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Q: .In economics, what a consumer is ready to pay minus what he actually pays, is termed as
A: To find : What is ready to pay minus actual pays.
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- Is the function v(x1,x2)=x21x32 a monotonic transformation of u(x1,x2) ? Select one: a. No b. YesFind the area under the standard normal curve to the right of z=−2.3�=−2.3. Round your answer to four decimal places, if necessary.Find the area under the standard normal curve to the left of z=0.21�=0.21. Round your answer to four decimal places, if necessary.
- You are given the function y=11−1.5x. The slope of the equation is enter your response here. (Round your answer to one decimal place.)Find the values of x1 and x2 where the following two constraints intersect. (Round your answers to 3 decimal places.) (1) 10x1 + 5x2 ≥ 50 (2) 1x1 + 2x2 ≥ 12Suppose you buy both shoes and chocolates. If your budget is Rs 10000 the price of shoes is Rs 2000 and the price of chocolate is 100 a) Draw budget line with X and Y intercepts and calculate the slope b) Suppose your optimal choice of combination is 2 pair of shoes, how many packs of chocolates will you buy?
- Define a weakly concave on the Cobb-Douglas FunctionQ.3 A utility function is given by the equation U = 120 x0.7 y0.3 where x is the number of hours spent playing golf and y is the hours spent playing cards per month. Calculate the values of x and y for which utility is maximised, subject to the constraint 21x + 3y = 180If Fred's MRS of salad for pizza equals -5 (where salad is on the vertical axis), then which of the following is True? He will eat 5 times as much pizza as salad He would give up 5 salads to get the next pizza He will eat 5 times as much salad as pizza He would give up 5 pizzas to get the next salad x
- Obtain the second derivative of the function: y = 2 – 5x4 + 3/2x2Which of the following are monotonic transformations? Please explain. 1) u = v² 2) u = lnv 3)u = -e^-vSuppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each. Please detailed workin. Find a linear equation for the: (i). Demand curve. (ii). Demand function. (b). Find the price per unit when 30 units are demanded.