Right now you pay for university (e) and the composite good (c)
and your utility level at your current choice is
.
Suppose you get an education voucher for $5000 that you can only
spend on university tuition. Suppose also that you would be better
off if you got the $5000 in cash instead of as a voucher. The
amount of cash that would leave you as well off as with the voucher
is
Homework Answers
The correct answer is 'Option A'.
The amount can be spend on university tuition or the composite good or both. The amount of $5,000 in cash makes an individual better off than the $5,000 voucher which can only be used to pay the tuition fees because cash can be used either to pay the tuition fees or to purchase the composite good. So, the amount of cash that will leave an individual as well off as a $5,000 voucher is less than $5,000.
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8.5 Unanswered 5 Consider u(x1, x2) = x9.5x9.,1 = 300,P1 = 4,p2 = 1. If Piincreases from $4 to $9, what is the equivalent variation? Enter a number only, round to two decimals. If money needs to be taken away from the consumer include a negative sign. Type your response 8.6 Unanswered Consideru(x1, x2) = 2x0.5 + x2,1 = 200,21 = 1,p2 = 4. If P2 increases from $4 to $8, what is the compensating variation? Enter a number only,...
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Please help thanks!
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