6. (a) Draw upon Sen's analysis to demonstrate that attainment of Pareto optimality is not possible in a society marked by interdependencies in utility functions and a commitment to the basic cardinals of “liberal values".
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- 14) An Indifference curve slope down towards right since more of one commodity and less of another result in which of the following? A) Decreasing expenditure B) Maximum satisfaction C) Greater satisfaction D) Same satisfaction17 - Assume that a consumer has a given budget or income of $12 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. If the consumer spent all of her budget on just apples or just bananas, how many apples or bananas maximum would she be able to buy?7, Question 7 options: The human wants for goods, services and resources exceed what is available, is known as
- Suppose that Marissa is interested in buying some beers and hamburgers. Her budget constraint for these two goods is given below: If beers cost $6/beer, how much income does she have to spend on beer and hamburgers? Group of answer choices $24 $18 $12 not enough information to answer the question12- Which of the following is related to the use of economics? a. how people use unlimited resources to satisfy their unlimited wants b. how businesses use unlimited resources to satisfy unlimited consumer wants c. how people use unlimited resources to satisfy limited wants d. how people use scarce resources to satisfy unlimited wants14- Macroeconomics is the branch of economics that studies________. a. the economy as a whole b. prices of individual goods c. none of these d. the way individual markets work
- 6- Please solve this question. Many Thanks18. Declining MRSXY implies that:(a) The total utility is decreasing along an indifference curve(b) The consumer’s preferences do not satisfy the more-is-better principle(c) The consumer is willing to give up more and more X for additional Y as the consumption of X increases along an indifference curve(d) The consumer is willing to give up less and less X for additional Y as the consumptionof X increases along an indifference curve7 Describe in detail about Equilibrium, budget line, new equilibrium as well as how consumers are affected (positively or negatively) by the price change? Explain applying economic analysis
- 16. A universal assumption in economic theories is that a) people are motivated by self-interest b) what is true for one person must be true for everyone c) whatever goes up must come down d) as price increase, quantity demanded decreases1. How does a consumer’s optimal choice of goods change if all prices and the consumer’s income double? (Hint: focus on the budget constraint) 2. Output is produced according to a production process given by: Q = 4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is $10 and the price of L is $5, then what is the cost-minimizing combination of K and L capable of producing 32 units of output?5- Please solve this question. Thanks
