Jess has the utility function U(x₁, x₂) = min{3x1, 6x2}. The price of x₁ is px₁, Px₂, and his income is m. 1. Find Jess's optimal bundle x* and x as a function of Px₁, P₂, and m. 2. What's the proportion of consumption amounts between x and x? In other words, find 3. Suppose instead the utility function is U(x₁, x2) = min{2x₁, 3/3}. Without solving for the x* the price of x2 is .

Q: 5. Profit maximization: Imagine you are Aegor Rivers, founder of the elite mercenary band known as…

A: Given information Price of 6 pounds of gold=6 W= 3 Production function Q=f(E)= 6E1/2

Q: Which of the following statements is inaccurate?   Multiple Choice   There is substantial…

A: Market failure is described as a situation in which goods and services are inefficiently distributed…

Q: 7. Utility maximization question Ross Geller is an archeologist who works for a museum, and he has…

A: Utility maximizing condition is MUL / w = MUCWhere MUL is marginal utility from leisure, MUC is…

Q: Source:…

A: Factors of production:-  The resources that companies utilize to create commodities are regarded as…

Q: A decrease in government spending will decrease aggregate demand (AD) and cause prices to decrease…

A: Aggregate demand is the composition of consumption, investment, government spending, and net…

Q: Spending on a public good such as national defense does greatly does slightly does not night or…

A: Public goods are non-rival and non-excludable in nature.  Non-excludable: It implies that it is…

Q: Figure 1.1 is a hypothetical economy producing SUV's and Cars. Which of the following do not…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: Assume you have the following information about an economy: Labor Force of an Economy Population…

A: Unemployment  is the rate of population who willing to work also have skills but did not have work ,…

Q: There are only two suppliers of courses in finance in Brisbane, two private universi- ties:…

A: According to the game theory concept of Nash equilibrium, the impact of a game is at its best when…

Q: Q5 (ILOS measured: For Independent IRR Projects answer the following question The High Society Baked…

A: We can find the net present value of the investment. If the net present value is positive, it means…

Q: What are the three most important variables that cause the market supply curve for labour to shift?…

A: Equilibrium wage in the work market, and supply for the singular firm. Work supply for the entire…

Q: If the government tries to reduce the unemployment rate when the economy is not doing well and is in…

A: Fiscal policy refers to changes in government spending and taxes in order to influence the economy.…

Q: Suppose that Portugal and Switzerland both produce jeans and stained glass. Portugal's opportunity…

A: Given information: There are two countries, i.e., Portugal and Switzerland They produce two goods,…

Q: If the price elasticity of demand is 0.15, and the price is doubled, this will lead to a a. 30…

A:

Q: Which of the following transactions would be included in GDP? a. Abeer buys a newly constructed…

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: You have $1,000 that you can invest. If you buy Ford stock, you face the following returns and…

A: The expected return is how much benefit or misfortune a financial backer can expect to get on…

Q: For the following cashflows, which of the following relationships is correct? Year 0 -$300 Year 1…

A: The net present worth or net present worth applies to a progression of incomes happening at various…

Q: If the South African government can fund its deficits without the economy experiencing rising…

A: Unbalanced budget exists in an economy if its revenue collected from taxes and expenditure done by…

Q: Question 5 Figure 1.1 is a hypothetical economy producing SUV's and Cars. Which of the following do…

A: A production possibility frontier or PPF is a curve that shows combination of two goods that an…

Q: Which of the following transactions would be included in GDP? (Select All that Apply) Helpful Hint:…

A: Gross domestic product is the total market value of goods and service  produced domestically during…

Q: Which of the following transactions would be included in GDP? a. Abeer buys a newly constructed…

A: Gross domestic product is made out of labor and products delivered available to be purchased on the…

Q: Heidi spends all of her income on going to movies, regardless of her income level or the price of…

A: Formula to calculate price elasticity:-                                       ed=∆Q∆P×PQ Here;…

Q: 34. The graph below shows a demand curve before and after a tax. Because the tax raises the price of…

A: According to the given graph,  Initial quantity is 45 Quantity after tax is 40 Initial price is $11…

Q: Determine P & F for the diagram below: P = ? immä 3 4 5 1 month A=500 7 six months A' $1500 Α' F For…

A: Given  For the first 7 months, the monthly payment is A= 500 and the interest rate is 12% per year…

Q: Consider the market for avocados, which is very competitive. Suppose a new use for avocados is…

A: We must know that the total surplus is the sum of consumer surplus and producer surplus.

Q: In the graph below, which depicts the relationship between units produced and total cost, the dotted…

A: The measure that depicts expenses being incurred by a business for carrying out its day to day…

Q: One thing we have learned in Econ 302 in the last five weeks is that an increase in the money supply…

A: Money Supply  Money supply refers to the supply of money or flow of money in form of Currency known…

Q: There is an increase in the number of adverts highlighting the danger of consuming sugar. Which of…

A: If there are a lot of advertisements showing the harmful effects of consuming sugar then people will…

Q: Consider a hypothetical economy where there are no taxes and no foreign trade, and households spend…

A: Given information: Household spends $0.90 of each additional dollar they earn and save the remaining…

Q: In the long-run, aggregate supply is a horizontal line at the long-run price level people can…

A: However, in the long run, the level of prices has no impact on aggregate supply, which is instead…

Q: b) The following table shows a country's national income data with a population of 50million…

A:

Q: Which of the following statements is correct? O Crowding out refers to the decrease in private…

A: Fiscal policy is use of government revenue and spending to influence the economic activity. When…

Q: At a certain interest rate compounded semiannually, P10,000 will amount to P30,000 after 15 years.…

A: Given the present value = P10000 Future value or the value after 15 years = P30000 First, we have to…

Q: Water Works Plumbing Company is a small owner-managed plumbing services company that serves the…

A: Quasi - fixed means that those labor prices that do not change with hours worked however do change…

Q: The price elasticity of demand for health care is Multiple Choice O perfectly inelastic. relatively…

A: So we can say that the Price elasticity of demand is merely known to be as the critical concept in…

Q: 1. The option is currently A. In-the-money B. At-the-money C. Out-the-money 2. Determine the…

A: For put options, the strike price is the price at which the security may be sold, whereas for call…

Q: Definitions of major macroeconomic indicators ( No plagiarism plz)

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: Degree Price Discrimination. º Exercise: A monopolist faces two market segments each with a…

A: Third degree price discrimination is followed by the monopoly firm. The price is charged based on…

Q: To post or not to post? Every day we are faced with a myriad of decisions, from what to have for…

A: An economist refers to a person who analyses the rationale that individuals use to make decisions…

Q: One of these four answers best represents the condition that generates a natural monopoly. Which…

A: At the marketplace, natural monopoly refers to the situation when a firm is gaining market…

Q: Question: How We Can Check Convexity And Monotonicity Of The Utility Function. How we can check…

A: In financial matters, the utility capability estimates the government assistance or fulfillment of a…

Q: Give a critical account of Triggers of Internationalization/Globalization in the context of the…

A: Globalization, which includes the coordination of international marketing and production strategies,…

Q: Discuss the category of economy South Africa belongs to (Mixed/Capitalistic/Social). Examine the…

A: An economic system could be a means that by which societies or governments organize and distribute…

Q: Consider a simple economy that produces only cell phones. The following table contains information…

A: As per the Quantity Theory of Money, Quantity of money * Velocity of money = Price level * Quantity…

Q: uestion 11 Find the monthly house payment necessary to amortize the following loan. In order to…

A: Loan amount is compounded monthly and number of months in a year is 12. Monthly interest rate is…

Q: Ahlam grows carrots in her garden for home consumption. This activity is: a. Excluded from GDP…

A: GDP stands for gross domestic product.  GDP measures the market value of final goods and services…

Q: contribution margin per unit. b. deciding whether fixed costs would change as a result of the…

A: When several products are sold by a company, the management will be interested in finding out…

Q: Suppose that there is limited commitment in the credit market, but lenders are uncertain about the…

A: Collateral constraints drive an unevenness in the connection between house costs and economic…

Q: Use the Quantity Theory of Money: M.V = P.Y An economy has a real output of 5,474 and a money supply…

A: Here, given information is, Real output (Y): 5,474 Money supply (M): $39.571 Velocity (V): 2.3…

Q: How did you get step 2? I am confused on how you went from  dQ/dE= 6*1/2*E-1/2 to…

A: We know,Q=f(E)= 6E1/2P=6Now,MPP=dQ/dEMPP=dQ/dE= 6*1/2*E-1/2