Homework Answers
A change in your preferences of either of the two goods- is correct
Price ratio is the slope of the budget line and does not affect the slope of indifference curve
Add Answer to:
Which of the following will lead to a change in the slopes of your indifference curves...
4a. Draw an indifference map for person J of five indifference curves for good x1 and...
4a. Draw an indifference map for person J of five indifference curves for good x1 and good x2. 4b. Draw a budget line that is tangent to the middle indifference curve. 4c. Without moving your indifference curves, return to your "map" in (a) and change the budget line if person I now has more income. 5a. Draw an indifference map for person J of five indifference curves for good X1 and good x2. 5b. Draw a budget line that is...
Draw some indifference curves to represent the following preferences.(Please draw at least two indifference curves in...
Draw some indifference curves to represent the following preferences.(Please draw at least two indifference curves in one graph and specify which indifference curve has bundles that are more preferable) (a) [2 points] Alex likes both cake and smoothie. For both the commodity, he thinks that the more, the better. And he thinks a piece of cake is as good as a glass of smoothie.(b)Bobby likes chocolate but he doesn’t care about ice cream. And he thinks that the more chocolate...
Complete the following questions by selecting a SINGLE letter for each: i) Which of the following...
Complete the following questions by selecting a SINGLE letter for each: i) Which of the following is most likely to not be an inferior good? a. concert tickets b. Ramen noodle dinners c. none of the above (all of the above are inferior goods) d. used music CD's e. trips to the laundromat ii) If the government imposes a ceiling price on apartment rents, we would expect to observe which of the following? a. an increase in the number of...
labelling all axes, slopes, intercepts, etc. thank you very much 3. A Giffen good is a...
labelling all axes, slopes, intercepts, etc. thank you very
much
3. A Giffen good is a good whose demand rises as its price rises. Graphically show that it is possible for good 2 to be a Giffen good even with convex, monotone preferences. To get full credit on this problem you must do the following things: (a) (5 points) Correctly show the shift in the budget set when the price of good 2 rises b) (5 points) Correctly maximize utility...
Which of the following will not lead to a shift in the demand curve?
Which of the following will not lead to a shift in the demand curve? an increase in price. a change in tastes and preferences. an increase in income. a change in the price of a substitute good.
please explain all answers thank you Which of the following pictures show a change in the...
please explain all answers
thank you
Which of the following pictures show a change in the consumer's income? 9y32 IV - = = = Question 2 Which of the following could explain why a supply curve has shifted in? The price of resources such as labor has increased. o Technology has improved. The price of resources such as labor has decreased. The number of firms have increased. Which of the following are true? (Select all that apply.) The consumer's problem...
7. Consider the figure below, which shows the budget constraint and the indifference curves of good...
7. Consider the figure below, which shows the budget constraint and the indifference curves of good King Zog. Zog is in equilibrium with an income of s300, facing prices px 4 and py sio 30 22.5 0 35 43 75 90 a. How much X does Zog consume? b. If the price of X falls to s2.50, while income and the price of Y stay constant, how much X will Zog consume? c. How much income must be taken away...
3. Indifference curves and preferences Alex likes both soda and milk. Assume that the "more is...
3. Indifference curves and preferences Alex likes both soda and milk. Assume that the "more is better" principle applies to Alex; that is, he would always prefer to consume more of either good, holding the consumption of the other good constant. The points on Figure 1 represent combinations of milk and soda that Alex might choose to consume. Figure 2 shows the same points as Figure 1, but it also shows some of Alex's indifference curves: 11, 12, and 13...
Question One a) State the Axioms of rational choice and show how they affect indifference curves...
Question One a) State the Axioms of rational choice and show how they affect indifference curves where possible. b) If 2 goods, good X and good Y, draw an indifference curve such that good X is a normal good and good Y is an economic bad. c) Given two goods, good K and good T. If the price of good K is K2 per unit and good is K3 per unit for purchases less than 5 and K1 for purchases...
3. Indifference curves and preferences Edison likes both chocolate and ice cream. Assume that the more...
3. Indifference curves and preferences Edison likes both chocolate and ice cream. Assume that the more is better" principle applies to Edison; that is, he would always prefer to consume more of either good, holding the consumption of the other good constant. The points on Figure 1 represent combinations of ice cream and chocolate that Edison might choose to consume. Figure 2 shows the same points as Figure 1, but it also shows some of Edison's indifference curves: 11, 12,...
4a. Draw an indifference map for person J of five indifference curves for good x1 and good x2. 4b. Draw a budget line that is tangent to the middle indifference curve. 4c. Without moving your indifference curves, return to your "map" in (a) and change the budget line if person I now has more income. 5a. Draw an indifference map for person J of five indifference curves for good X1 and good x2. 5b. Draw a budget line that is...
labelling all axes, slopes, intercepts, etc. thank you very
much
3. A Giffen good is a good whose demand rises as its price rises. Graphically show that it is possible for good 2 to be a Giffen good even with convex, monotone preferences. To get full credit on this problem you must do the following things: (a) (5 points) Correctly show the shift in the budget set when the price of good 2 rises b) (5 points) Correctly maximize utility...
please explain all answers
thank you
Which of the following pictures show a change in the consumer's income? 9y32 IV - = = = Question 2 Which of the following could explain why a supply curve has shifted in? The price of resources such as labor has increased. o Technology has improved. The price of resources such as labor has decreased. The number of firms have increased. Which of the following are true? (Select all that apply.) The consumer's problem...
7. Consider the figure below, which shows the budget constraint and the indifference curves of good King Zog. Zog is in equilibrium with an income of s300, facing prices px 4 and py sio 30 22.5 0 35 43 75 90 a. How much X does Zog consume? b. If the price of X falls to s2.50, while income and the price of Y stay constant, how much X will Zog consume? c. How much income must be taken away...
3. Indifference curves and preferences Alex likes both soda and milk. Assume that the "more is better" principle applies to Alex; that is, he would always prefer to consume more of either good, holding the consumption of the other good constant. The points on Figure 1 represent combinations of milk and soda that Alex might choose to consume. Figure 2 shows the same points as Figure 1, but it also shows some of Alex's indifference curves: 11, 12, and 13...
Question One a) State the Axioms of rational choice and show how they affect indifference curves where possible. b) If 2 goods, good X and good Y, draw an indifference curve such that good X is a normal good and good Y is an economic bad. c) Given two goods, good K and good T. If the price of good K is K2 per unit and good is K3 per unit for purchases less than 5 and K1 for purchases...
3. Indifference curves and preferences Edison likes both chocolate and ice cream. Assume that the more is better" principle applies to Edison; that is, he would always prefer to consume more of either good, holding the consumption of the other good constant. The points on Figure 1 represent combinations of ice cream and chocolate that Edison might choose to consume. Figure 2 shows the same points as Figure 1, but it also shows some of Edison's indifference curves: 11, 12,...
Most questions answered within 3 hours.
-
The x component of the velocity of an object vibrating
along the x-axis obeys the equation...
asked 23 minutes ago -
A junction box contains two trade size 2 raceways on the left
side, and two trade...
asked 57 minutes ago -
Atmospheric Mass
Venus and Earth have about the same mass and radius, but the
atmospheric pressure...
asked 1 hour ago -
5. Discuss the use of fault tree analysis (FTA) for risk
assessment (maximum one paragraph).
asked 2 hours ago -
Given that a sample of aluminium oxide has a Young's modulus of
393 GPa and a...
asked 4 hours ago -
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 5 hours ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 6 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 6 hours ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 8 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 8 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 9 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 9 hours ago