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- 6) The figure below shows a student's feasible frontier and her indifference curves for final exam marks and the hours of free time per day. The table also gives the marginal rate of substitution (MRS) and the marginal rate of transformation (MRT) for the points shown in the figure. Based on this information, identify whether each of the following statements is true or false. Final grade 100 c. At D, the MRT of 4 means that if she gives up all of her free time, she can attain 60 extra grade points. d. At E, the MRS matches the student's MRT. Therefore, she should exchange one hour of free time with 7 extra grade points. 90- a. At A, one hour of free time is equivalent in value to 3 grade points. However, 1 extra hour of studying leads to 9 extra grade points. She should therefore study more. 0 b. At B, one hour of free time is equivalent in value to 2 grade points. However, 1 extra hour of studying leads to 20 extra grade points. She should therefore study more. 0 Feasible frontier…What does the marginal rate of substitution (MRS) measure? What is your MRS of $1 bills for $5 bills? Is this MRS diminishing as your consumption of $5 bills rises? Please include a graph with your explanation.The diagram shows a student's indifference curves for hours of free time per day and final grade. Based on this graph, which of the following statements is correct? Final grade 100 84 75 0 E B 15 16 Hours of free time per day H 19 20 24 For a given final grade, the student's marginal rate of substitution between free time and final grade is the same on all three indifference curves. The marginal rate of substitution at B is smaller than 9. The marginal rate of substitution at H is 0.25. The marginal rate of substitution is higher at D than at A.
- Could the marginal rate of substitution be 5 at point C? Justify your answer.509 UNIT 1 ASSIGNMENT ECON 509 UNIT 2 ASSIGNMENT X PDF ars/Jo.. Tp AN Read aloud V Draw Highlight ECON 509 ASSIGNMENT UNIT ONE Answer All questions 1) a) Given the following typical utility curves determine whether they have convex indifference curves (that is, whether the Marginal Rate of Substitution declines as x increases). U(x. y)-x² -y? b) Given the following Constant Elasticity of Substitution production function, show whether or not it is homogeneous, and the scale it exhibits. Q = [L² + K']^ 2) Prove that the polynomial P(x) = -2x3 + 2x2 + 10x+ 6 has a zero at x 3, and factor the polynomial. %3D 3) The demand and supply functions for two related goods; jeans (x) and shirts(y). are given byUse the principle of substitution to predict the effect in each of the following situations. a)During the past 30 years, technological advances in the computer industry have led to dramatic reductions in the prices of personal and business computers. At the same time, real wages have increased slowly. b)The ratio of land costs to building costs is much higher in big cities than in small cities. c)A new collective agreement results in a significant increase in wages for pulp and paper workers.
- ence learning videos X ECON 509 UNIT 1 ASSIGNMENT X File | C:/Users/J... UNIT ONE Answer All questions 1) a) Given the following typical utility curves determine whether they have convex indifference curves (that is, vhether the Marginal Rate of Substitution declines as x increases). U(x,y)=vx -y b) Given the following Constant Elasticity of Substitution production function, show whether or not it is homogeneous, and the scale it exhibits. Q =[L' + K']% 2) Prove that the polynomial P(x) = -2x³ + 2x² + 10x + 6 has a zero at x = 3, and factor the polynomial. 3) The demand and supply functions for two related goods; jeans (x) and shirts(y), are given by the equations: P = 50+Q, P= 40+20, Pa=100-5Q,-Q, P = 240-100, - 8Q, %3D dy sy a) Find the equilibrium price and quantity of jeans (x) and shirts(y). b) Explain with evidence from the system of equations whether the two goods are substitute or complementary 80Explain substitution and income effect by citing an exampleKamika lives in Chicago but goes to school in Tucson, Arizona. For the last 2 years, she has made four trips home each year. During 2010, the price of a round-trip ticket from Chicago to Tucson increased from 350 to 600. As a result, Kamika decided not to buy a new outfit that year and decided not to drive to Phoenix with friends for an expensive rock concert. QUESTION: By using this example, explain why both income and substitution effects might be expected to reduce Kamika’s number of trips home