QUESTION 1 For the utility function U = (Qx0.5+Q,0.5)2 and the budget 138 = 12Qx + 13Qy find the CHANGE in optimal consumption of X if the price of X increases by a factor of 1.8. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).
Q: Question 4 of 6. Which of the following individuals may qualify for a health savings account (HSA)?…
A: Health saving account is a saving account which is maintained for future or unforeseen health…
Q: The Central Bank can reduce inflation and stimulate growth simultaneously by lowering interest…
A: Inflation is the scenario where there is a rise in the general price level of goods and services…
Q: * The accompanying diagram shows an AD/AS diagram. The economy begins at Eo with output equal to Y .…
A: Economies characterized as open engage in international trade and financial connections,…
Q: The following table contains data for country A for the year 2019. In Billions of Dollars $1,293…
A: Gross domestic product is the summation of a country's final goods and services. The increase in GDP…
Q: 70 60 50 40 30 20 10 0 $ 0 10 20 LS MFC VMP MRP *****L 444L 50 30 40 01. Assuming the price of the…
A: The labor demand curve is the value of marginal product curve. Value of marginal product is…
Q: ill in the missing values in the table of data collected in the household survey. The working- ge…
A: The labor force is the sum of employed and unemployed people. i.e., Labor force = Employed +…
Q: Calculate net exports and the amount of net foreign lending for a hypothetical small open economy…
A: Net export : Net export is the amount by which the total value of exports of a country surpasses or…
Q: Which of the following actions by the Bank of Canada will result in an immediate increase of…
A: Reserves held by commercial banks beyond the minimum amount allowed by the central bank are referred…
Q: Income from recycling the paper and cardboard generated in an office building has averaged $3100 per…
A: Future worth refers to the value or worth of an asset, investment, or sum of money at a future point…
Q: You are considering a luxury apartment building project that requires an investment of $14,500,000.…
A: Divide the total profit by the total cost to find ROI, a profitability metric. Effective investment…
Q: How changes in government expenditure and tax programs through the setting of the government's…
A: Gross domestic product is the final combination of goods and services in a country. GDP is an…
Q: Citrus Scooters is a company that manufactures electric scooters in a monopolistically competitive…
A: Monopolistic competition is a form of imperfect competition. There are large number of firms. There…
Q: Comparing a perfectly versus monopolistic competitive market, in the long run what happens to prices…
A: a) Perfectly Competitive Market:Prices: In the long run, prices tend to be driven down to the level…
Q: Given the market shares below, calculate the Herfindah-Hirschman Index (HHI). Would the Federal…
A: The Herfindahl-Hirschman Index (HHI) is a measure of market concentration and competition among…
Q: a) Imagine that the price of input 1 is $16 per unit, the price of input 2 is $25 per unit, and the…
A: Perfect competition is a type of market where there are very large number of firms,which have no…
Q: Everett also works in the perfectly competitive manicure industry. The market price is $20 and he…
A: In general terms, cost is the amount paid in order to acquire any resource or service. The main aim…
Q: If the Bank of Canada were to conduct an open market purchase, it would Select one: a. decrease the…
A: In an economy, the Central Bank plays a significant role in stabilizing the market by implementing…
Q: Refer to the table to the right which shows cost data for Lotus Lanterns, a producer of whimsical…
A: Variable costThe total expenses for a firm are composed of two branches. The fixed expenses are the…
Q: Use the following table to answer the questions below. Aggregate Price Level…
A: Aggregate demand : Aggregate demand is a measurement of the total amount of demand for all finished…
Q: Q8 Consider the following diagram to calculate profit or loss of a firm in perfect competition. $11…
A: Perfect competition is a market form with a high number of buyers and a high number of sellers.…
Q: A natural spring runs under land owned by ten people. Each person has the right to sink a well and…
A: The marginal cost refers to the additional cost of production incurred due to additional production.…
Q: Environmental regulation was discussed for cases in which the market is unable to price risk…
A: With its foundation in economics, public choice theory examines how people behave both individually…
Q: Which diagram best represents the problem faced by farms in the short run?
A: Elasticity of demand is a measure of how sensitive the quantity demanded of a good or service is to…
Q: What is the relationships between economics, legislative changes, and policies and how these…
A: Economics is a subject matter that focuses on the rational management of scarce resources that have…
Q: 1.. Consider the following GDP data (IMF, WEO Database) China U.S.A. Nominal Real | Nominal Real…
A: Nominal GDP more is the total value of all goods and services that are produced inside its…
Q: What is the tariff rate (in cents per kg) charged by U.S. on live buffalo originating in each of the…
A: A tariff is a tax imposed on goods and services that are imported into a country from another…
Q: The following graph shows the marginal cost (MC) and average total cost (ATC) and the initial demand…
A: Perfect competition is a type of market where there are very large number of firms,which have no…
Q: When the Central Bank increases the money supply, interest rates fall and consumers spend more.…
A: The money supply is the total amount of circulation and deposits in an economy at a period of time.…
Q: Fill in the blanks to make the following statements correct. a. When there is no change in the…
A: A subfield of economics known as macroeconomics studies the economy as a whole at the aggregate…
Q: Explain changes in the U.S. economy that have made Public Law 86-272 partially obsolete
A: Enacted in 1959, Public Law 86-272 is a US legislative law that shields enterprises from specific…
Q: Show that the Cobb-Douglas production function Y = KOL, where 0 0 and L> 0 by constructing its…
A: Cobb-Douglas production function is a utility function describing the preferences of consumers. The…
Q: The dominant strategy of player 2 in the accompanying game is Player 1 S1 S2 t1 11,0 10, 100 Player…
A: In game theory, dominant strategy of a player refers to the outcome that a player prefers over all…
Q: relationships using the following symbols:> (greater than), < (less than), or (equal to). Outcomes…
A: A) Exports = Imports:This relationship signifies that the value of goods and services a country…
Q: Marc has a budget of $16 a month to spend on root beer and movie tickets. The price of root beer is…
A: A budget constraint represents the possible combination of goods and services that a consumer can…
Q: If a firm closes down and produces no output, what will be its total cost ?
A: Total cost refers to the total cost incurred in process of manufacturing by a firm or company making…
Q: 1. Tom International LLC has developed pessimistic, most likely, and optimis benefit data are given…
A: The Net present worth or NPW is defined as the the set or series of cash flow happening at different…
Q: Refer to the table below, which shows price data for a hypothetical economy, between which two years…
A: The Consumer Price Index or CPI in economics indicates or measures the change in price level through…
Q: passage. Drag word(s) below to fill in the be economists believed that the economy take place…
A: A subfield of economics known as macroeconomics studies the economy as a whole at the aggregate…
Q: Age-earning profiles help analyze individuals' choices of educational attainment. Suppose you are…
A: In most modern work environment, skillset are given enormous preference as the industries are…
Q: (g) Define Price elasticity of demand (P.E.D). The demand function of a certain product is given by…
A: Price elasticity of demand is a measure used in economics to quantify the responsiveness of the…
Q: Assume that the gross domestic product is $6,000, personal disposal income is $5,100, the government…
A: National saving : There are two types of savings that an economy experiences which include private…
Q: Graph A below shows the market demand and supply of security personnel. Graph B below shows the MRP…
A: The marginal product of labour is the change in total revenue caused by a change in units of output…
Q: Think a price making firm (monopolist) with a downward-sloping demand curve is one with a price…
A: Price elasticity of demand is a measure of how sensitive the quantity demanded of a good or service…
Q: Consider two hypothetical countries. In Country A, 18 percent of the labour force is unemployed for…
A: This can be defined as a situation In which the person is actively finding a job and has have…
Q: John and Mary argue that if income increases by 1% and the quantity demanded of good x increases by…
A: Elasticity is important in today's economics since it measures market responsiveness. It aids in…
Q: (Figure: The Quantity of Pollution in Coal Production) Use Figure: The Quantity of Pollution in Coal…
A: The optimal quantity is where social welfare maximized. The optimal quantity is where MSB and MSC…
Q: Suppose the tattoo shop market in Richmond is monopolistically competitive. Consider the market from…
A: Monopolistic competition is a form of imperfect competition. There are large number of firms. There…
Q: Suppose that the government wants to conduct expansionary fiscal policy. Show graphically the…
A: Expansionary fiscal policy involves increasing government spending or decreasing taxes to stimulate…
Q: The economy of Carlsberg is presently in equilibrium, but is suffering a recession as depicted in…
A: Macroeconomic research provides a comprehensive forecast for the fiscal landscapes of entire…
Q: Assume that the gross domestic product is $6,000, personal disposal income is $5,100, the government…
A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…
Please get correct
Step by step
Solved in 3 steps with 5 images
- Number of Sodas per day Total Utility Marginal Utilit 1 20 35 3 47 12 4 10 Refer to the table, The marginal utility of the second soda per day is L. (Answer should be in the form of numerical characters, e.g. 20) Enter your answer hereSuppose a consumer's utility is given by: u (x1, x2) = a/xT + b/x2 Where a= 8, and b = 4 %3D What is the value of MU1 (x1, X2)when x1=9 and x2=8. (Note: The answer may not be a whole number, so round to the nearest hundredth) (Note: The numbers may change between questions, so read carefully)My Moodle My Fa The function f(x, y) = (x + y) – a² – y? – 6xy has stationary points at some of the following points, (x, y). In each case identify whether the point is stationary, and if so find out if it is a maximum, minimum or saddle point. 1. The point (0,0) is 2. The point (1/2, 1/2) is 3. The point (1/2, -1/2) is 4. The point (-1/2,1/2) is 5. The point (-1/2,–1/2) is Next pa - from video in SVG Mock paper Jump to... format
- A food truck vendor averages 150 tacos sold when the price per taco is $4. A study shows that the average number of tacos sold will increase by 25 facos for every $1 that the price per taco is lowered. Which equation models the food truck's average sales in dollars, s, in terms of the price per taco, x ? A 325x + 250 3 = - 25x + 250 3 = 25x + 250x 3 = - 25x + 250x P Type here to search 315 P 1/28/20 Esc Delete CD & 2 8 Backspace Num Lock R T. Y P Home D K L Enter Z. B Shift End Alt Pgup Alt Ctrl Home PgDn End deapad S rivacy Shutter on Webcam Delivery(b) It is thought that a consumer measures the utility, u(x, y), of possessing a quantity, z, of apples and a quantity, y, of oranges by the formula u(x, y) = rªyla, where a is a constant. Suppose that apples cost p dollars each and oranges q dollars each. If the consumer has M dollars to spend on apples and oranges, use the method of Lagrange multipliers to find the quantity of each that he will buy in terms of a, p, q and M. [You are not required to justify the use of the method of Lagrange multipliers here.] For equally priced apples and oranges when he has one dollar to spend, he is actually observed buying one apple and two oranges. What value of a does this imply?1. For each of the three utility functions below, find the substitution effect, the income effect, and the total effect that result when prices change from p = (2,1) to p' = (2,4). Assume the consumer has income I = 20. (a) Before doing any calculation, make an educated guess about the relative magnitude of the three substitution effects and the three income effects to be found below. (b) u(x1, x2) = x1 + x2. (c) u(x1, x2) = x1x2. (d) u(x1,x2) = min {x1,x2). (e) Rank the substitution effects and the income effects found above by their magnitude. To what extent do they conform to your guess?
- given this utility function 95x10.3x20.2x30.25 first the first, second and cross order patial derivative with respect to each of the derivatives x1 x2 x3 what is the total utility derive if x1=24 x2=15 x3=5Linda loves buying shoes and going out to dance. 20 Her utility function for pairs of shoes, S, and the number of times she goes dancing per month, T, is: 18- 16- U(S, T) = 2ST 14- It costs Linda $75 to buy a new pair of shoes or to spend an evening out dancing. Assume that she has $750 to spend on shoes and dancing. E 12- 1.) Use the line drawing tool to draw Linda's budget line. Properly label this line. 10- 2.) Use the point drawing tool to locate Linda's optimal consumption bundle. Label this point 'R'. 8- 6- Carefully follow the instructions above, and only draw the required objects. 4- What is Linda's marginal rate of substitution? -. (Enter your response as an 2- integer. Note that the minus sign is already included.) 0- 12 10 Shoes (S) 14 16 18 20 React tv MacBook Air 80 DII F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 @ 23 2$ & 1 3 4 7 8 Q W E T Y { A S F H. J K C V M. く tion command command option ピ ーの Dancing (T) コ B. レQUESTION 1 For the utility function U = Qx0.50Qy(1-0.50) and the budget 122 = 8Qx + 14Qy find the CHANGE in optimal consumption of Y if the price of Xincreases by a factor of 1.7. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).
- Question 2 David spends his budget on chocolate and chip. His utility function is given by ?(?1,?2)= 2?1?2, where ?1 is the number of chocolates he consumers per week, and ?2 is the number of chips he buys per week. A chocolate costs 10 SEK, and a chip costs 20 SEK. David’s weekly budge for consuming on these two goods is 120 SEK. (1) What is David’s budge line? Draw the budget line on a graph with chocolate amounts on the horizontal axis and chip amounts on the vertical axis. Write explicitly at which points budget line crosses the axis. (2) What is David’s marginal utilities for the two goods, respectively? What is his marginal rate of substitution between the two goods? (3) What is David’s optimal choice? Calculate the numerical answer for the optimal bundle. Also draw an indifference curve for David on the same graph as question(1) and show the optimal bundle.3- Assuming that the equation F(U, x, X2 = f(x1, x2,, ... Xn): ******* **** ,xn) = 0 implicitly defines a utilityfunction U 073 a) Find the expressions for 60, 6U and 6x4 " 3 6x2 6xn 6x2 6xn b) Interpret their respective economic meanings. c) Now. assume the utility function is U(x, y) = y√x. Does the consumer believe that more is better for each good? Do the consumer's preferences exhibit a diminishing marginal utility of x? Is the marginal utility of y diminishing?Total Utility derived from the consumption of a product to a consumer is given by U = (20-0.50)'Q where Q is the number of units consumed Using a graphical representation, show what is the nature of variation in the utility with the increasing consumption of the product? Is it in line with the law of diminishing marginal utility? Explain.