: After winning the lottery, Australian Artie decides to retire, stay home, and watch sports on television all day. Artie likes both Rugby, R, and Aussie Rules Football, F and views them as imperfect substitutes. In particular, Artie’s preferences can be represented by the following utility function: U = R^0.4F^0.6. Since Artie is rich, the only cost of watching F is the opportunity cost of not watching R: one hour of R necessarily means one hour less of F. In other words, even though Artie is rich, there is still a price on his time.) a What is Artie’s marginal rate of substitution between R and F, MRSRF? Interpret it. (b) What is the price ratio, pR/pF? Interpret it. (c) Suppose Artie chooses some bundle, (R, F). If this bundle maximizes Artie’s utility, what relationship must hold between R and F? (d) Define MUR pR . What is the interpretation of this? If Artie is maximizing his utility, what must MUR pR be equal to? (e) Suppose there are 24 hours in a day. What bundle (R, F) will Artie consume? [Now you should find actual numbers.]
The question is consumer equilibrium question where the consumer selects the bundle where the marginal rate of substitution of two goods is equated to the sloe of the budget line. This can be done in the following way:
: After winning the lottery, Australian Artie decides to retire, stay home, and watch sports on...
Question 3: After winning the lottery, Australian Artie decides to retire, stay home, and watch sports on television all day. Artie likes both Rugby, R, and Aussie Rules Football, F and views them as imperfect substitutes. In particular, Artie’s preferences can be represented by the following utility function: U = R 0.4F 0.6. Since Artie is rich, the only cost of watching F is the opportunity cost of not watching R: one hour of R necessarily means one hour less...
Question 3: After winning the lottery, Australian Artie decides to retire, stay home, and watch sports on television all day. Artie likes both Rugby, R, and Aussie Rules Football, F and views them as imperfect substitutes. In particular, Artie's preferences can be represented by the follow- ing utility function: u = R04Fs. Since Artie is rich, the only cost of watching F is the opportunity cost of not watching R: one hour of R necessarily means one hour less of...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods: toques (T) and maple syrup (M). Suppose Louis monthly budget is 100 and the price of the two goods are (PT,PM) (4,2). (a) Make a properly labeled diagram illustrating Louis'budget constraint with T on the hori- zontal axis and M on the vertical axis. Indicate the area corresponding to the set of bundles (M, T) that Louis can afford. (b) What is the maximum...
While reading the story, consider the culture (or sub culture)
and related communication styles the story reveals.
Consider too, possibly, the values, behavioral norms, social
practices, social artifacts, etc.
After reading the story through the lens of this idea, please
compose a full academic length (evidence-based 7 to 11 sentence
long) paragraph which addresses the following prompt:
What does the story reveal about the culture it portrays
and/OR the communication styles the culture shares?
In other words, what does the...