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Atlas has $50 in their budget. Given the following graph, what is the MRS at his...
Sara has $40 in her budget. Given the following graph, what is the MRS of her...
Sara has $40 in her budget. Given the following graph, what is the MRS of her optimal consumption bundle? Burritos Pizza 4
Sara has $40 in her budget. Given the following graph, what is the MRS of her...
Sara has $40 in her budget. Given the following graph, what is the MRS of her optimal consumption bundle? Burritos 8 Pizza 2
1. Megan has $50 in their budget. Given the following graph what's the MRS at her...
1. Megan has $50 in their budget. Given the following graph
what's the MRS at her optimal consumption bundle?
2. The demand curve for airplanes is: Qc=15,000 - .2Pc - 800Pg
where Qc is the quantity of airplanes, Pc is the price of airplanes
and Pg is the price of gasoline. By what quantity does the demand
for airplanes change if the price of gasoline goes down by
$.50?
a) 400
b) 800
c) -400
d) -800
e) Can’t be...
1. answer it only numerical values. 2. A person has a Cobb Douglas utility function for...
1.
answer it only numerical values.
2.
A person has a Cobb Douglas utility function for two goods X and
Y. If the price of a X increases and the budget stays the same, the
utility maximizing person __________.
Cannot be determined from the information
will consume less of Y
will only consume Y
will consume less of both goods
will have lower utility
Sara has $40 in her budget. Given the following graph, what is the MRS of her...
Bob has $36 to spend on tacos and burritos which are both ordinary goods for Bob....
Bob has $36 to spend on tacos and burritos which are both ordinary goods for Bob. Burritos cost $4 each and tacos cost $2 each. a. Draw Bob's budget line with tacos on the x-axis and burritos on the y-axis. b. Draw an indifference curve showing Bob's optimal consumption at 5 burritos and 8 tacos. c. What is the ratio of the Marginal Utility of Burritos to the Marginal Utility of Tacos at Bob's optimal consumption bundle? d. On the...
how did they get MRS= -x2/x1? Consider the utility function u ( 2 2) = Inc. +Inc. Suppose that the initial situation...
how
did they get MRS= -x2/x1?
Consider the utility function u ( 2 2) = Inc. +Inc. Suppose that the initial situation s given by Pi = 1, P2 = 2 and m = 100. Note that MU = 1 and MU2 = a) Find the consumer's optimal consumption bundle (0,2) and his utility at this consumption bundle. Solution: The budget line is 2.02 = 100 - 21 (1) Since the optimal bundle is an interior point, the tangency condition...
Thor Odinson has really let himself go. He spends all of his income only consuming whole...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza () and cases of beer (b), priced at p. 5 and p = 15, respectively. Suppose Thor's utility funetion is given by u(3,0) = 2'and his income is I = 300. (8 points total) (a) Salve for Thor's optimal bundle of pizza pies (?) and cases of beer (b). (2 points) (1) Draw Thor's budget constraint, optimal bundle, and indifference curve...
Thor Odinson has really let himself go. He spends all of his income only consuming whole...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza (2) and cases of beer (b), priced at p: = 5 and p = 15, respectively. Suppose Thor's utility function is given by u(2,5) = 36 and his income is I = 300. (8 points total) (a) Solve for Thor's optimal bundle of pizza pies (2) and cases of beer (b). (2 points) (b) Draw Thor's budget constraint, optimal bundle, and...
Alice has a fixed budget of $120 to purchase two goods. Let X and Y represent...
Alice has a fixed budget of $120 to purchase two goods. Let X and Y represent the quantity of goods X and Y purchased respectively. Price of X is $2, price of Y is $1, and her utility function is U= X2Y and her MRS = 2Y/X Write down the budget line function Write down the tangency condition Calculate the optimal consumption bundle (X= Y= ) Draw a graph to show you results (including budget line, utility, and optimal consumption...
Refer to the graph below for the questions 2a-2f). Wolfie consumes pizza and soda and the...
Refer to the graph below for the questions 2a-2f). Wolfie consumes pizza and soda and the graph illustrates his indifference curves. 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Pizza 2. a) Suppose Wolfie has an income of $24, that Ppizza = $2, and that Psoda = $2. Draw Wolfies budget constraint in the above figure. What is the opportunity cost of one more slice of pizza? b) At this...
Sara has $40 in her budget. Given the following graph, what is the MRS of her optimal consumption bundle? Burritos Pizza 4
Sara has $40 in her budget. Given the following graph, what is the MRS of her optimal consumption bundle? Burritos 8 Pizza 2
1. Megan has $50 in their budget. Given the following graph
what's the MRS at her optimal consumption bundle?
2. The demand curve for airplanes is: Qc=15,000 - .2Pc - 800Pg
where Qc is the quantity of airplanes, Pc is the price of airplanes
and Pg is the price of gasoline. By what quantity does the demand
for airplanes change if the price of gasoline goes down by
$.50?
a) 400
b) 800
c) -400
d) -800
e) Can’t be...
1.
answer it only numerical values.
2.
A person has a Cobb Douglas utility function for two goods X and
Y. If the price of a X increases and the budget stays the same, the
utility maximizing person __________.
Cannot be determined from the information
will consume less of Y
will only consume Y
will consume less of both goods
will have lower utility
Sara has $40 in her budget. Given the following graph, what is the MRS of her...
how
did they get MRS= -x2/x1?
Consider the utility function u ( 2 2) = Inc. +Inc. Suppose that the initial situation s given by Pi = 1, P2 = 2 and m = 100. Note that MU = 1 and MU2 = a) Find the consumer's optimal consumption bundle (0,2) and his utility at this consumption bundle. Solution: The budget line is 2.02 = 100 - 21 (1) Since the optimal bundle is an interior point, the tangency condition...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza () and cases of beer (b), priced at p. 5 and p = 15, respectively. Suppose Thor's utility funetion is given by u(3,0) = 2'and his income is I = 300. (8 points total) (a) Salve for Thor's optimal bundle of pizza pies (?) and cases of beer (b). (2 points) (1) Draw Thor's budget constraint, optimal bundle, and indifference curve...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza (2) and cases of beer (b), priced at p: = 5 and p = 15, respectively. Suppose Thor's utility function is given by u(2,5) = 36 and his income is I = 300. (8 points total) (a) Solve for Thor's optimal bundle of pizza pies (2) and cases of beer (b). (2 points) (b) Draw Thor's budget constraint, optimal bundle, and...
Refer to the graph below for the questions 2a-2f). Wolfie consumes pizza and soda and the graph illustrates his indifference curves. 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Pizza 2. a) Suppose Wolfie has an income of $24, that Ppizza = $2, and that Psoda = $2. Draw Wolfies budget constraint in the above figure. What is the opportunity cost of one more slice of pizza? b) At this...
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