Answered: suppose > has a utilitiy represtantion…

Business

Economics

suppose > has a utilitiy represtantion u such that u is homogenous of the nth pwer show > is homothetic

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.1: The Theory Of Perfect Competition

Problem 4ST

See similar textbooks

Related questions

Q: 12 8 4 0 0 e) 4 8 12 16 D1 20 09. A possible explanation for a change in demand from D1 to D2 is a)…

A: The demand function can be given as: Qx = f(Px, Pz, M , t) Where Qx : Quantity demanded for good x…

Q: In a system without money, people trade goods and services directly. This means that some people end…

A: Economic definitions classify money as a good that acts as a store of value and a means of exchange.…

Q: ice cream producer has fixed costs of Php 3,500,000 per month, and it can produce up to 15,000 ice…

A: When sales income and costs attributed to a certain time are equal, a corporation experiences a…

Q: ECONOMICS UPVOTE WILL BE GIVEN. PLEASE WRITE THE SOLUTIONS LEGIBLY. NO LONG EXPLANATION NEEDED.…

A: Fixed cost = 3,500,000 Maximum Capacity = 15,000 ice cream tubs per month Market Price = 500 per tub…

Q: *Please use the answer choices below to finish the statement* “There is no such thing as a free…

A: Economist Milton Friedman is usually associated with the term that state "there is no such thing as…

Q: suppose > has an utilitiy represtantion prove transtive

A: Given : ≥ has utility reprsentation In other words, lets consider three bundles of good x and y i.e.…

Q: 3. Consider a firm that produces a single output Q using two inputs, q1 and 92. The production…

A: Production function Q = q11/2 q21/2Input and output pricesP(q1) = p1P(q2) = p2 P(Q) = 1

Q: The following table shows Carl's willingness to pay for clothing. Quantity of Clothing 2 Carl would…

A: Ans. The consumer surplus is the difference between the consumer's willingness to pay and the actual…

Q: Which of the following is a main route by which developing countries have sought to obtain the…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: Suppose that Country A's no-trade PPF is y = -2x + 40 and Country B's no-trade PPF is y= -x +30,…

Q: If the value of the marginal product of pie makers increased, a possible explanation could be Select…

A: Introduction The Marginal Product is the total product multiplied by a single variable input unit…

Q: What is the value of real GDP in 2019 if the GDP deflator is equal to 1.1 and nominal GDP is $21.5…

A: The GDP deflator:- The GDP deflator, also referred to as the implicit price deflator, is a measure…

Q: How is GDPaffected by the nominal and effective interest rates

A: Introduction GDP is the basic accounting measure of total goods and services produced in a economy.…

Q: 1. In order to build a new warehouse facility, the regional distributor for Valco Multi-Position…

A: *Hi there , as you have posted multiple questions following our guidelines we will only solve the…

Q: Year Cost of basket (R) of consumer goods / services Base Year 2018 1850 2019 2190 2020 2380 2021…

A: The Consumer Price Index is an important economic metric. It measures the average change in prices…

Q: 5. Consider an economy that is characterized by the following equations: Y=C+I+G+ NX Y = 6,000, G =…

A: Trade balance shows the balance of exports and imports of any country if the export is more than…

Q: Bob views apples (a) and oranges (o) as perfect substitutes in his consumption. When we put apples…

A: Perfect Substitute goods are those goods which are use in place of each other. In the perfect…

Q: If marginal benefit is equal to marginal cost, then the: A. sum of producer surplus and consumer…

A: Marginal benefit is the additional benefit earned from selling an additional unit. Marginal cost is…

Q: Market demand for the nuclear substance pluranium is given below, along with the TR for the given…

A: 3rd Degree price discrimination is a pricing practice in which monopolist charge different price…

Q: At the local Wendy's franchise, the hourly wage is $9 per worker. The franchise employs 15 workers…

A: The marginal product of labor The change in output brought on by adding a new unit of labor is…

Q: QUESTION 6 25 20 15 10 5 0 Figure A 0 3 6 9 1215182124 25 20 15 10 5 0 b) Supply and demand in…

A: The demand and supply curve of any good represent the market. Both demand and supply curve intersect…

Q: Which three of the following factors are associated with a perfect market? A high degree of mutual…

A: An economy has different types of markets depending upon the number of buyers, number of sellers,…

Q: An oil refinery produces one base type of crude oil. The total cost is given by the equation Total…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: At which range th full employment supply curve.

A: We know The economies around the globe tend to operate upon the activities done by various entities.…

Q: Which of these is a guideline for making a decision? Guaranteed gain Marginal cost is less than…

A: Optimal decision making requires optimum utilization of resources in order to attain certain level…

Q: DESCRIPTIVE STATISTICS Table 2.30 Frequency Distribution of Family Incomes Family Income, $…

A: Table: Calculatuon for Q1, Q3 and 60th percentile

Q: 1. Please examine possible impacts of Covid-19 on unemployment both in the long-run and short- run…

A: The Covid-19 outbreak has already had a considerable impact on unemployment, with the number of…

Q: K (Net present value calculation) Big Steve's, makers of swizzle sticks, is considering the purchase…

A: Net present value of any project is the sum of all the present value of its cash flows and…

Q: What is the World Trade Organization? What is its role in the world economy?

A: International trade is an example of economic linkage because it is a method of economic interaction…

Q: olumn A 1. 2. 3. 4. 5. 6. 7. a tax for which the percentage of income paid in taxes increases as…

A: Tax Taxes are mandatory payments made by the government. either local, regional, or national, to…

Q: What is a production possibility curve and explain points of efficiency, inefficiency, and not…

A: Production possibility curve refers to the curve which represents the set of combinations which…

Q: Find the interest rate that an amount of P5000 accumulated to 11,040.20 after 10 years compounded…

A: Interest rate means how high the cost of borrowing is, or high the rewards are for saving. Thus, in…

Q: Do firms really calculate marginal cost and marginal revenue to find the profit-maximizing output?…

A: Total revenue is the total receips collected from the sale of goods and services in the market.…

Q: A restaurant frequently offers a special prix fixe meal and has been charging $⁢120 per person for…

A: When the price is $120, the total customer in the restaurant is 40. Also, if the price is decreased…

Q: b(Y)=400Y-6Y2 c(Y)=5y2

A: Only the functions have changed so we will follow the same procedure as before and get the answer.…

Q: Which of these graphs shows how a contractionary monetary policy in Foreign affects its exchange…

A: When the central bank uses various policy options to decrease the supply of currency which includes…

Q: A company produces a single, high-volume product. One year its production volume was 780,000 units,…

A: Here, given information is: Production volume in a year: 780,000 units Fixed cost: Php 160 million…

Q: The equilibrium price is and the price will and the quilbrium quantity is At a price of $10, there…

A: The market is said to be in equilibrium where the quantity demanded equals the quantity supplied. In…

Q: 1. a) If population 16 or older in Germany is = 70,159,000 and labor force participation rate (LFPR)…

A: Given population 16 or older = 70,159,000 Labor force participation rate = 56.43 % Size of labor…

Q: 3. In order to restructure some of its debt, General Motors decided to pay off one of its short-term…

A: Question 3 The total cost of repaying the loan in one year is $82 million Rate of interest for this…

Q: 2- Real World Examples and Usefulness of the Supply and Demand Model. Start each question by drawing…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Will the rise of AV technologies create some jobs? What are possible AV-related new jobs?

A: Yes, the rise of AV technologies is likely to create new jobs in a variety of industries. For…

Q: I need help short answer asap

A: In an economy, unemployment refers to the situation when the supply of labor is more than its demand…

Q: 2.31 A firm pays 5/12 of its labor force an hourly wage of $5, 1/3 of the labor force a wage of $6,…

Q: Suppose that each country completely specializes in the production of the good in which it has a…

A: In economics, the value of what you must give up in order to choose something else is referred to as…

Q: Allocative efficiency is achieved Group of answer choices a. at the point where the supply and…

A: Ans. Allocative efficiency is achieved when all goods and services are efficiently obtained by all…

Q: A bicycle component manufacturer produces hubs for bike wheels. Two processes are possible for…

A: Profit = TR > TC is termed as profit. TR = P*Q TC = FC + VC

Q: Given that the level of labour is 10, the total production is 1,200, and the marginal product of…

A: The social science of economics examines and analyses the actions and choices that economic agents…

Q: Which of the following follows when a nation opens up for trade and starts exporting a good? A. The…

A: Domestic producers are outlined as being either natural or legal persons based on the territory of a…

Q: Industry Total nonfarm payroll employment Manufacturing Construction Trade, transportation, and…

A: It is discernible by: Total non farm employment in Oct 2017 = 147,234 Total non farm employment in…

Question

Please teach not just solve

suppose > has a utilitiy represtantion u such that u is homogenous
of the nth pwer show >
is homothetic

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Not for profit hosptials, do they eliminate the need to have a for-profit hosptial?
1. ThedemandfunctionforagoodisgivenbytheequationP=a−bQwhilethetotalcost function is TC = dQ2 + eQ + f, where a, b, d, e and f are positive constants. (a) Derive the equation for profit.(b) Derive an expression for the value of Q for which profit is maximised.
Explain the roleof costs in pricingdecisions anddescribe how variouscombinations of price,fixed cost, and unitvariable cost affect afirm’s break-even point
Allsmart’s demand curve is given by Q=10-P for its dishwashers. The marginaland average cost is $3 per dishwasher produced. Complete the following table.Q P TR MR AC VC FC TC1 0 202 5 203 12 204 18 205 28 206 36 207 44 208 48 209 50 2010 52 20
Illustrate and fully discuss the derivation of the demand curve for a perfectlycompetitive firm.
Is what kind of market Resturants and video Rental store operate. Justify your answer. Would the firms that provide insuarance and cellular servise operate in same kind of market.Explain.
Explain with the help of diagram the relationship between MR and TR under imperfect competition
Define homogenous function and homothetic function. Explain the difference between them and its implications for solving the problems.
Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?
What is Mars inc competitive advantage
What is mean by ''high powered moeny'' H? What does the demand for H consits of? Who controls the supply H?
In the above diagram, at the profit-maximizing output, total profit is represented by the area bounded by letters A. efbc B. Ofbn C. egac D. fgab