Homework Answers
a.
b. When the country decides to produce 30 units of consumer goods, then it can produce only 14 units of capital goods.
An exchange economy consists of two individuals---consumer A and consumer B with preferences over two goods---goods...
An exchange economy consists of two individuals---consumer A and consumer B with preferences over two goods---goods X and Y. Suppose consumer A is initially endowed with 9 units of good X and 6 units of good Y and consumer B is initially endowed with 91 units of good X and 14 units of good Y. Both consumer A and consumer B have identical preferences with the following marginal rates of substitution: MUX - 1 YA MRS, = MUX - and...
A basket of goods for a given consumer includes two goods, X and Z. Consumer income...
A basket of goods for a given consumer includes two goods, X and Z. Consumer income is equal to $1,000 and the prices of these two goods are as follows: Px = $20 P2 = $50 This consumer is consuming 10 units of good X. Suppose that over the course of a year, the price of good X changes by - 10% and the price of good Z changes by 10%. How much income would be required for the consumer...
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve...
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve appear below: 2. roduction alternatives Capital ds per period Consumer goods per period 2018 14 8 A. If the economy is producing at alternative X, the opportunity cost of producing at Y instead of X is period a. 0 C. The production of 14 units of consumer goo and 1 unit of capital goods per period would a. result in full employment b. result...
po Consumer goods 2 3 units) of consumer goods could be produced 10 e. Assuming the...
po Consumer goods 2 3 units) of consumer goods could be produced 10 e. Assuming the economy is producing combination C, what is the total cost of 6 additional consumer goods? the economy is producing combination B, what is the approximate perunit cost of arn addisional capital good? the output potentel has We were unable to transcribe this imagetmi 3 Match each item below with the best choice listed in the drop-down selector box. (Data refer to Canada) ponts c...
The table below contains production possibilties data for capital goods and consumer goods in the economy...
The table below contains production possibilties data for capital goods and consumer goods in the economy of New Harmony 18 16 14 20 Consumer goods 40 36 a. Draw the production possibilities curve (PPC) for New Harmony.Plot eech point in the graph below using the tool PP1 for part (o) and PP2 for part PPlot 5 points in the graph below for part (a) and anothier 5 points for part . Fill in the table below assuming that, 10 years...
= 1/ 23/2. If the prices for goods 1 and 2 are, and respectively, and income is M, what is the Consider a consumer wit...
= 1/ 23/2. If the prices for goods 1 and 2 are, and respectively, and income is M, what is the Consider a consumer with a utility function consumer's optimal consumption of good 1? x1 = M/(3p2) xi = M/(482) xi = 3M/(4px) x1 = 4Mp1/(P2) None of the above Consider a consumer with a utility function y = 1/2/3/2. If the prices for goods 1 and 2 are 2 and 4 respectively, and income is 40, what is the...
. Goods 1 and 2 are perfect complements. and a consumer always consumes them in the...
. Goods 1 and 2 are perfect complements. and a consumer always consumes them in the ratio of 2 units of good 2 per unit of good 1. If a consumer has an income of $120 and if the price of good 2 changes from $3 to $4, while the price of good 1 stays at $1, then the income effect of the price change a) is 4 times as strong as the substitution e ect. (b) does not change...
2. Suppose there are two consumers, A and B, and two goods, X and Y. Consumer...
2. Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 2 units of good X and 3 units of good Y. Consumer B is given an initial endowment of 6 units of good X and 5 units of good Y. Consumer A’s utility function is given by: UA(X,Y) = X1/2*Y1/2, And consumer B’s utility function is given by UB(X,Y) = X1/4*Y3/4. Therefore, consumer A’s marginal utilities for...
A consumer has a utility of ?(?, ?) = 4??? + ? for the two goods...
A consumer has a utility of ?(?, ?) = 4??? + ? for the two goods ? and ?. If?x is 2, ?y is 10, the consumer’s income is 36, then the amount of ? he will consume is A) 20 B) 18 C) 16 D) 0
Figure 3-2 Capital Goods 0 0 o Consumer Goods o o o o o o In...
Figure 3-2 Capital Goods 0 0 o Consumer Goods o o o o o o In Figure 3-2, a point such as E O a. is not obtainable. O b. is an efficient use of resources. O c. indicates that the society is a capitalist society оооо d. represents an inefficient allocation of resources
An exchange economy consists of two individuals---consumer A and consumer B with preferences over two goods---goods X and Y. Suppose consumer A is initially endowed with 9 units of good X and 6 units of good Y and consumer B is initially endowed with 91 units of good X and 14 units of good Y. Both consumer A and consumer B have identical preferences with the following marginal rates of substitution: MUX - 1 YA MRS, = MUX - and...
A basket of goods for a given consumer includes two goods, X and Z. Consumer income is equal to $1,000 and the prices of these two goods are as follows: Px = $20 P2 = $50 This consumer is consuming 10 units of good X. Suppose that over the course of a year, the price of good X changes by - 10% and the price of good Z changes by 10%. How much income would be required for the consumer...
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve appear below: 2. roduction alternatives Capital ds per period Consumer goods per period 2018 14 8 A. If the economy is producing at alternative X, the opportunity cost of producing at Y instead of X is period a. 0 C. The production of 14 units of consumer goo and 1 unit of capital goods per period would a. result in full employment b. result...
po Consumer goods 2 3 units) of consumer goods could be produced 10 e. Assuming the economy is producing combination C, what is the total cost of 6 additional consumer goods? the economy is producing combination B, what is the approximate perunit cost of arn addisional capital good? the output potentel has We were unable to transcribe this imagetmi 3 Match each item below with the best choice listed in the drop-down selector box. (Data refer to Canada) ponts c...
The table below contains production possibilties data for capital goods and consumer goods in the economy of New Harmony 18 16 14 20 Consumer goods 40 36 a. Draw the production possibilities curve (PPC) for New Harmony.Plot eech point in the graph below using the tool PP1 for part (o) and PP2 for part PPlot 5 points in the graph below for part (a) and anothier 5 points for part . Fill in the table below assuming that, 10 years...
= 1/ 23/2. If the prices for goods 1 and 2 are, and respectively, and income is M, what is the Consider a consumer with a utility function consumer's optimal consumption of good 1? x1 = M/(3p2) xi = M/(482) xi = 3M/(4px) x1 = 4Mp1/(P2) None of the above Consider a consumer with a utility function y = 1/2/3/2. If the prices for goods 1 and 2 are 2 and 4 respectively, and income is 40, what is the...
Figure 3-2 Capital Goods 0 0 o Consumer Goods o o o o o o In Figure 3-2, a point such as E O a. is not obtainable. O b. is an efficient use of resources. O c. indicates that the society is a capitalist society оооо d. represents an inefficient allocation of resources
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