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A: True Statement.
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- A hypothetical survey shows that most bike riders prefer Honda to Yamaha. What does this mean in the ordinal and cardinal utility analysis? If the survey is true, how do you reconcile the fact that we find more people driving Yamaha motor bikes than those driving Honda?If the consumer thinks that (x₁,x2) is at least as good as (y₁.42) and that (y₁y2) is at least as good as (x₁,x2), we can conclude that (look at the following options)The monthly profit, in soles, from the sale of q bracelets is given by: U (g) = aq3 + bg² + cq - 5 000 In addition: • It is estimated that the sale of the Twenty-first bracelet generates a loss of 67 soles. • When 100 bracelets have been sold, the marginal utility decreases at the rate of 10 soles / bracelet per bracelet. • It is known that after selling 50 bracelets, the profit decreases at the rate of 250 soles per bracelet. Then: • a = • b = • C =
- Brit-Brick is a company that produces bricks and cement in the UK. Their largest consumer is ConstrUK, a UK construction company. The manager of Brit-Brick has asked the research department to find out how sensitive ConstrUK’s demand for bricks is. The research department has estimated that ConstrUK’s preferences over bricks (x) and cement (y) can be described by the utility function U(x,y)=xb/10y1-b/10 where b is 2, and where x and y are measured in bags. Example: if b=4, then . U(x,y)=x4/10y1-4/10=x2/5y3/5 The price for one bag of cement is equal to £1. It is estimated that ConstrUK’s budget is £10,000. Find the price-consumption curve for bricks and the corresponding demand curve.If we observe a consumer choosing (x1, x2) when (y1, y2) is available onetime, are we justified in concluding that (x1, x2) (y1, y2)?Brit-Brick is a company that produces bricks and cement in the UK. Their largest consumer is ConstrUK, a UK construction company. The manager of Brit-Brick has asked the research department to find out how sensitive ConstrUK’s demand for bricks is. The research department has estimated that ConstrUK’s preferences over bricks (x) and cement (y) can be described by the utility function U(x,y) = x4/5y1/5 where x and y are measured in bags. The price for one bag of cement is equal to £1. It is estimated that ConstrUK’s budget is £10,000. Find the price-consumption curve for bricks and the corresponding demand curve. Note: The writing is clear and abbreviations are not allowed.
- A young consumer has to decide how to spend his spare time. He can either watch movies x or play online video games y. Each round of the game cost 20 and each movie cost 20. He has 200 dollars to spend each week. In addition, he has time constraint. He can spend no more than 20 hours for entertainment each week. A movie last 2 hours and playing a game takes about 1 hour. His utility is given by √xy. Use the Kuhn-Tucker condition to find his optimal choice. (Assume that x and y can take any value, not necessarily integers.) Does the solution satisfy the necessary and sufficient condition for a maximum?how then can we find the total utility given q1=24, q2=30 and q3=15If X causes Y, then X is the dependent variable and Y is the independent variable. Group of answer choices True False
- Albion is a company that produces bricks and cement in the UK. Their largest consumer is ConstrUK, a UK construction company. The manager of Albion has asked the research department to find out how sensitive ConstrUK’s demand for bricks is. The research department has estimated that ConstrUK’s preferences over bricks (x) and cement (y) can be described by the utility function where b =4. The price for one bag of cement is equal to £1. It is estimated that ConstrUK’s budget is £10,000. Find the price-consumption curve for bricks and the corresponding demand curve.True or false Indifference curves are upward sloping but may also contain flat areas if preference is monotonic but not strongly monotonic.Brit-Brick is a company that produces bricks and cement in the UK. Their largest consumer is ConstrUK, a UK construction company. The manager of Brit-Brick has asked the research department to find out how sensitive ConstrUK’s demand for bricks is. The research department has estimated that ConstrUK’s preferences over bricks (x) and cement (y) can be described by the utility function U(x,y) = x2/10y1-2/10 The price for one bag of cement is equal to £1. It is estimated that ConstrUK’s budget is £10,000. Find the price-consumption curve for bricks and the corresponding demand curve.