Homework Answers
a) total budget will be 2 x 5 = $10 as he can affors 5 burgers if his all income is spend on buying the burgers. the answer is "E".
b) "C"
they want to maximise the utility in the market.
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In the graph below, Chandra must decide how to allocate his budget between hot dogs and...
1) Noah likes hot dogs and Coca-Cola. Hot dogs cost $1 each and Cokes cost $.50...
1) Noah likes hot dogs and Coca-Cola. Hot dogs cost $1 each and Cokes cost $.50 per bottle There is a special promotion for Coke that will last for one month. If Noah sends in the bottle tops from the Cokes he drinks during the next month, he will get a refund of $.20 for every bottlecap beyond the first 12 that he returns. For example, if he returns 25 bottle caps he will get back $2.60 $.20(25 12). Noah...
Question 1: People decide how to “budget” their time in much the same way that they...
Question 1: People decide how to “budget” their time in much the same way that they decide how to budget for different goods. Each person decides how much they “value” their leisure time versus their work time. The more people work, the more they tend to value their remaining leisure time. This is the justification for paying overtime to people working over 40 hours per week. a. How might we model this trade-off economically using the basic labor supply model...
Question 1: People decide how to “budget” their time in much the same way that they...
Question 1: People decide how to “budget” their time in much the same way that they decide how to budget for different goods. Each person decides how much they “value” their leisure time versus their work time. The more people work, the more they tend to value their remaining leisure time. This is the justification for paying overtime to people working over 40 hours per week. a. How might we model this trade-off economically using the basic labor supply model...
Question 4: People decide how to “budget” their time in much the same way that they...
Question 4: People decide how to “budget” their time in much the same way that they decide how to budget for different goods. Each person decides how much they “value” their leisure time versus their work time. The more people work, the more they tend to value their remaining leisure time. This is the justification for paying overtime to people working over 40 hours per week. How might we model this trade-off economically using the basic labor supply model by...
A farmer must decide how to allocate his 113 acres of land between corn, oats and wheat. It take...
A farmer must decide how to allocate his 113 acres of land between corn, oats and wheat. It takes 2.3 hours per acre to harvest corn, 1.5 hours per acre to harvest oats and 1.9 hours per acre to harvest wheat. He can work up to 205 on the harvest. Additionally, his water supply is limited to 600000 gallons per day and it takes 5300, 6000 and 6920 gallons per day at their peak to water an acre of...
Quick intuition check via True or False Questions 1. 2. If all prices double and income...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
Assume that you have exactly 100 hours of labor to allocate between producing goods X and...
Assume that you have exactly 100 hours of labor to allocate between producing goods X and Y. Your output of X and Y depends solely on the hours of labor you spend so the production functions, qi=fLifor i=X and Y, are: X=LX.5 and Y=LY.5 If you can sell your output of X and Y at the fixed prices PX = 10 and PY = 5, how much of goods X and Y would you produce to maximize your income? (Hint:...
Problem 2 (30 points): Kirpa is trying to decide how many bours to work each week. Her utlity is ...
Please be clear. Thank you!
Problem 2 (30 points): Kirpa is trying to decide how many bours to work each week. Her utlity is given by the following function: U(C,H)CH3, where C represents weekly consumption and H represents weekly leisure bours. Her marginal utility with respect to consumption is MUc -2cH, and her marginal utility with respect to leisure is MUH 3C3H Assume Kirpa has some assets a that she uses for weekly consumption, so that her weekly budget constralnt...
Battin how many additional consecutiv hits h Jeter would have needed to raise his batting average...
Please help me on questions 40, 59, and 62.
battin how many additional consecutiv hits h Jeter would have needed to raise his batting average in 2004 to that of his average in 2001. b. Write and solve an equatioll SHORTSTOP YEAR 2001 2002 2003 2004 191 191 156 48 188 c. What if.. How many additional hits in a row would Jeter have needed to raise his batting average in 2003 to .500? Check your answer for reasonableness. Solve...
Question 1: A recent study found that the demand and supply schedules for Frisbees are as...
Question 1: A recent study found that the demand and supply schedules for Frisbees are as follows: Price per Frisbee Quantity Demanded Quantity Supplied $11 1 million 15 million 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 a) What are the equilibrium price and quantity of Frisbees? b) Frisbees manufacturers persuade the government that Frisbees production improves scientists, understanding of aerodynamics and thus is important for national security. A concerned Parliament votes to...
1) Noah likes hot dogs and Coca-Cola. Hot dogs cost $1 each and Cokes cost $.50 per bottle There is a special promotion for Coke that will last for one month. If Noah sends in the bottle tops from the Cokes he drinks during the next month, he will get a refund of $.20 for every bottlecap beyond the first 12 that he returns. For example, if he returns 25 bottle caps he will get back $2.60 $.20(25 12). Noah...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
Please be clear. Thank you!
Problem 2 (30 points): Kirpa is trying to decide how many bours to work each week. Her utlity is given by the following function: U(C,H)CH3, where C represents weekly consumption and H represents weekly leisure bours. Her marginal utility with respect to consumption is MUc -2cH, and her marginal utility with respect to leisure is MUH 3C3H Assume Kirpa has some assets a that she uses for weekly consumption, so that her weekly budget constralnt...
Please help me on questions 40, 59, and 62.
battin how many additional consecutiv hits h Jeter would have needed to raise his batting average in 2004 to that of his average in 2001. b. Write and solve an equatioll SHORTSTOP YEAR 2001 2002 2003 2004 191 191 156 48 188 c. What if.. How many additional hits in a row would Jeter have needed to raise his batting average in 2003 to .500? Check your answer for reasonableness. Solve...
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