you will need to draw a diagram containing three indifference curves. Also write a short (1-2...
you will need to draw a diagram containing three indifference curves. Also write a short (1-2 sentence) explanation of why you have drawn each indifference curve
Mary gets utility from consuming maple syrup but not mushrooms. Giving her more or fewer mushrooms does not change her total utility level. Place maple syrup on the horizontal axis and mushrooms on the vertical axis.
Homework Answers
represent the three indifference curves in decreasing order of
utility. Along I1, the utility remains constant as the number of
mushrooms increases vertically. But as we move horizontally,
because Mary consumes more maple syrup,her utility continues to
rise.
Add Answer to:
you will need to draw a diagram containing three indifference
curves. Also write a short (1-2...
draw a diagram containing three indifference curves. Also write a short (1-2 sentence) explanation of why...
draw a diagram containing three indifference curves. Also write a short (1-2 sentence) explanation of why you have drawn each indifference curve this way. Sam spends her free time in two ways: petting her cat or watching the Gilmore Girls. She gets the same amount of utility from spending an hour doing either activity. Be sure to label and number the axes on your diagram. Place hours petting her cat on the horizontal axis and hours watching Gilmore Girls on...
draw a diagram containing three indifference curves. Also write a short (1-2 sentence) explanation of why...
draw a diagram containing three indifference curves. Also write a short (1-2 sentence) explanation of why you have drawn each indifference curve this way. Sophia consumes two goods, hummus and carrots. For each carrot she consumes, she needs exactly 3 ounces of hummus. Place carrots on the horizontal axis and hummus on the vertical axis.
Indifference curves and utility: Consider the utility function ? (?1, ?2) = 6?1^1/2 + ?2 that...
Indifference curves and utility: Consider the utility function ? (?1, ?2) = 6?1^1/2 + ?2 that describes Moe’spreferences. For the following, think of q1 as the variable you would graph on the horizontal axis. a. Derive an expression for his marginal utility (U1) from a small increase in q1 holding q2 fixed. Also, find U2. b. What is Moe’s marginal rate of substitution (MRS)? Give a brief (2 sentences maximum) intuitive description of what MRS represents. c. Given your answer...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
#2 b 2. Draw indifference curves that represent the follow- ing individuals' preferences for hamburgers and...
#2
b 2. Draw indifference curves that represent the follow- ing individuals' preferences for hamburgers and soft drinks. Indicate the direction in which the individuals' satisfaction (or utility) is increasing. a. Joe has convex indifference curves and dislikes both hamburgers and soft drinks. b. Jane loves hamburgers and dislikes soft drinks. If she is served a soft drink, she will pour it down the drain rather than drink it. c. Bob loves hamburgers and dislikes soft drinks. If he is...
Question 1: Write down a utility function and draw the corresponding indifference curves for each of...
Question 1: Write down a utility function and draw the corresponding indifference curves for each of the preferences described below. Put the quantity of the first good orn the horizontal axis and the quantity of the second good on the vertical axis. (a) Paul likes pencils and pens, but does not care which he writes with. (b) Rhonda likes carrots and dislikes broccoli (c) Emily likes hip-hop iTunes downloads and doesn't care about heavy metal down loads. (d) Michael only...
Jane commutes to work. She can either use public transport or her own car. Her indifference curve...
Jane commutes to work. She can either use public transport or her own car. Her indifference curves obey the four properties of indifference curves for ordinary goods 1. Draw Jane's budget line (BL,) with car travel on the vertical axis and public transport on the horizontal axis 2. Suppose that Jane consumes some of both goods. Explain how her optimal consumption bundle can be obtained. Then, draw an indifference curve that helps you illustrate that optimal consumption bundle represented by...
6. On a standard income-leisure diagram, Tony has flatter indifference curves than Bruce, but both are...
6. On a standard income-leisure diagram, Tony has flatter indifference curves than Bruce, but both are negatively sloped. It is probably true that: a. Both like leisure and income, but Bruce values leisure relatively more than Tony does. b. Bruce likes leisure but dislikes income while Tony likes both c. Bruce likes income but dislikes leisure while Tony likes both d. Tony values leisure more highly compared to income than Bruce does 7. As an individual’s wage rate gets higher,...
On a separate sheet of paper, draw a labor-leisure diagram with consumption ($) on the vertical...
On a separate sheet of paper, draw a labor-leisure diagram with consumption ($) on the vertical axis, and hours of leisure on the horizontal axis. Assume there are 16 discretionary hours in a day, and that wage is $20 per hour, and unearned income, V, is $100. Draw the budget constraint for a day, labeling the endpoints, and draw a utility maximizing indifference curve. Label approximate hours of leisure, labor, and earnings at the optimal point (choose numbers that appear...
7. We know that well-defined preferences over two goods have the properties that (i) indifference curves...
7. We know that well-defined preferences over two goods have the properties that (i) indifference curves are negatively sloped, and (ii) that indifference curves are convex (so that chords between two points on the indifference curve lie in the set {(c,y) such that (c,y) (co, yo)) when (co,yo) is a point on the indifference curve). Suppose that good y is "clean air" and good c is consumption of all other goods This problem gets you to determine what these two...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
#2
b 2. Draw indifference curves that represent the follow- ing individuals' preferences for hamburgers and soft drinks. Indicate the direction in which the individuals' satisfaction (or utility) is increasing. a. Joe has convex indifference curves and dislikes both hamburgers and soft drinks. b. Jane loves hamburgers and dislikes soft drinks. If she is served a soft drink, she will pour it down the drain rather than drink it. c. Bob loves hamburgers and dislikes soft drinks. If he is...
Question 1: Write down a utility function and draw the corresponding indifference curves for each of the preferences described below. Put the quantity of the first good orn the horizontal axis and the quantity of the second good on the vertical axis. (a) Paul likes pencils and pens, but does not care which he writes with. (b) Rhonda likes carrots and dislikes broccoli (c) Emily likes hip-hop iTunes downloads and doesn't care about heavy metal down loads. (d) Michael only...
Jane commutes to work. She can either use public transport or her own car. Her indifference curves obey the four properties of indifference curves for ordinary goods 1. Draw Jane's budget line (BL,) with car travel on the vertical axis and public transport on the horizontal axis 2. Suppose that Jane consumes some of both goods. Explain how her optimal consumption bundle can be obtained. Then, draw an indifference curve that helps you illustrate that optimal consumption bundle represented by...
7. We know that well-defined preferences over two goods have the properties that (i) indifference curves are negatively sloped, and (ii) that indifference curves are convex (so that chords between two points on the indifference curve lie in the set {(c,y) such that (c,y) (co, yo)) when (co,yo) is a point on the indifference curve). Suppose that good y is "clean air" and good c is consumption of all other goods This problem gets you to determine what these two...
Most questions answered within 3 hours.
-
3) Do you believe that Disney’s
acquisition-based growth strategy is sustainable?
4) Which competencies support this...
asked 26 minutes ago -
Lowell Corp. sells $100,000 of bonds to private investors. The
bonds are due in five years,...
asked 10 minutes ago -
Rank the following three stocks by their total risk level highest
to lowest night writer has...
asked 52 minutes ago -
A local
electronic company primarily manufactures four highly technical
telecommunication products. Each product must be processed...
asked 1 hour ago -
•Describe the basic structure of collagen monomers •Explain how
amino acid composition of collagen contributes to...
asked 3 hours ago -
Compute the sample correlation coefficient
r for each of the following data sets.
(Use 3 decimal...
asked 4 hours ago -
5a. What are the advantages and disadvantages of Proxy ARP?
b. What is the TTL field...
asked 4 hours ago -
An ice cube (density = 900[kg/m3]) with a side length of
2.54[cm] is held by a...
asked 5 hours ago -
would you say that leaders in the international context are born
or made? That is, can...
asked 6 hours ago -
Instructions
Read the Digital Trends article "Solid state drives are speedier
than hard disk drives. Are...
asked 6 hours ago -
A multiple-choice test consists of 29 questions with possible
answers of a, b, c, d. Estimate...
asked 6 hours ago -
Question 1: Ethanol is the active ingredient of alcoholic
beverages. It is also s a possible...
asked 6 hours ago