Q: uestion 6 define marginal utility. Explain the law of marginal utility with a diagram. what do you…
A: (a) Marginal Utility A consumer's increased enjoyment from owning one more unit of an item or…
Q: Prospect Y = ($7, 0.25 ; $17, 0.75) If Will's utility of wealth function is given by u (x) = a0.25 ,…
A:
Q: 11. If the cross-price elasticity between goods A and B is negative, we know the goods are:
A: Cross elasticity refers to the responsiveness of change in quantity demanded of one commodity due to…
Q: Problem #2 Suppose the Demand schedule of Rice was been revised during Februar 2021. Graph the…
A: Answer is given below
Q: While domestic institutions play an important role in the globalization process, what are some of…
A: The set of regulations, rules, and mechanisms being created by the government and services of the…
Q: 5. The way NAICS industry data are classified can change measures like HHI and Concentration Ratio.…
A: Industrial classification can predisposition CR upwards assuming the business information is ordered…
Q: d.) Notice that the competitive equilibrium (Qº, Pª) and the point (Qª, P³) are both on the supply…
A: PLEASE FIND THE ANSWER BELOW.
Q: The quantity theory of money predicts that, in the long run, inflation results from the O velocity…
A: here we select the correct answer for The quantity theory of money predicts that, in the long run,…
Q: Define the production function, f(x), and the average product associated with it. How do you…
A: Production is the process of transformation of inputs into output by using factors of production .…
Q: What is the fundamental problem of econometrics? 2. Explain in words and with the formula we
A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If…
Q: 1. Match the description to the type of tax, v Tax on the use of vehicles, gasoline, alcohol,…
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…
Q: 2- Consider the following game. Player 2 LR Player 1 U 12, 2 3,9 | D 5, 8 4, 2 (a) Find all the Nash…
A: Nash equilibrium is an idea inside game theory where the ideal result of a game is in the same…
Q: Question 5 of 50 which of the following questions might be asked by an economist who is using…
A: An economist who uses critical thinking for solving a problem would involve inquiring a question,…
Q: A wine dealer owns a case of fine wine that can be sold for Kev" dollars t years from now. If there…
A: Introduction A wine dealer owns a case of fine wine that can be sold for K et dollars t year from…
Q: The real interest rate is 6 percent a year and the income tax rate is 50 percent. With no…
A: The term income tax alludes to a kind of tax that governments force on income produced by…
Q: A bank currently has deposits of $80000. It has actual reserves of $6000 of which $2000 are excess…
A: We know that:- Actual reserve is sum of required reserve and excess reserve Actual reserve= Required…
Q: Question 5. (k. function: M/P = L (r, Y-T), where r is the interest rate and (Y-T) is the disposable…
A:
Q: s there any relationship between the monthly percentage change in rail carload traffic (RCLDPCH) and…
A: Answer -
Q: What are some of the challenges that cruise ships face in attracting guests?
A: Cruise Ship is a large ship which is used for tourism as it can take tourist to different places…
Q: Assume we are currently in an equilibrium where actual output is equal to potential output. If…
A: Equilibrium in the goods and services market is reached at the intersection of AD and AS curves.
Q: Suppose that you deposit $411 at an interest rate of i = 3% Using the formula for future value, how…
A: Time vale of money tells us how money grows with time . This is why today's money is not worth in…
Q: Financial intermediaries are firms that: match buyers and sellers of bonds. conduct open market…
A: Financial intermediaries are a bridge between savers and borrowers.
Q: employer sends cach employee a Form W-2 at the end of cach year showing what taxes were withheld.…
A: Taxes are compulsory commitments required on people or partnerships by an administration substance.
Q: The marginal revenue curve for a perfectly competitive firm is
A: Marginal revenue is the additional revenue earned through the sale of additional output. A graphical…
Q: 12 Investment Demand $75 150 225 Investment ($) $50 100 150 Investment (5) AS AD, ($150) Qua ntity…
A: Note: There is some mistake in the labeling of money demand and money supply curve. Following is the…
Q: What is monopolistic competition? 30 words
A: Monopolistic competition is a mixture of perfect competition and monopoly.
Q: If the total revenue function R (x) = 10x + 0. then the expected revenue from the sale of 16th unit…
A: A market is the place where the buyers and the sellers interact with each other and the exchange of…
Q: Give an example of one tool used to conduct state guidance in a state guided capitalism. What are…
A: State capitalism is an economic system in which the government engages in commercial (for-profit)…
Q: What kinds of markets should a government tax according to the Ramsey taxation result? What is the…
A: Ramsey taxation is about the optimal taxation system that maximise the tax revenue with given…
Q: FACT: Sonic @ Co. produces sonic boom chocolates, demand for which is: D(p) = 50(p+2) 2), %3! [1]…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: What is managerial economics? (only 30 words)
A: Managerial economics is a discipline of economics concerned with the use of economic methods in…
Q: If a firm in a perfectly competitive market faces an equilibrium price of $5, its marginal revenue…
A: In a perfectly competitive market, A firm price is equal to the marginal cost (P=MC) and marginal…
Q: Find the mixed-strategy Nash equilibria of the following game: Player 2 R T 1, 4 4, 3 Player 1 C 2,0…
A: Game Player 2 L R T 1,4 4,3 Player 1 C 2,0 1,2 B 1,5 0,6 Player 1 has…
Q: 1. A study indicated that the optimal price for a consumer product is $32.45. Most products in the…
A: The correct answer is given in the second step.
Q: What is the Maxi-Min strategy for player 1 and for player 2? Explain why. What are the Nash…
A: Nash equilibrium is an equilibrium outcome of players in the game where the decisions of other…
Q: P ($) Supply 100 90 80 70 60 50 Social benefit 40 30 20 10 Demand 0 5 10 15 20 25 30 35 40 45 50…
A: The figure shows that there is a presence of positive externality in the market.
Q: Direction: Complete the table below to find the 60th percentile for the following s of data. Find…
A: Given: Data set 1 Data set 2 Data set 3 20 49 18 22 50 19 25 55 20 32 55 22 35 60 25…
Q: A local college is deciding whether to conduct a campus beautification initiative that would involve…
A: Cost-benefit-analysis is the method used to measure the advantages of a decision or taking action…
Q: 2. Explain how capital flow and labor flow affect globalization
A: Answer -2 Capital flows have always been vital for improved global economic performance, but they…
Q: 1. In the year 1980, when Thatcher came to power in UK, inflation was .. and unemployment rate was…
A: UK inflation as per official data was 18 % in 1980 Uk Unemployment data
Q: A perfectly competitive firm should shut down in the short-run if price falls below the minimum of…
A: The shutdown point is when the price of the commodity is equal to the average variable cost (P=AVC).…
Q: A perfectly competitive firm can A) sell all of its output at the prevailing market price. B) set a…
A: In perfectly competitive market there are many buyers and sellers in the market so an individual…
Q: QUESTION 1 Debt (-) items in the balance of payments correspond to anything that: Oa. Involves…
A: The correct answer is given in the second step.
Q: is the process of deciding among various alternatives a. Career planning b. None of the above C.…
A: In career planning, you choose your path to your dream career. Choosing among alternatives is…
Q: Person A faces an 80% chance of having no loss and a 20% chance of having a loss of $50. Person B…
A: Insurance is a policy, addressed by an arrangement, where an individual or substance gets monetary…
Q: 4. What are the factors that determine the magnitude of the cost of disinflation? How could the…
A: The factors that determine the magnitude of the cost of disinflation are as follows:-
Q: dy If y = (In x + 1)(2x³ – 3x), then will be %3| dx A. (In x + 1)(6x? – 3) + (2x³ – 3x)(÷ +1) В.…
A: To differentiate the function, product rule is applied where (lnx+1) is one function and (2x3-3x) is…
Q: (Two Point Conversion in Football Game) It is the closing seconds of a football game, and the losing…
A: Nash equilibrium is a stable condition of a system with several members in which no one may benefit…
Q: On the standard Phillips curve diagram, why do both the Y axis (unexpected inflation) and the X axis…
A: The Phillips curve indicates that the level of unemployment and the rate of inflation are inversely…
Q: Assume there are six companies in a certain industry. Four companies have $10 sales apiece, while…
A: Given; Number of companies in the industry= 6 Sales of firm 1= $10 Sales of firm 2= $10 Sales of…
G
Step by step
Solved in 2 steps
- Constrained Optimization using Lagrange Multiplier: Cost MinimizationA clothing company produces two goods namely pants (P) and sweaters (S) whose combined cost function is C = 6P2 + 10S2 − PS + 30.In a day, the clothing company is limited by a production quota of 34 units of output only. Inequation form: P + S = 341. State the cost minimization problem of the clothing company.Q5The rate of change of the function f(x) =x + 2 /1 − 8xwith respect to x when x = 1. (i) The number of units Q of a particular commodity that will be produced with K thousand dollars of capital expenditure is modeled by Q(K) = 500 K^2/3. Suppose that capital expenditure varies with time in such a way that t months from nowthere will be K(t) thousand dollars of capital expenditure,whereK(t) =2t4 + 3t + 149 /t + 2 Required:(a) What will be the capital expenditure 3 months from now? How many units will be producedat this time? (b) At what rate will production be changing with respect to time 5 months from now?Will production be increasing or decreasing at this time?Q5 The rate of change of the function f(x) =x + 2 /1 − 8xwith respect to x when x = 1. (ii) The number of units Q of a particular commodity that will be produced with K thousand dollars of capital expenditure is modeled by Q(K) = 500 K^2/3. Suppose that capital expenditure varies with time in such a way that t months from now there will be K(t) thousand dollars of capital expenditure,where K(t) =2t4 + 3t + 149 /t + 2 (a) What will be the capital expenditure 3 months from now? How many units will be produced at this time? (b) At what rate will production be changing with respect to time 5 months from now? Will production be increasing or decreasing at this time?
- If preferences for pizza increase and the price of labor to produce pizza decreases, the equilibrium quantity of pizza will ____ and the equilibrium price of pizza will _____ . increase, increase decrease, be indeerminate increase, be indeterminate increase, decrease Assume an intertemporal budget constraint that shows how consumption can be traded off between two periods, t and t+1. Assume the consumer can save and borrow at the same interest rate of 10%. Assume the consumer collects income of $100 in each period. To gain an extra $10 dollars in period t+1, what must the consumer give up in period t? $11 $9.10 $1 $10 A convex indifference curve implies what type of behavior? diminishing marginal utility complementary goods perfect substitutes inferior goodsconstraint optimization 1. a. use the substitution method. given the production function, Q=5k+3L+2KL, choose the input to maximized output subject to the constraint that the planned expanditure on input is 140 dollars. each unit of labour cost 4 dollars and each unit of capital cost 20 b. use the langrange multiplier given Z=4x2+3xy+6y2, subject to the constraint x+y=56Suppose that a person has 2000 hours to allocate each year between leisure and work. a. Derive the equation of his budget constraint given an hourly wage of $(15)/hour. b) Graph his budget constraint line based on the equation you derived in part a. (Consumption (C) on the vertical axis and leisure (L) on the horizontal axis). Please make sure to include the value for the vertical and horizontal intercepts. c) Now suppose that the local government introduces an income guarantee program for single parents in which the income transfer is $10,000 per year if an individual does not work during that year (this dollar amount represents the benefit guarantee). If the individual decides to work, this transfer program imposes a 100% benefit reduction rate (e. g.. each additional hourly wage earned is reduced by 100%). Derive the new budget constraint equation that corresponds to this scenario. d) Draw the budget line that corresponds to the new scenario on a new graph. (Consumption (C) on the…
- Consider a total of N = 62 identical firms such that firm i produces qi units of output using Li units of labour according to the production function qi = 11 Li 1/2 + Li , i = 1, ..., N. Use the method of Lagrange to derive the aggregate production function given there is a total of L units of labour to be allocated among firms. Then find and enter below the value of the Lagrangian multiplier at the optimal point assuming L = 1854. Please do fast ASAP fastWhat is the vertical intercept of the consumpation function that represents the portion ofconsumption expenditure not associated with a level of disposable income?a. Consumption interceptb. Disposable income intercept c. Autonomous consumption d. Automatic consumption lineWhat is constrains optimization, explain and discuss the significance of langrage multiplier.
- 3. (a) If the demand function is P = 60 – Qfind an expression for TR in terms of Q.Differentiate TR with respect to Q to find a general expression for MR in terms of Q. Hence write down the exact value of MR at Q = 50.Calculate the value of TR when (a) Q = 50 (b) Q = 51 and hence confirm that the 1 unit increase approach gives a reasonable approximation to the exact value of MR obtained in part (1)(b) The consumption function is C = 0.01Y2 + 0.8Y + 100 (i) Calculate the values of MPC and MPS when Y = 8.(ii) Use the fact that C + S = Y to obtain a formula for S in terms of Y. By differentiating this expression find the value of MPS at Y = 8 and verify that this agrees with your answer to part (a).Suppose Eleanor is a sports fan and buys only baseball caps. Eleanor deposits $3,000 in a bank account that pays an annual nominal interest rate of 15%. Assume this interest rate is fixed—that is, it won't change over time. At the time of her deposit, a baseball cap is priced at $15.00. Initially, the purchasing power of Eleanor's $3,000 deposit is baseball caps.Given the utility function: U = ln c + l + ln c’ + l’ and the budget constraint: w(ℎ−l)+(w′(ℎ−l′))/(1+r)=c+(c′)/(1+r) (see pictures of function and constraint) where c = current consumption, c' = future consumption, l = current leisure, l' = future leisure, and r is the market interest rate.Suppose that the current wage, w = 20 and the future wage w' = 22. a) What is the optimal value of current consumption, c? b) What is the optimal valueof future consumption, c’*?
