: Explain Marshall’s analysis of elasticity.
A: Please find the answer below.
Q: Suppose Sky would like to spend Php 1000 to rent the badminton court (C) and study area (S) on a wee...
A: Sky utility function: U=C2S .... (1) Sky's budget m =Php 1000 Cost of one hour on bad...
Q: 6. An economy shows the following features : Consumption, C= 50 + 0.9 (Y – T) Tax Revenue, T= 100 In...
A: Answer: Introduction: Now y= 1100 - 251
Q: 9.2 (LG 9.2) Find the real amounts (with today as the base year) corresponding to the current amount...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
Q: explain what socio-economic theory assumes about people’s behavior. What are some of the social cons...
A: The study of the connection or interaction between social behaviour and economics is known as social...
Q: to Scale and Economies of Scale uahon in whien output doubles when all inputs ae lovlored. > Can a p...
A: Return to scale show the long-run production function where it can be increasing, decreasing, and co...
Q: Make the 5 examples of Modus Ponens infrence with the help of vendiagram.???? Provide the eight exam...
A: The Venn diagram was invented by the English logician and philosopher John Venn (1834–1923) as a gra...
Q: Is there hope for a country to grow in economy
A: Growth Rate: The magnitude of the growth rate can be determined by dividing the absolute change by t...
Q: An investor with a MARR of 15% and at least $40k to invest is using rate of return analysis to deter...
A: Answer -
Q: State three [3] roles of the import license
A: (Q) State three [3] roles of the import license.
Q: ABC Company makes its policy that for every new piece of equipment purchased, the annual depreciatio...
A: Below is the given value: The annual depreciation should not be more than = 25% Salvage value = 0
Q: If a country chose to produce twice as many wooden chairs as before, how would that affect its produ...
A: Law of increasing cost implies that if a producer increases the production of one good, then he h...
Q: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table b...
A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the exac...
Q: You borrowed money today to be paid in 8 equal payments at the end of 8 quarters. If the interest ra...
A: In the financial world, "principal" is a term that can mean various things. When referring to a loan...
Q: (Chapter 9) Consider a two-period intertemporal model. Consumers have the preference U(c, c') = Vc+ ...
A: Answer -
Q: A certain quantity Q has initial value 5 and decays by 2% each day. Give an exponential function tha...
A: The correct answer is given in the second step.
Q: Consumer has utility function In(c1)+beta*In(c2), where beta=1. Interest rate i=0%. (NOTE!) Income y...
A: Utility function : ln(c1) + ln(c2) (As Beta = 1 ) y1 = 10 , y2 = 50 Budget Constraint in peri...
Q: For an economy the following consumption function is given : C = 60+0.75 Y. %3D (a) If investment in...
A: Answer: Y =380
Q: 11. _is power based on the ability to distribute something that others value a. Coercive power b. Re...
A: 11. The answer is b. Reward power. Reward power is power based on the ability to distribute s...
Q: Questions: a. By using the 4-market system, give your analysis of the effect of raising the interest...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Suppose the government puts a tax on a market with inelastic supply and elastic demand, then---- O. ...
A: When a government imposed a tax on a product, then how much the burden of the tax falls on buyers an...
Q: Lecture question 4.What is the 2008 peak price in today's dollars? Nominal price CPI July 2008 Febru...
A: Consumer price index is the index shows the average price changes of goods and service shows the liv...
Q: A good economic model O a) is simple, flexible, and useful for making accurate predictions. O b) nev...
A: A good economic model is a model which is easy to understand, involves less complexity in formation ...
Q: Please help with the following question. You are able to sell 15 gallons of ghost pepper sauce per m...
A:
Q: How does the United States compare to othernations in the area of health care?
A: Despite spending much more on healthcare than developed economies, the United States has poorer heal...
Q: Suppose that there are two fancy hotels on the online booking platform, say W hotel and Ritz Carlton...
A:
Q: Firms in the market for dog food are selling in a purely competitive market. A firm producing dog fo...
A: A competitive market is one in which numerous producers compete for the goods and services that we, ...
Q: A. Describe how a set of data can be represented in graphical form as frequency polygon. B. Table 3 ...
A: Since you have posted a question with multiple subparts we will solve first three subparts for you. ...
Q: Use the Aggregate Demand – Aggregate Supply Model to demonstrate the effects of expansionary fiscal...
A: The curve that depicts various quantities of goods and services being demanded by individuals at var...
Q: 3. Profit maximization using total cost and total revenue curves Suppose Cho runs a small business t...
A: Selling a product or service at a predetermined price generates a company's revenue. An organization...
Q: At a price $13, there is a _of ___ units of goods.
A: Price of good X Quantity demanded Quantity supplied 10 400 60 11 360 70 12 310 80 13 230 90 ...
Q: Taking the data of the following table answer 4 through 5. Indicators of Puerto Rico, 2009 (Income i...
A: The Gross products mean the total market valu of goods which was produced domestically during the ye...
Q: A manufacturing company makes it a policy that for every new equipment purchased, the annual depreci...
A: *Depreciation will not be greater than 25%. *Cost of assets = C0 *Salvage value = Cn
Q: Explain transport infrastructure and give three [3] forms with three [3] examples
A: Transport infrastructures help in transferring the goods and services along with the passengers from...
Q: Pizza production requires labor (cooks) and capital (ovens). If the wage rate for cooks is $15 per h...
A: Given, The wage rate for cooks = $15 per hour The rental rate on ovens = $20 an hour The MPP for c...
Q: Suppose that the production function is Y =9 x0 SN5 With this production function, the marginal prod...
A: Production function gives the relation between the inputs and the output of a production process. Th...
Q: is it better to have bank based or market based eco
A: An economy is a complex system of interconnected production, consumption, and trade activities that ...
Q: A technological advancement will cause O a) the production function to shift downward. O b) the prod...
A: Production function creates a relationship between input and output of goods.
Q: P2. Suppose that in Japan, without a tariff 10,000 cars will be sold per year at an equilibrium pric...
A: Tariff is a tax imposed by government by one country on the goods and services and imported from ano...
Q: More latest brands of notebook computers are now available to consumers. Explain the effects on the ...
A: Market price refers to the price at which a good or service is sold in the market. The quantity whic...
Step by step
Solved in 2 steps
- Jen from Thunder Bay consumes housing (H) and food (F). Her studentstipend is $600/month. She has a utility function of U(H, F) = F1/3H2/3.The initial price of food is pF = 1 and the price of housing is pH = 10. (a) Determine how much food and housing she consumes.(b) Suppose the government decides to subsidize her housing by 50%.This has the effect of lowering the price she actually pays for housingto $5. If the price of food is $1 and the price of housing is $5, calculateJen’s utility maximizing bundle of goods.(c) How much does the Government spend on this program (just on Jen)?(d) Calculate her utility level using the utility function above and thequantities consumed.(e) Calculate Jen’s utility maximizing bundle and her resulting utilitylevel if the government chooses to simply give her the money theywould have spent on the program (rather than subsidize housing).How much utility does Jen get?(f) Given the two programs cost the same, which one is better for Jen?Illustrate the…abby is a single mom with a weekly budget of $100. She can spend her weeklyincome on food and diapers for her son. Price of food is $1 and price of a diaperis 50 cents. Her son needs at least 5 diapers a day, therefore she must purchaseat least 35 diapers weekly. Jennifer’s utility function is U (f, d) = f 0.9d0.1,where f and d represent quantity of food and diapers, respectively.Question 1 Part aFind abbys optimal consumption bundle. Make sure to draw her budgetconstraint and indifference curves and clearly demonstrate your solution.A consumer with the following utility function U = xy? faces two constraints. The first is the normal budget constraint where he has GH¢150 and the price of x and y are both GH¢1. Also, the consumer has been issued 200 ration coupons by the government which he must use whenever he buys either x or y. It takes 2 coupons to buy an x and 1 coupon to buy a y (for example: to buy 3 units of x it would require GH¢3 or 6 coupons) (i) Write down the Lagrangian for this problem. (ii) Applying the steps of Kuhn-Tucker, find the optimal x and y. Identify which constraints, if any, are binding.
- John has $300 as income and he uses his income only for apples and bananas. If he uses his income only for apples, he can buy 10 pounds. If he uses his income only for bananas, he can buy 15 pounds. Which one is the correct formula for his budget constraint when X=pounds of apples, Y=pounds of bananas and the prices are per pound? a) More information is needed to answer the question. b) 15X + 10Y = 300 c) 10X + 15Y = 300 d) 20X + 30Y = 300 e) 30X + 20Y = 300maddy is a single mom with a weekly budget of $100. She can spend her weeklyincome on food and diapers for her son. Price of food is $1 and price of a diaperis 50 cents. Her son needs at least 5 diapers a day, therefore she must purchaseat least 35 diapers weekly. maddy utility function is U (f, d) = f 0.9d0.1,where f and d represent quantity of food and diapers, respectively.Part aFind Jennifer’s optimal consumption bundle. Make sure to draw her budgetconstraint and indifference curves and clearly demonstrate your solution.Part bmaddy uncle Sam, who is aware of her financial troubles, offers to help herout. Specifically, he offers to pay half of her weekly diaper expenses. Howmany diapers maddy would buy now? Again, demonstrate your solution bothgraphically and analytically.consumptionA consumer's budget constraint is given by 500 = 40G + 10D, where G is ice cream in liters and D is drink in liters. The consumer thinks that a liter of ice cream is a perfect substitute for 3 liters of drink. Which statements are then correct?Select one or more options: a-2 liters of ice cream and 42 liters of drink are on the budget line b-The optimal choice is to consume 3 times as much drink as ice cream c-The optimal choice is to only consume ice cream d-0 liters of ice cream and 50 liters of drink are on the budget line
- The consumer’s utility function is u(x1, x2) = 2√x1 + √(x2/4) (a) Determine the equilibrium condition for MRS21 and prices p1, p2. (b) Express the general form of D1(p1, p2, m), D2(p1, p2, m). (c) Calculate the desired amounts x1, x2 for p1 = 8, p2 = 2, m = 80. (d) Express the general form of income elasticity for commodity x1. Please show working step by step for b,c,d with final values of solution like in aA consumer has a utility function given by lnU =5linx subscrip1 +3lnx subscript 2 if the budget constraint is given by 10x subscript 1 +14x subscript 2 =124 find the optimal quantity of the two commoditiesDetermine the equilibrium quantities of commodities x and z for a consumer whose total utility (U) and other relevant variables are given below; U = 20x +4z 2 + 40z +x2 Income level Y = Ksh.48, Price of Price ofx px = ksh.2, z pz =ksh.4
- Basil is a broke college student who consumes only coffee and pizza. No one is really sure how he can survive on those two goods alone, but somehow he does. Coffee is $2 per cup, and pizza is $5 per pizza. Basil's weekly budget constraint is shown below. On the graph below show how his budget constraint would change if Basil gets an additional $10 per week from his grandmother. Coffee (cups per week) 15 14 13 3 210 000 654 120 w 2 -N Budget Constraint 0 01 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Pizza (number per week)Malcom only consumes 2 goods - Good A and Good B. His budget constraint is 4A+2B=400, which means Good A's cost is $4 per unit, Good B's cost is fixed at $2 per unit, and income is fixed at $400. However, Good A's cost is not fixed, with the condition that if Malcom consumes more than 5 units of Good A, Good A would cost him $5 per unit. Thus if he does consume more than 5 units of Good A, his budget constraint would be 5A+2B=400 (a). How does Malcom's optimal choice change? Explain in full detail. (b) How does Malcom's well-being change? Explain in full detail.Anna has an income of 1000 euros and utility function U(x,y)=x²y³. The prices of the two goods are P₁=5 and Py-20. a) Define the budget constraint and represent it graphically. (