The change in a commodity's price p(t) is proportional to the excess demand for the commodity. If the Qd = 8-2p and Qs = 2 + p k is the constant of proportionality. Given p(0) 5 and p(2) = 3, solve the first-order differential equation. H [Use 2 decimal places where necessary] P(t) =
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![The change in a commodity's price p(t) is proportional to the excess demand for the commodity.
If the Qd = 8-2p and Qs = 2 + p
k is the constant of proportionality.
Given p(0) = 5 and p(2) = 3, solve the first-order differential equation.
[Use 2 decimal places where necessary]
P(t) =](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3eaa8373-aafe-45f7-b86e-b11c3962d6fd%2F3f616cee-847a-4429-b9d1-afcd8011cacb%2Fll2ltso_processed.jpeg&w=3840&q=75)
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- Jane receives utility from days spent traveling on vacation domestically (D) and days spent traveling on vacation in a foreign country (F), as given by the utility function U(D,F) = 10DF. In addition, the price of a day spent traveling domestically is $100, the price of a day spent traveling in a foreign country is $400, and Jane’s annual travel budget is $4000. Suppose F is on the horizontal axis and D is on the vertical axis. Jane's marginal rate of substitution between F and D is equal to 10 1 F/D D/FWhich of the following statements is correct? Suppose leisure is a normal good, then an increase in non-labor income always increases labor supply. Suppose leisure is a normal good, then an increase in wage rate increases labor supply if the income effect dominates the substitution effect. Suppose leisure is an inferior good, then an increase in non-labor income increases leisure hours. Suppose leisure is a normal good, then an increase in non-labor income reduces labor supply. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.In many cases, it is reasonable to refer to the ________________ as the price Group of answer choices budget constraint sunk cost opportunity cost marginal utility
- Consumers in Georgia pay twice as much for avocados as they do for peaches. However, avocados and peaches are the same prices in California. If consumers in both states maximize utility, will the marginal rate of substitution of peaches for avocados be the same for consumers in both states? If not, which will be higher? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.buyers in the chocolate market demand 200 units of chocolate when price is zero and decrease the purchase of chocolates by 2 units for every one unit increase in price. write down the equation of the demand function in the form of Q= f(P)It is common for supermarkets to carry both generic (store-label) and brand-name (producer-label) varieties of sugar and other products. Many consumers view these products as perfect substitutes, meaning that consumers are always willing to substitute a constant proportion of the store brand for the producer brand. Consider a consumer who is always willing to substitute four pounds of a generic store-brand sugar for two pounds of a brand-name sugar. Do these preferences exhibit a diminishing marginal rate of substitution between store-brand and producer-brand sugar? (Click to select) Yes No Assume that this consumer has $24 of income to spend on sugar, and the price of store-brand sugar is $1 per pound and the price of producer-brand sugar is $3 per pound. How much of each type of sugar will be purchased?Producer-brand sugar: poundsStore-brand sugar: poundsIf prices change such that the price of store-brand sugar was $2 per pound and the price of producer-brand sugar was $3 per…
- It is common for supermarkets to carry both generic (store-label) and brand-name (producer-label) varieties of sugar and other products. Many consumers view these products as perfect substitutes, meaning that consumers are always willing to substitute a constant proportion of the store brand for the producer brand. Consider a consumer who is always willing to substitute four pounds of a generic store-brand sugar for two pounds of a brand-name sugar. Do these preferences exhibit a diminishing marginal rate of substitution between store-brand and producer-brand sugar? Assume that this consumer has $24 of income to spend on sugar, and the price of store-brand sugar is $1 per pound and the price of producer-brand sugar is $3 per pound. How much of each type of sugar will be purchased? How would your answer change if the price of store-brand sugar was $2 per pound and the price of producer-brand sugar was $3 per pound?A Gain from Trade occurs when a unit is sold for a price greater than the unit of the good is worth to a seller and, simultaneously, bought for a price less than the good is worth to a buyer. Consider the first 2 units of the good that would be sold in this market (the vertical red line on the graph). which answer choices are correct for the graph given bellow?If electric cars and solar panels are complementary goods, an increase in the price of solar panels will _____________ the demand for electric cars. Group of answer choices decrease increase not affect None of the other three answers
- a. Utility function of Mr. Haroon is given by Find the optimal quantities of the two commodities (X and Y) by using Lagrangian method, if it is given that price of commodity X is Rs. 5 per unit, price of commodity Y is Rs. 10 per unit and income of Mr. Haroon is equal to Rs. 1000. b. Using indifference map elucidates at which point Mr. Haroon would be able to achieve maximum utility.ANSWER THIS INTUITIVELYA consumer is willing to trade 4 units of x for 1 unit of y when she is consuming bundle(8, 1). She is also willing to trade in 1 unit of x for 2 units of y when she is consumingbundle (4, 4). She is indifferent between these two bundles. Assuming that the utilityfunction is Cobb-Douglas of the form U(x,y)=xα yβ, where α and β are positiveconstants, what is the utility function for this consumer?
