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2. Assume the city budget is $1000, Ppotholes= $10. Price = $5. State offers a 1:1...
3. Assume city budget is $100,000, Ppolice= $200. Pote = $100. Feds offer 2:1 match up...
3. Assume city budget is $100,000, Ppolice= $200. Pote = $100. Feds offer 2:1 match up to 300 fire units. Using indifference curves to show a situation where the city increases the purchase of fire units by more than 100 units.
Pane Ughw 6 1. Assume city budget is $50,000, Ppolice $20.P $10. Feds offer 1:1 match...
Pane Ughw 6 1. Assume city budget is $50,000, Ppolice $20.P $10. Feds offer 1:1 match up to 100 fire units. Using indifference curles show a situation where the city increases the purchase of fire units by exactly 100 units.
2*. Assume that Bob has a budget constraint p1x1 + p2x2 = m, and that his...
2*. Assume that Bob has a budget constraint p1x1 + p2x2 = m, and that his preferences are represented by the Cobb-Douglas utility function U(x1, x2) = x1 c x2 d , where c>0 and d>0. State Bob’s optimization (utility maximization) problem. a) Set up the Lagrangian function. b) Derive the necessary conditions (the first-order conditions) for an optimal interior solution. c) Show that the MRS (the slope of the indifference curve) is equal to the slope of the budget...
2*. Assume that Bob has a budget constraint p1x1 + p2x2 = m, and that his...
2*. Assume that Bob has a budget constraint p1x1 + p2x2 = m, and that his preferences are represented by the Cobb-Douglas utility function U(x1, x2) = x1 c x2 d , where c>0 and d>0. State Bob’s optimization (utility maximization) problem. a) Set up the Lagrangian function. b) Derive the necessary conditions (the first-order conditions) for an optimal interior solution. c) Show that the MRS (the slope of the indifference curve) is equal to the slope of the budget...
Please Answer Question number two A) (10 points) Draw the aggregate production possibility curve of fruit production i...
Please Answer Question number two
A) (10 points) Draw the aggregate production possibility curve of fruit production in Washington State. Label carefully. Assume it is linear for each company. B) (5 points) Using one company as an example, explain what the slope of a producer's PPF means. C) (10 points) Suppose apples are $1 per pound and grapes are $5 per pound. Show how many grapes and apples each country will produce (a) graphically and (b) write your answer numerically....
If pA = $10, PB = $5,Y = $75, where p is the price of a...
If pA = $10, PB = $5,Y = $75, where p is the price of a good, A and B are goods, and Y is income. Given that the utility function is U = 25A2B, determine the optimal bundle of x and yfor this consumer. Be sure to show your work and box your answers. a) Solve for the marginal utility of A and the marginal utility of B b) Solve for the relationship (trade-off) between A and B c)...
1.Use the table below to answer the following question. Assume that the price of product A...
1.Use the table below to answer the following question. Assume that the price of product A is $4.47 while the price for product B is $5.79. The buyer has a budget of $50. Q MUA MUB 1 22 25 2 21 24 3 20 23 4 19 22 5 18 21 6 17 20 7 16 19 8 15 18 9 14 17 10 13 16 Given the marginal utilities The optimal bundle is ____. A. 6 of product A...
Suppose that a company offers quantity discounts. If up to 1000 units are purchased, the unit...
Suppose that a company offers quantity discounts. If up to 1000
units are purchased, the unit price is $10; if more than 1000 and
up to 5000 units are purchased, the unit price is $9; and if more
than 5000 units are purchased, the unit price is $7.50. Develop a
spreadsheet using the VLOOKUP function to find the unit price
associated with any or-der quantity and compute the total cost of
the order.
S&S No. 106 INVOICE Customer G. Kite...
1. EXTRA CREDIT: Assume a typical poor individual has enough income, given price of product X...
1. EXTRA CREDIT: Assume a typical poor individual has enough income, given price of product X and the price of product Y to buy any of the combinations of Product X and Product Y depicted by points on BCC-2. But given their Indifference Curves, they choose to buy the combination depicted by point E-2. Now assume some people want individual to buy more of product X, and has a law passed to lower the price of product X for this...
Question 1: Two-period model where Ci and C2 are perfect substitutes 1. Draw the budget constraint...
Question 1: Two-period model where Ci and C2 are perfect substitutes 1. Draw the budget constraint with Yi- 100, Y2 60, and 0.2 2. Draw the indifference curves for the preference that is represented by the lifetime utility function G +SC, where β-1. Do it for various levels of lifetime utility, such as 100, 150. and 200. 3. Using the budget constraint and the indifference curves, determine the optimal values of Ci and C2. Does the household have positive consumption...
3. Assume city budget is $100,000, Ppolice= $200. Pote = $100. Feds offer 2:1 match up to 300 fire units. Using indifference curves to show a situation where the city increases the purchase of fire units by more than 100 units.
Pane Ughw 6 1. Assume city budget is $50,000, Ppolice $20.P $10. Feds offer 1:1 match up to 100 fire units. Using indifference curles show a situation where the city increases the purchase of fire units by exactly 100 units.
Please Answer Question number two
A) (10 points) Draw the aggregate production possibility curve of fruit production in Washington State. Label carefully. Assume it is linear for each company. B) (5 points) Using one company as an example, explain what the slope of a producer's PPF means. C) (10 points) Suppose apples are $1 per pound and grapes are $5 per pound. Show how many grapes and apples each country will produce (a) graphically and (b) write your answer numerically....
If pA = $10, PB = $5,Y = $75, where p is the price of a good, A and B are goods, and Y is income. Given that the utility function is U = 25A2B, determine the optimal bundle of x and yfor this consumer. Be sure to show your work and box your answers. a) Solve for the marginal utility of A and the marginal utility of B b) Solve for the relationship (trade-off) between A and B c)...
Suppose that a company offers quantity discounts. If up to 1000
units are purchased, the unit price is $10; if more than 1000 and
up to 5000 units are purchased, the unit price is $9; and if more
than 5000 units are purchased, the unit price is $7.50. Develop a
spreadsheet using the VLOOKUP function to find the unit price
associated with any or-der quantity and compute the total cost of
the order.
S&S No. 106 INVOICE Customer G. Kite...
1. EXTRA CREDIT: Assume a typical poor individual has enough income, given price of product X and the price of product Y to buy any of the combinations of Product X and Product Y depicted by points on BCC-2. But given their Indifference Curves, they choose to buy the combination depicted by point E-2. Now assume some people want individual to buy more of product X, and has a law passed to lower the price of product X for this...
Question 1: Two-period model where Ci and C2 are perfect substitutes 1. Draw the budget constraint with Yi- 100, Y2 60, and 0.2 2. Draw the indifference curves for the preference that is represented by the lifetime utility function G +SC, where β-1. Do it for various levels of lifetime utility, such as 100, 150. and 200. 3. Using the budget constraint and the indifference curves, determine the optimal values of Ci and C2. Does the household have positive consumption...
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