Homework Answers
Ans) the correct option is b) the first unit of one good is not worth its cost
When there is a corner solution, the total income is spent on one good. In case of perfect substitutes, there is a corner solution because both goods give same level of satisfaction so good which has a lower price is consumed.
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hi, would u help me explain why b is the right answer for a
corner solution?...
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...
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...
Hi! If you can help me answer these questions and explain why. I am having a...
Hi! If you can help me answer these questions and explain why. I am having a hard time understanding how and why. A bell-shaped data set has a mean of 50 and a standard deviation of 5. 1.) ___________ percent of the data lie between 45 and 55. 2.) 95 percent of the data lie between _______ and ________. 3.) ___________ percent of the data lie between 50 and 55. 4.) The z-score for the data value 53 is _________.
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water...
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water and popcorn. At his current consumption level, the marginal utility of mineral water is 70 and the marginal utility of popcorn is 60. The price of a bottle of mineral water is $2.00 and the price of a box of popcorn is $1.50. The utility-maximizing rule suggests that Logan should: O Increase consumption of popcorn and increase consumption of mineral water Decrease consumption of...
Hi. can some one please explain me the solution for this question. the correct answer is...
Hi. can some one please explain me the solution for
this question. the correct answer is B. thanks.
8. Consider the following concentration cell. Ag (aq) + e → Ag(s) E = 0.80 V 0.1 M Ag Which one of the following statements is TRUE? a) The electrode on the left containing 1 M Ag (aq) is the anode. b) Equilibrium occurs when the [Ag (aq) in both cells is equal. c) The initial reading on the voltmeter would be...
Hi, please help me solve b for the ii) part. I mean derive demand function for...
Hi, please help me solve b for the ii) part. I mean
derive demand function for b.
4. (0) For each of the following utility function, derive the marginal utility (MU) of X1, MU of X2, and marginal rate of substitution (MRS), respectively. (a) U (X:, X2) = x, 13 x 2/3 (Cobb-Douglas) (b) U (xs, Xa) = 3 x + 7 x2+ 10 (Perfect substitutes) (C) U (X1, X2) = min{2 X1, 3 xz) (Perfect complements) (ii) For each...
can someone explain this step by step? especially don't understand how they got m/px? why we...
can someone explain this step
by step? especially don't understand how they got m/px? why we
can't use the lagrange. and not sure how they drew the graph for
this question. SOMEONE PLEASE HELP MIDTERM SOON AND WILL GIVE BIG
THUMBS UP!!!! confused where 4x20+5x0 is coming from
Problem 4 Eric's preferences for goods x and y are represented by the following utility function: U(X,Y) = 4X +5Y. The price of good X is px = 2 and the price...
Garfield and Odie both like to consume Lasagna L and Popcorn P function U L2P, so that the demand...
please don't copy answers from other post, that's incorrect.
thank you.
Garfield and Odie both like to consume Lasagna L and Popcorn P function U L2P, so that the demands for the two goods are L-21/3 and P I/(3p), where p is the relative price of popcorn and I is income. (a) Initially Garfield has 4 units of Lasagna and 10 units of Popcorn, while Odie has 2 and 8 . They each have the utility respectively. What are their...
2) If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely A) shift...
2) If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely A) shift leftward. B) shift rightward. C) become flatter. D) become steeper. 3) If the price of automobiles were to decrease substantially, the demand curve for automobiles would most likely A) shift rightward. B) shift leftward. C) remain unchanged. D) become steeper. 4) Suppose a market were currently at equilibrium. A rightward shift of the demand curve would cause A) an increase...
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...
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...
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water and popcorn. At his current consumption level, the marginal utility of mineral water is 70 and the marginal utility of popcorn is 60. The price of a bottle of mineral water is $2.00 and the price of a box of popcorn is $1.50. The utility-maximizing rule suggests that Logan should: O Increase consumption of popcorn and increase consumption of mineral water Decrease consumption of...
Hi. can some one please explain me the solution for
this question. the correct answer is B. thanks.
8. Consider the following concentration cell. Ag (aq) + e → Ag(s) E = 0.80 V 0.1 M Ag Which one of the following statements is TRUE? a) The electrode on the left containing 1 M Ag (aq) is the anode. b) Equilibrium occurs when the [Ag (aq) in both cells is equal. c) The initial reading on the voltmeter would be...
Hi, please help me solve b for the ii) part. I mean
derive demand function for b.
4. (0) For each of the following utility function, derive the marginal utility (MU) of X1, MU of X2, and marginal rate of substitution (MRS), respectively. (a) U (X:, X2) = x, 13 x 2/3 (Cobb-Douglas) (b) U (xs, Xa) = 3 x + 7 x2+ 10 (Perfect substitutes) (C) U (X1, X2) = min{2 X1, 3 xz) (Perfect complements) (ii) For each...
can someone explain this step
by step? especially don't understand how they got m/px? why we
can't use the lagrange. and not sure how they drew the graph for
this question. SOMEONE PLEASE HELP MIDTERM SOON AND WILL GIVE BIG
THUMBS UP!!!! confused where 4x20+5x0 is coming from
Problem 4 Eric's preferences for goods x and y are represented by the following utility function: U(X,Y) = 4X +5Y. The price of good X is px = 2 and the price...
please don't copy answers from other post, that's incorrect.
thank you.
Garfield and Odie both like to consume Lasagna L and Popcorn P function U L2P, so that the demands for the two goods are L-21/3 and P I/(3p), where p is the relative price of popcorn and I is income. (a) Initially Garfield has 4 units of Lasagna and 10 units of Popcorn, while Odie has 2 and 8 . They each have the utility respectively. What are their...
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