Homework Answers
Part-1 A
Answer- C and E point lies on the budget line so it is affordable.
Other points is outside the budget line so other points B, C and D are not affordable.
Part 2
Answer- point B is most preferable bundle. Because higher indifference curve give higher utility.
Part3
Answer- Point C is more preferable bundle because it satisfies the tangency condition where slope of budget line equal to slope of indifference curve.
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01 Question (3 points) e See page 74 Using the diagram below, answer the following questions....
@ See page 74 02 Question (5 points) Hugo carefully divides his spending into things he needs and things he wants, and...
@ See page 74 02 Question (5 points) Hugo carefully divides his spending into things he needs and things he wants, and he has quasilinear preferences over both goods. His preferences can be represented by the function u(x, y) = 4x + y, where x represents needs and y represents wants. Hugo faces a price of $12 for needs and $36 for wants; he has income of $180. 1st attempt Part 1 (2 points) O See Hint The graph below...
solve 05 Question (5 points) See page 100 One of the most common functional forms used...
solve
05 Question (5 points) See page 100 One of the most common functional forms used in economics is Cobb-Douglas. A Cobb-Douglas utility function takes the formu(I, y) = zºy , where 0 <a < 1. Note that we have imposed the condition that the exponents sum to 1. A monotonic transformation of the function could change that characteristic and still represent the same preferences. However, you will see below that having the exponents sum to 1 leads to a...
11 Question (1point) The diagram below shows various bundles of good 1 and good 2. John's...
11 Question (1point) The diagram below shows various bundles of good 1 and good 2. John's indifference curve passes through points A and B. His preferences for good 1 and good 2 are strictly nonconvex. Non-Convex Preferences 12 A 10 C D 8 G E H 6 J K 4 B 0 4 6 10 12 Good 1 9th attempt See Hint Which of the points labeled Cthrough Jcould be on John's indifference curve with A and B? Choose one...
01 Question (4 points) See page 139 A consumer has a utility function given by u(x,y)...
01 Question (4 points) See page 139 A consumer has a utility function given by u(x,y) - min(x, y). The price of an is $4, and the price of yis 54. The consumer has $4800 to spend on these two goods. In the questions below. give your answers to two decimal places 1st attempt Part 1 (2 points) See Hint The optimal bundle is units of and units of y Part 2 (2 points) See Hint Now suppose that the...
e See page 255 17 Question (4 points) Penelope is a big fan of dining out...
e See page 255 17 Question (4 points) Penelope is a big fan of dining out at fancy restaurants. Her demand for a dinner at a fancy restaurant is given by D(p) = 250 – 1.0p, where p is the price of a dinner in dollars. In your responses below, please round your answers to two decimal places. 1st attempt Part 1 (1 point) ~ Feedback ♡ See Hint If a dinner at a fancy restaurant is $50, how many...
Part 3 of 3 - Potato Chips and Coke Use the following diagram for the next...
Part 3 of 3 - Potato Chips and Coke Use the following diagram for the next TWO questions. The diagram shows the indifference curves and a few possble budget constraints for a consumer. Assume this consumer follows the economic model for making optimal purchasing choices Oy In month 1, the consumer's budget and prices in the market are such that they consume at point A. The next month, their situation changes so that they consume at point C. The change...
01 Question (2 points) See page 181 If a nail made of elemental iron [Fe(s) is...
01 Question (2 points) See page 181 If a nail made of elemental iron [Fe(s) is placed in an aqueous solution of a soluble palladium(II) salt [Pd?"all, the nail will gradually disappear as the iron enters the solution as Fed(aq) and palladium metal [Pd(s) forms. 1st attempt Part 1 (1 point) IW See Periodic Table O See Hint Is this a redox equation? Choose one: Yes No Part 2 (1 point) See Hi Balance and show the net ionic equation...
01 Question (4 points) e See page 778 Answer the four questions below related to the...
01 Question (4 points) e See page 778 Answer the four questions below related to the spontaneous redox reaction that occurs when Cr(OH)3 reacts with NO3 to produce CrO4 and NO2 under basic conditions. 3rd attempt Part 1 (1 point) See Periodic Table See Hint Write the balanced equation, including states of matter, for the oxidation half-reaction.
In the Edgeworth box diagram for production 7 a. a point off the "contract curve" (or "production efficiency locus"...
In the Edgeworth box diagram for production 7 a. a point off the "contract curve" (or "production efficiency locus") cannot have more production of one of the goods than can some point on the curve. b. a point off the "contract curve" (or "production efficiency locus") can involve more production of both goods than can any point on the curve. c. a movement from autarky to trade can be associated with a movement along the "contract curve" (or "production efficiency...
d 04 Question (2 points) See page 78 In addition to finding the optimal bundles given...
d
04 Question (2 points) See page 78 In addition to finding the optimal bundles given prices and income, utility maximization can be used to find individual demand functions at any prices and income. Setting up the problem and solving it are the same, except that the prices of each good and the income will be left in variable form (economists dub these parameters or exogenous variables). 1st attempt See Hint Suppose utility for an average consumer over food and...
@ See page 74 02 Question (5 points) Hugo carefully divides his spending into things he needs and things he wants, and he has quasilinear preferences over both goods. His preferences can be represented by the function u(x, y) = 4x + y, where x represents needs and y represents wants. Hugo faces a price of $12 for needs and $36 for wants; he has income of $180. 1st attempt Part 1 (2 points) O See Hint The graph below...
solve
05 Question (5 points) See page 100 One of the most common functional forms used in economics is Cobb-Douglas. A Cobb-Douglas utility function takes the formu(I, y) = zºy , where 0 <a < 1. Note that we have imposed the condition that the exponents sum to 1. A monotonic transformation of the function could change that characteristic and still represent the same preferences. However, you will see below that having the exponents sum to 1 leads to a...
11 Question (1point) The diagram below shows various bundles of good 1 and good 2. John's indifference curve passes through points A and B. His preferences for good 1 and good 2 are strictly nonconvex. Non-Convex Preferences 12 A 10 C D 8 G E H 6 J K 4 B 0 4 6 10 12 Good 1 9th attempt See Hint Which of the points labeled Cthrough Jcould be on John's indifference curve with A and B? Choose one...
01 Question (4 points) See page 139 A consumer has a utility function given by u(x,y) - min(x, y). The price of an is $4, and the price of yis 54. The consumer has $4800 to spend on these two goods. In the questions below. give your answers to two decimal places 1st attempt Part 1 (2 points) See Hint The optimal bundle is units of and units of y Part 2 (2 points) See Hint Now suppose that the...
e See page 255 17 Question (4 points) Penelope is a big fan of dining out at fancy restaurants. Her demand for a dinner at a fancy restaurant is given by D(p) = 250 – 1.0p, where p is the price of a dinner in dollars. In your responses below, please round your answers to two decimal places. 1st attempt Part 1 (1 point) ~ Feedback ♡ See Hint If a dinner at a fancy restaurant is $50, how many...
Part 3 of 3 - Potato Chips and Coke Use the following diagram for the next TWO questions. The diagram shows the indifference curves and a few possble budget constraints for a consumer. Assume this consumer follows the economic model for making optimal purchasing choices Oy In month 1, the consumer's budget and prices in the market are such that they consume at point A. The next month, their situation changes so that they consume at point C. The change...
01 Question (2 points) See page 181 If a nail made of elemental iron [Fe(s) is placed in an aqueous solution of a soluble palladium(II) salt [Pd?"all, the nail will gradually disappear as the iron enters the solution as Fed(aq) and palladium metal [Pd(s) forms. 1st attempt Part 1 (1 point) IW See Periodic Table O See Hint Is this a redox equation? Choose one: Yes No Part 2 (1 point) See Hi Balance and show the net ionic equation...
01 Question (4 points) e See page 778 Answer the four questions below related to the spontaneous redox reaction that occurs when Cr(OH)3 reacts with NO3 to produce CrO4 and NO2 under basic conditions. 3rd attempt Part 1 (1 point) See Periodic Table See Hint Write the balanced equation, including states of matter, for the oxidation half-reaction.
In the Edgeworth box diagram for production 7 a. a point off the "contract curve" (or "production efficiency locus") cannot have more production of one of the goods than can some point on the curve. b. a point off the "contract curve" (or "production efficiency locus") can involve more production of both goods than can any point on the curve. c. a movement from autarky to trade can be associated with a movement along the "contract curve" (or "production efficiency...
d
04 Question (2 points) See page 78 In addition to finding the optimal bundles given prices and income, utility maximization can be used to find individual demand functions at any prices and income. Setting up the problem and solving it are the same, except that the prices of each good and the income will be left in variable form (economists dub these parameters or exogenous variables). 1st attempt See Hint Suppose utility for an average consumer over food and...
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