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.
Homework Answers
Utility function: U = min(3H, C) where C: carrots and H: Hummus
This is a fixed proportion (Leontief) utility function. For such utility functions, C and H are consumed in a fixed proportion, so indifference curves are L-shaped.
In following graph, I0, I1 and I2 are indifference curves, with I0 having lowest utility and I2 having highest utility.
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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...
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...
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.
1) Draw representative indifference curves for Garbage and pollution. Explain the slope. 2) Draw representative indifference...
1) Draw representative indifference curves for Garbage and pollution. Explain the slope. 2) Draw representative indifference curves for an individual who consumes 3 Dove dark chocolates with one cup of milk and at exactly that ratio. 3) Draw representative indifference curves for penny and nickel. 4) John is willing to give up 2 apples for one orange and always at that ratio. Kate is willing to give up 3 apples for an orange and always at that ratio. Draw representative...
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...
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5. Draw out examples of each of the following indifference curves: imperfect substitutes, perfect substitutes, and...
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Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2 g...
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Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2...
Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2 g of sugar for each cup of coffee. She has S6 to spend on sugar and coffee. One gram of sugar costs 5 cents and one cup of coffee costs 20 cents. Draw a diagram, with sugar on the horizontal axis and cup of coffee on the vertical axis, to answer the following questions. 1. Which bundle will Sandra consume (represented by point A)?...
2. Xuan-Thuc is a taxpayer in a country with a flat tax rate of t. Her income for the current yea...
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2. Xuan-Thuc is a taxpayer in a country with a flat tax rate of t. Her income for the current yea...
2. Xuan-Thuc is a taxpayer in a country with a flat tax rate of t. Her income for the current year is $1000. Therefore, if she declares her full income she will pay $1000t in tax, leaving her with $1000 (1- t) in post-tax income. If she chooses to declare less than her full income her fraud will be discovered if and only if she is audited by the tax authority, which happens with probability p. If an audit discovers...
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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...
Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2 g of sugar for each cup of coffee. She has S6 to spend on sugar and coffee. One gram of sugar costs 5 cents and one cup of coffee costs 20 cents. Draw a diagram, with sugar on the horizontal axis and cup of coffee on the vertical axis, to answer the following questions. 1. Which bundle will Sandra consume (represented by point A)?...
Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2 g of sugar for each cup of coffee. She has S6 to spend on sugar and coffee. One gram of sugar costs 5 cents and one cup of coffee costs 20 cents. Draw a diagram, with sugar on the horizontal axis and cup of coffee on the vertical axis, to answer the following questions. 1. Which bundle will Sandra consume (represented by point A)?...
2. Xuan-Thuc is a taxpayer in a country with a flat tax rate of t. Her income for the current year is $1000. Therefore, if she declares her full income she will pay $1000t in tax, leaving her with $1000 (1- t) in post-tax income. If she chooses to declare less than her full income her fraud will be discovered if and only if she is audited by the tax authority, which happens with probability p. If an audit discovers...
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