Homework Answers
Question 1
Because of scarcity and divergebt preferences, all societies have some kind of property system.
This is a true statement. If this is not the case, efficinet allocation would not be possible.
Questtion 2
When heavier taxes are levied upon the richer section of the society, this is done with the aim of redistribution.
Add Answer to:
#1
and #2
Question 1 1 pts 1. Because of scarcity and divergent preferences, all societies...
Question 32 1 pts According to the Justice Department guidelines, mergers in an industry are seldom...
Question 32 1 pts According to the Justice Department guidelines, mergers in an industry are seldom challenged if the industry o has a pre-merger HHL less than 1500 o would have a post-merger Herfindahl-Hirschman Index (HHI) less than 1500 O has a pre-merger HHI of less than 2500 o has a post-merger HHI of 10,000 O would have a post-merger HHI greater than 2500 Question 34 1 pts According to economic theory, market failure is a situation where O all...
1 pts Question 2 A consumer has preferences represented by the utility function: u(x1, x2)= x...
1 pts Question 2 A consumer has preferences represented by the utility function: u(x1, x2)= x x Market prices are pi = 3 and P2 = 4. The consumer has an income m 30. Find an expression for the consumer's Engel curve for good 1. x1(m). ооо D Question 3 1 pts
Question 2 Question 2 (15 pts) A consumer has preferences represented by the utility function u(x,y)...
Question 2
Question 2 (15 pts) A consumer has preferences represented by the utility function u(x,y) -xlyi. (This means that a. What is the marginal rate of substitution? b. Suppose that the price of good x is 2, and the price of good y is 1. The consumer's income wWhat is the optimal quantity is 20. What is the optimal quantity of x and y the consumer will choose? c. Suppose the price of good x decreases to 1. The...
Question 2 1 pts When a good is characterized by non-excludability, it is theoretically possible for...
Question 2 1 pts When a good is characterized by non-excludability, it is theoretically possible for the government to O reach the efficient outcome in spite of private market failure to do so. o increase the well-being of residents by raising taxes to provide the good. O All of the above. O eliminate the free-rider problem.
Alt Alt Fn question 2 (22 pts.) Consider a representative agent with preferences over consumption c...
Alt Alt Fn question 2 (22 pts.) Consider a representative agent with preferences over consumption c and leisure l ue l) = In c + In I. Her budget constraint is c wM, where w is the wage hours worked. The representative agent also chooses how to allocate her time between w activities given her time constraint l + N = h, where h is the total number of hours. represented by rate and N - the number of ork...
Question 2 (22 pts.) Consider a representative agent with preferences over consumption c and leisure I...
Question 2 (22 pts.) Consider a representative agent with preferences over consumption c and leisure I represented by Uel)Inc + InI. Her budget constraint is c S wN, where w is the wage rate and N -the number of hours worked. The representative agent also chooses how to allocate her time between work and leisure activities given her time constraint 1 + N = h, where h is the total number of hours. a) (2 pt.) Combine the budget constraint...
Question 2 (15 pts) A consumer has preferences represented by the utility function ufa,y)ty. (This means...
Question 2 (15 pts) A consumer has preferences represented by the utility function ufa,y)ty. (This means that Muy and Muy ly 1) a. What is the marginal rate of substitution? b. Suppose that the price of good x is 2, and the price of good y is 1. The consumer's income is 20. What is the optimal quantity of x and y the consumer will choose? c. Suppose the price of good x decreases to 1. The price of good...
Question 2 (22 pts Consider a representative agent with preferences over consumption c and leisune eted...
Question 2 (22 pts Consider a representative agent with preferences over consumption c and leisune eted by D(c,l).Inc+1η l. Her budget constraint is.c wM, wherw w the wage fat and N-the rof hours worked. The representative agent aso chooses how to allocate her time between work and lsu activities gven her time constraintN-h, where h is the total number oll hours al pt) Combine the budget constraint and the time constraint of the regesentative agent into a single constraint b)...
Question 12 pts If you must make a choice about consuming two apples, three oranges, or...
Question 12 pts If you must make a choice about consuming two apples, three oranges, or one candy bar, the opportunity cost of the two apples is the candy bar plus the three oranges. True False Flag this Question Question 22 pts According to economic analysis, while making a decision, an individual compares the benefits expected from one option with the benefits expected from other options. True False Flag this Question Question 32 pts Which of the following is not...
Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers...
Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to this graph, the opportunity cost of producing a ton of wheat is... The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities...
Question 32 1 pts According to the Justice Department guidelines, mergers in an industry are seldom challenged if the industry o has a pre-merger HHL less than 1500 o would have a post-merger Herfindahl-Hirschman Index (HHI) less than 1500 O has a pre-merger HHI of less than 2500 o has a post-merger HHI of 10,000 O would have a post-merger HHI greater than 2500 Question 34 1 pts According to economic theory, market failure is a situation where O all...
1 pts Question 2 A consumer has preferences represented by the utility function: u(x1, x2)= x x Market prices are pi = 3 and P2 = 4. The consumer has an income m 30. Find an expression for the consumer's Engel curve for good 1. x1(m). ооо D Question 3 1 pts
Question 2
Question 2 (15 pts) A consumer has preferences represented by the utility function u(x,y) -xlyi. (This means that a. What is the marginal rate of substitution? b. Suppose that the price of good x is 2, and the price of good y is 1. The consumer's income wWhat is the optimal quantity is 20. What is the optimal quantity of x and y the consumer will choose? c. Suppose the price of good x decreases to 1. The...
Question 2 1 pts When a good is characterized by non-excludability, it is theoretically possible for the government to O reach the efficient outcome in spite of private market failure to do so. o increase the well-being of residents by raising taxes to provide the good. O All of the above. O eliminate the free-rider problem.
Alt Alt Fn question 2 (22 pts.) Consider a representative agent with preferences over consumption c and leisure l ue l) = In c + In I. Her budget constraint is c wM, where w is the wage hours worked. The representative agent also chooses how to allocate her time between w activities given her time constraint l + N = h, where h is the total number of hours. represented by rate and N - the number of ork...
Question 2 (22 pts.) Consider a representative agent with preferences over consumption c and leisure I represented by Uel)Inc + InI. Her budget constraint is c S wN, where w is the wage rate and N -the number of hours worked. The representative agent also chooses how to allocate her time between work and leisure activities given her time constraint 1 + N = h, where h is the total number of hours. a) (2 pt.) Combine the budget constraint...
Question 2 (15 pts) A consumer has preferences represented by the utility function ufa,y)ty. (This means that Muy and Muy ly 1) a. What is the marginal rate of substitution? b. Suppose that the price of good x is 2, and the price of good y is 1. The consumer's income is 20. What is the optimal quantity of x and y the consumer will choose? c. Suppose the price of good x decreases to 1. The price of good...
Question 2 (22 pts Consider a representative agent with preferences over consumption c and leisune eted by D(c,l).Inc+1η l. Her budget constraint is.c wM, wherw w the wage fat and N-the rof hours worked. The representative agent aso chooses how to allocate her time between work and lsu activities gven her time constraintN-h, where h is the total number oll hours al pt) Combine the budget constraint and the time constraint of the regesentative agent into a single constraint b)...
Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to this graph, the opportunity cost of producing a ton of wheat is... The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities...
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