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u(x,y) = x + y
Px=9 Py=3 U=120
Solve for hicksian
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- Define and explain the difference between Marshallian demand function and Hicksian demand function.Discuss and describe the differences between the Hicksian and Marshallian demand functions.The ‘Rawlsianism’ approach to social welfare improvement is based on a ‘Pareto improvement’ principle. Do you agree? Explain.
- Suppose Hinterland has been a closed economy (meaning there is no immigration from foreign countries and no international trade). The current labor force has 4 million skilled workers and 8 million unskilled workers. Both types of labor have perfectly inelastic supply curves, and the current skilled-unskilled wage ratio is 2.5. The elasticity of demand of skilled labor is -0.4, while the elasticity of demand of unskilled labor is -0.1. Suppose Hinterland allows a brief period of immigration, during which time 1 million skilled workers and 4 million unskilled workers migrate to Hinterland. Suppose there are no other changes to the economy. Approximately what is the new skilled-unskilled wage ratio? (Hint: The percent change in the wage ratio is approximately equal to the percent change in the skilled wage minus the percent change in the unskilled wage.)The compensated (Hicksian) demand curve is always steeper than the uncompensated (Marshallian) demand curve. True or False and Explainyour answerDerive the Hicksian demand and the expenditure function for u(x,y)=(.4X^.5+.6Y^.5)^2
- A car rental agency lowers their rates by 10 percent. If the agency wants to recoup the income lost by lowering the prices and have total revenues at least as high as before, it needs sales toTrue/False Market price is an macroeconomic concept.Some workers are “skilled”. Each of them on average will install 4 packages per day. The rest of the workers are “rookies”, who on average install 1 package per day. Each package creates a value of $100 for the shop owner. The supply curve of skilled workers is QS = W – 100 and the supply curve of the rookie workers is QR = 4(W – 100), where W is the daily wage. The market for workers is perfectly competitive. If employers cannot observe each worker’s ability, how many packages per day will the workforce install in equilibrium? 480 300 240 None of the above
- Estimate the equlibrium price and quantity of the market whose demand and supply functions are pd =−(q + 4)2 + 100 and ps = (q + 2)2 respectively.Price Stability is most likely to be achieved during times ofEric is a stay-at-home parent who lives in New York City and provides math tutoring for extra cash. At a wage of $50 per hour, he is willing to tutor 2 hours per week. At $75 per hour, he is willing to tutor 6 hours per week. Using the midpoint method, the elasticity of Eric’s labor supply between the wages of $50 and $75 per hour is approximately , which means that Eric’s supply of labor over this wage range is .