Homework Answers
d) true, using the formula of compound interest it is found that total amount after 5 years individual will have more than 102 Euros.
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Part A (Worth 60%) 1. Answer four of the following- each question carries equal weight. In...
1. Answer four of the following. In each case answer True, False or Uncertain and explain...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. A firm has a technology that relies on only one input (call it x). The output of the firm(call it y) increases as you increase x but at a diminishing rate. Based only on the information provided thern y-100 exp(-x) would be a valid representation of this firm's production function. (a) (b) Consider a person who...
Answer four of the following, each question carries equal weight. In each case answer True, False...
Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. 1. (a) A consumer has a utility function that depends on only one good, X. Utility rises with x but at a decreasing rate. Based only on the information provided then U=ln(x) would be a valid representation of this consumer's utility function. (b) Consider a person who begins day 0 with 1...
1. Answer four of the following. In each case answer True, False or Uncertain and explain...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. (a) The inflation rate fell from 3% in 2010 to 2% in 2011 . Prices were 1% lower in 2011 than in 2010. (b) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increase as you increase x but at a diminishing rate....
1. Answer four of the following, each question carries equal weight. In each case answer True,...
1. Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a cost function that shows the minimum cost of producing a given level of output, Q. Cost ed then C-exp(Q) would be a rises with Q at an increasing rate. Based only on the information provid valid representation of this firm's cost function. Consider a person who...
1. Answer four of the following, each question carries equal weight. In each case answer True,...
1. Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a cost function that shows the minimum cost of producing a given level of output, (b) Consider a person who begins day 0 with 100 euro. At the start of the next day her money is halved and (c) Consider the system of equations Q. Cost rises...
Kay has a set of jewellery consisting of pendant and earrings. Each piece of jewellery is worth $...
Kay has a set of jewellery consisting of pendant and earrings. Each piece of jewellery is worth $1,000 and the set is worth $2,000. She wants to send it to her sister, Helen, in Toronto. While she can send them free of charge, she is concerned about the safety of shipping them. She believes that the probability that the jewellery is lost in transit is 0.1. Both Kay and Helen are risk averse characterized by utility function, u（M ）=sqrt M...
1. Prunella raises peaches. L is the number of units of labour she uses and T is the number of un...
1. Prunella raises peaches. L is the number of units of labour she uses and T is the number of units of land she uses, her output (bushels of peaches), denoted as Q, is given by Q = √ LT . (a) Consider the short-run decision, in which she has a fixed amount of land (T = 9). Does this production function exhibit the diminishing marginal return on the labour input? Explain your answer. (b) If she uses 4 units...
12 points each 1. You are a farmer with the following production function Corn (bu. per...
12 points each 1. You are a farmer with the following production function Corn (bu. per day) 0 10 19 27 34 40 45 Workers 0 Workers can be hired for $100/ day. Fixed costs are $50/day. Find and graph your marginal cost schedule. If corn is $15/ bushel, how much corn will you produce? What are your profits? How about if corn falls to $12/bushel? For this case, explain what you will do in both short and long un....
please answer the first four subparts 3.2) (10 points) Jane likes to have Tea (T) with...
please answer the first four subparts
3.2) (10 points) Jane likes to have Tea (T) with Cookies (C). She always has 4 cookies for every cup of tea. 3.2.) 3 points) Draw 2 indifference curves that describe her preferences with Cookies (C) on the horizontal axis and Tea (T) on the vertical axis. 3.2b) (3 points) What is her utility function that would represent her preferences? Her utility function: U(CT) - 3.2c) (4 points) If the price of a cup...
In the market of cars, there are two firms operating. The Industry Demand Curve is a...
In the market of cars, there are two firms operating. The Industry Demand Curve is a function of the outputs being produced by both firms, and is given as: P = 240−(X1+X2), where X1 and X2 are the outputs of Firm 1 and Firm 2 respectively. The Total Cost faced by Firm 1 is TC1 = 20X1 and by Firm 2 is TC2 = 20X2. Each firm maximizes its own profit by choosing its own output, while taking the output...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. A firm has a technology that relies on only one input (call it x). The output of the firm(call it y) increases as you increase x but at a diminishing rate. Based only on the information provided thern y-100 exp(-x) would be a valid representation of this firm's production function. (a) (b) Consider a person who...
Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. 1. (a) A consumer has a utility function that depends on only one good, X. Utility rises with x but at a decreasing rate. Based only on the information provided then U=ln(x) would be a valid representation of this consumer's utility function. (b) Consider a person who begins day 0 with 1...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. (a) The inflation rate fell from 3% in 2010 to 2% in 2011 . Prices were 1% lower in 2011 than in 2010. (b) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increase as you increase x but at a diminishing rate....
1. Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a cost function that shows the minimum cost of producing a given level of output, Q. Cost ed then C-exp(Q) would be a rises with Q at an increasing rate. Based only on the information provid valid representation of this firm's cost function. Consider a person who...
1. Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a cost function that shows the minimum cost of producing a given level of output, (b) Consider a person who begins day 0 with 100 euro. At the start of the next day her money is halved and (c) Consider the system of equations Q. Cost rises...
12 points each 1. You are a farmer with the following production function Corn (bu. per day) 0 10 19 27 34 40 45 Workers 0 Workers can be hired for $100/ day. Fixed costs are $50/day. Find and graph your marginal cost schedule. If corn is $15/ bushel, how much corn will you produce? What are your profits? How about if corn falls to $12/bushel? For this case, explain what you will do in both short and long un....
please answer the first four subparts
3.2) (10 points) Jane likes to have Tea (T) with Cookies (C). She always has 4 cookies for every cup of tea. 3.2.) 3 points) Draw 2 indifference curves that describe her preferences with Cookies (C) on the horizontal axis and Tea (T) on the vertical axis. 3.2b) (3 points) What is her utility function that would represent her preferences? Her utility function: U(CT) - 3.2c) (4 points) If the price of a cup...
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