Homework Answers
Ans. That the MRS in absolute value is diminishing.
That the utility function is generally written as U(x,y) = xayb, where a and b are positive constants.
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QUESTION 31 When you observe downward sloping, convex indifference curves, what do you automatically know? That...
QUESTION 30 When you observe downward sloping straight line indifference curves, what do you automatically know?...
QUESTION 30 When you observe downward sloping straight line indifference curves, what do you automatically know? That the MRS is constant. That the consumer views the two goods as perfect substitutes. DODO That the consumer views the two goods as imperfect substitutes. That the consumer views the two goods as perfect complements That the utility function is generally written as U(X ) = ax + by, where a and b are positive constants. That the utility function is generally written...
QUESTION 14 Match the shape of the indifference curve for bundles of goods with its associated...
QUESTION 14 Match the shape of the indifference curve for bundles of goods with its associated preference type - downward-sloping and convex to the origin A implausiblel these don't exist - downward-sloping straight lines B. the consumer views the two goods are perfect complements - the consumer views the two goods are perfect substitutes L-shaped D. the consumer views the two goods are imperfect substitutes - upward-sloping and concave to the origin
1. True or False, and explain briefly. 1) The assumption that more is better implies that...
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
5. Consider the utility function U(x, y) = 2/x + y. 1) Is the assumption that...
5. Consider the utility function U(x, y) = 2/x + y. 1) Is the assumption that "more is better” satisfied for both goods? 2) What is MRS, for this utility function? 3) Is the marginal rate of substitution diminishing, constant, or increasing in x as the consumer substitutes x for y along an indifference curve? 4) Will the indifference curve corresponding to this utility function be convex to the origin, concave to the origin, or straight lines? Explain.
Juestons lemprod.pea ng.comapvprinten-us/econ Indifference curves are downward sloping because of the assumption of...
Juestons lemprod.pea ng.comapvprinten-us/econ Indifference curves are downward sloping because of the assumption of A. transitivity. B. completeness. C. more is better O D. All of the above. 33. Convexity of indifference curves implies that consumers are willing to O A. settle for less of both "x" and "y O B. give up more "y to get an extra x the more "x" they have. O C. give up more "y" to get an extra "x" the less "x" they have....
Please help with these questions Question 21 0.8 pts exist(s) when a consumer is completely indifferent...
Please help with these questions
Question 21 0.8 pts exist(s) when a consumer is completely indifferent between two goods O Imperfect selection Improper preference Perfect complements Perfect substitutes O Perfect indifference Question 22 0.8 pts The concept of diminishing marginal utility means that a graph representing total utility will be impossible to generalize without a data set. upward-sloping. O upward-facing concave. Odownward-sloping. downward-facing concave Question 23 0.8 pts If a combination of items exists to the right of the budget...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
5. Draw out examples of each of the following indifference curves: imperfect substitutes, perfect substitutes, and...
5. Draw out examples of each of the following indifference curves: imperfect substitutes, perfect substitutes, and perfect complements. 6. Jody enjoys having exactly 1 teaspoon of sugar with every cup of coffee she has. What does this say about her indifference curves between the two goods? What happens to her utility level when she is given 5 teaspoons of sugar with one coffee? (Just an explanation) 7. Jay’s Utility function is given by U(x,z) = 3x10.2 x20.8 and P1=$2 and...
3. For this question, want to think about the indifference curves and budget constraint as well...
3. For this question, want to think about the indifference curves and budget constraint as well as resulting equilibrium. Suppose we are considering two goods (surgery and prescription drugs [rx]) that give rise to the following utility function: Utility = surgery + 10*(prescription drugs) a) What type of goods are these—perfect substitutes or perfect complements? b) Suppose Psurgery = $1,000 and Prx = $50, what is the equilibrium?
Just need answer,asap upvote graduated! 12) If the utility for two goods Y and Yis measured...
Just need answer,asap upvote graduated!
12) If the utility for two goods Y and Yis measured as U-x + y, then it can be concluded that A)"k" and"y"are both bads. B) x and yare perfect substitutes C) the indifference curves on the xy graph will be upward sloping. D) x and y are perfect complements.
QUESTION 30 When you observe downward sloping straight line indifference curves, what do you automatically know? That the MRS is constant. That the consumer views the two goods as perfect substitutes. DODO That the consumer views the two goods as imperfect substitutes. That the consumer views the two goods as perfect complements That the utility function is generally written as U(X ) = ax + by, where a and b are positive constants. That the utility function is generally written...
QUESTION 14 Match the shape of the indifference curve for bundles of goods with its associated preference type - downward-sloping and convex to the origin A implausiblel these don't exist - downward-sloping straight lines B. the consumer views the two goods are perfect complements - the consumer views the two goods are perfect substitutes L-shaped D. the consumer views the two goods are imperfect substitutes - upward-sloping and concave to the origin
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
5. Consider the utility function U(x, y) = 2/x + y. 1) Is the assumption that "more is better” satisfied for both goods? 2) What is MRS, for this utility function? 3) Is the marginal rate of substitution diminishing, constant, or increasing in x as the consumer substitutes x for y along an indifference curve? 4) Will the indifference curve corresponding to this utility function be convex to the origin, concave to the origin, or straight lines? Explain.
Juestons lemprod.pea ng.comapvprinten-us/econ Indifference curves are downward sloping because of the assumption of A. transitivity. B. completeness. C. more is better O D. All of the above. 33. Convexity of indifference curves implies that consumers are willing to O A. settle for less of both "x" and "y O B. give up more "y to get an extra x the more "x" they have. O C. give up more "y" to get an extra "x" the less "x" they have....
Please help with these questions
Question 21 0.8 pts exist(s) when a consumer is completely indifferent between two goods O Imperfect selection Improper preference Perfect complements Perfect substitutes O Perfect indifference Question 22 0.8 pts The concept of diminishing marginal utility means that a graph representing total utility will be impossible to generalize without a data set. upward-sloping. O upward-facing concave. Odownward-sloping. downward-facing concave Question 23 0.8 pts If a combination of items exists to the right of the budget...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
3. For this question, want to think about the indifference curves and budget constraint as well as resulting equilibrium. Suppose we are considering two goods (surgery and prescription drugs [rx]) that give rise to the following utility function: Utility = surgery + 10*(prescription drugs) a) What type of goods are these—perfect substitutes or perfect complements? b) Suppose Psurgery = $1,000 and Prx = $50, what is the equilibrium?
Just need answer,asap upvote graduated!
12) If the utility for two goods Y and Yis measured as U-x + y, then it can be concluded that A)"k" and"y"are both bads. B) x and yare perfect substitutes C) the indifference curves on the xy graph will be upward sloping. D) x and y are perfect complements.
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