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Problem 1 Suppose you have the following value function: ()-2r for gains and()3r for losses. You...
Suppose you have the following value function: u(z) 2 r for gains and v(z) 3r fr...
Suppose you have the following value function: u(z) 2 r for gains and v(z) 3r fr losses. You have aeowment of 4 apples and 3 bananas, draw your indifference curve given the value function Problem2 1) Suppse Dr Wu has four siblings. You know the oldest and the youngest of Dr Wu's siblings are men. What is the relevant outcome space now? (Order matters!) 2) Please answer true or false for the following questions and provide explanations . You are...
Suppose you have the following value function: u(z) 2 r for gains and v(z) 3r fr...
Suppose you have the following value function: u(z) 2 r for gains and v(z) 3r fr losses. You have aeowment of 4 apples and 3 bananas, draw your indifference curve given the value function Problem2 1) Suppse Dr Wu has four siblings. You know the oldest and the youngest of Dr Wu's siblings are men. What is the relevant outcome space now? (Order matters!) 2) Please answer true or false for the following questions and provide explanations . You are...
Problem 3 Suppose you have the following value function: (x)2 for gains and v(x 3r for...
Problem 3 Suppose you have the following value function: (x)2 for gains and v(x 3r for losses. 3a Suppose your reference point is zero, represent the value function graphically. 3b Suppose you get a 10 dollars raise, which you do not expect. What is the value of this raise to you? Suppose you get a 10 dollars raise, but you actually expect to have a 20 dollars raise, what is the value of this raise to you? Depict the two...
Diana's utility function for consuming apples (Xa) and Bananas (Xb) is U(Xa,Xb) = XaXb. Suppose the...
Diana's utility function for consuming apples (Xa) and Bananas (Xb) is U(Xa,Xb) = XaXb. Suppose the prices of apples is $1, bananas $2, and her income is $40. On a graph with bananas on the y-axis, use blue ink to draw Bianca’s budget line.With red ink, plot an indifference curve that gives her a utility level of 150. Using black ink, plot an indifference curve that gives her a utility level of 300. Can Bianca afford any bundles that give...
please show all your works 1. Craig consumes apples and bananas. We had a look at...
please show all your works
1. Craig consumes apples and bananas. We had a look at two of his indifference curves. In this problem we give you enough information so you can find all of Craig's indifference curves. We do this by telling you that Craig's utility function happens to be U(XA, XR) = XAXB a. Craig has 40 apples and 5 bananas. Craig's utility for the bundle (40,5) is? b. Draw the indifference curve showing all of the bundles...
Problem 2 Suppose that Prof. Wu faces three consumption bundles A-1 apples,3 bananas), . B (3...
Problem 2 Suppose that Prof. Wu faces three consumption bundles A-1 apples,3 bananas), . B (3 apple, 2 bananas), . C (4 apples, 2 bananas) Assume that Prof. Wu prefers C to B and he is indifferent between Λ and B 1) If Prof. Wu is rational, what additional conditions you need to impose on Prof. Wu's pref erences? Explain why after adding those conditions, we can say Prof. Wu is rational 2) Depict the three consumption bundles on a...
I only need answers for e and f. Problem 3: Suppose your utility function (i.e. level...
I only need answers for e and f. Problem 3: Suppose your utility function (i.e. level of satisfaction from consuming a and b) is given by ?(a, b)=?1/3?2/3 where a represents apple and b represents banana. Your total income is $500. The price of apple is $5 and the price of banana is $10.(a) Write your Budget Constraint (BC).(b) Write your Rational Choice (RC). (c) Find the consumption combination of bananas and apples that maximizes your satisfaction given your budget...
4. Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x bushels of apples per year...
4. Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x bushels of apples per year and x bushels of bananas per year. Suppose that Charlie's preference is represented in the following utility function: u(x,,Xy)-x,Xy . Suppose that the price of apples is S1, the price of bananas is S2, and Charlie's income is $40. (14 points) a. Draw Charlie's budget line. Plot a few points on the indifference curve that gives Charlie a utility of 150...
Suppose Home has 300 units of labor. It can produce two goods, apples and bananas. In...
Suppose Home has 300 units of labor. It can produce two goods,
apples and bananas. In Home a worker can produce 3 apples or 5
bananas.
a. Graph Home's PPF, with apples in the horizontal axis
. b. What is the opportunity cost of apples?
c. In the absence of trade – when Home is isolated ‐ what would
the relative price be?
d. Now suppose there is another country, Foreign, with a labor
force of 200. In Foreign a...
4. Suppose that Noah's utility function is given by (a) Draw an indifference curve that goes...
4. Suppose that Noah's utility function is given by (a) Draw an indifference curve that goes through the bundle (2,2), where xi is on the horizontal axis and z2 is on the vertical axis. (b) Draw another indifference curve that goes through the bundle (3, 3) on the same diaram as (a). Label carefully. (c) What kind of preference does Noah have about the two goods?
Suppose you have the following value function: u(z) 2 r for gains and v(z) 3r fr losses. You have aeowment of 4 apples and 3 bananas, draw your indifference curve given the value function Problem2 1) Suppse Dr Wu has four siblings. You know the oldest and the youngest of Dr Wu's siblings are men. What is the relevant outcome space now? (Order matters!) 2) Please answer true or false for the following questions and provide explanations . You are...
Suppose you have the following value function: u(z) 2 r for gains and v(z) 3r fr losses. You have aeowment of 4 apples and 3 bananas, draw your indifference curve given the value function Problem2 1) Suppse Dr Wu has four siblings. You know the oldest and the youngest of Dr Wu's siblings are men. What is the relevant outcome space now? (Order matters!) 2) Please answer true or false for the following questions and provide explanations . You are...
Problem 3 Suppose you have the following value function: (x)2 for gains and v(x 3r for losses. 3a Suppose your reference point is zero, represent the value function graphically. 3b Suppose you get a 10 dollars raise, which you do not expect. What is the value of this raise to you? Suppose you get a 10 dollars raise, but you actually expect to have a 20 dollars raise, what is the value of this raise to you? Depict the two...
please show all your works
1. Craig consumes apples and bananas. We had a look at two of his indifference curves. In this problem we give you enough information so you can find all of Craig's indifference curves. We do this by telling you that Craig's utility function happens to be U(XA, XR) = XAXB a. Craig has 40 apples and 5 bananas. Craig's utility for the bundle (40,5) is? b. Draw the indifference curve showing all of the bundles...
Problem 2 Suppose that Prof. Wu faces three consumption bundles A-1 apples,3 bananas), . B (3 apple, 2 bananas), . C (4 apples, 2 bananas) Assume that Prof. Wu prefers C to B and he is indifferent between Λ and B 1) If Prof. Wu is rational, what additional conditions you need to impose on Prof. Wu's pref erences? Explain why after adding those conditions, we can say Prof. Wu is rational 2) Depict the three consumption bundles on a...
4. Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x bushels of apples per year and x bushels of bananas per year. Suppose that Charlie's preference is represented in the following utility function: u(x,,Xy)-x,Xy . Suppose that the price of apples is S1, the price of bananas is S2, and Charlie's income is $40. (14 points) a. Draw Charlie's budget line. Plot a few points on the indifference curve that gives Charlie a utility of 150...
Suppose Home has 300 units of labor. It can produce two goods,
apples and bananas. In Home a worker can produce 3 apples or 5
bananas.
a. Graph Home's PPF, with apples in the horizontal axis
. b. What is the opportunity cost of apples?
c. In the absence of trade – when Home is isolated ‐ what would
the relative price be?
d. Now suppose there is another country, Foreign, with a labor
force of 200. In Foreign a...
4. Suppose that Noah's utility function is given by (a) Draw an indifference curve that goes through the bundle (2,2), where xi is on the horizontal axis and z2 is on the vertical axis. (b) Draw another indifference curve that goes through the bundle (3, 3) on the same diaram as (a). Label carefully. (c) What kind of preference does Noah have about the two goods?
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