Please show your work.
Please show your work.
Let original budget set be
If we now decrease income by one-half and reduce each price by 75%,
new income m' = m - 0.5*m = 0.5m
new prices:
New budget constraint:
Compared to original budget, income now doubles effectively if we assume prices same as earlier. Optimal consumption bundle will change because now consumer can reach to higher indifference curve and can have more utility.
Hence, the given statement is false.
Please show your work. Please show your work. 10. Determine if the following statement is either...
Please show your work. Please show your work. 6. Consider the following demand function for Juuls: 2Pj where I is the level of income and Pf is the price of food. Using the calculus, show that demand for Juuls is an increasing function of income and that the quantity of Juuls demanded is a decreasing function of the price of Juuls. This question is worth 10 points.
Please show your work. Please show your work. 8. The following function is an example of a utility function. In Economics we use it to rank bundles of X and Y. Bundles with higher values are preferred to bundles with lower values. 2yr4 Compute the marginal utility of receiving an additional unit of X holding the quantity of Y constant. Compute the marginal utility of receiving an additional unit of Y holding the quantity of X constant. This question is...
Question 2 (10) TRUE FALSE QUESTIONS Consider the following list of statements. Each statement is either true or false. You must read each statement carefully and then select the option that you believe is correct as your answer. In your answer book, write down only the question number and next to the number either True or False 2.6. Monopolistic competition is a market structure characterised by the fact that there is often collusion between the sellers. 2.7. Half-price specials are...
Question 2 [10] TRUE/FALSE QUESTIONS Consider the following list of statements. Each statement is either true or false. You must read each statement carefully and then select the option that you believe is correct as your answer. In your answer book, write down only the question number and next to the number either True or False. Example: If you believe sub-question 2.11 is true, then write down: 2.11. True. 2.1. 2.2. 2.3. Peter is a plumber. He employs three workers...
3, (15%) For each of the following, write either True or False, and justify your answer . Suppose that under a free market, the Total Surplus is $3 million. Under a price ceiling, the Total Surplus drops to $2 million. Therefore, the Deadweight Loss is $1 million Minimum wage causes a reduction in profits, an increase in prices, or a decrease in employment or hours worked. A price ceiling causes a drop in Consumer Surplus. The Deadweight Loss is the...
Please elaborate your answer and show work If we buy stock worth $1 million, and the initial margin requirements are 60%, while the maintenance margin requirement is 30%, what happens if the stock value drops by 75%?
Please answer the following question. Please show all your work/explanation. This question asks you to recall what you know about how we study the choices of individual consumers. We will focus on an American tourist consumer in Tehran who must decide how many Persian Rugs (R) and how many ounces of Saffron (S) to purchase. Assume our consumer has complete, transitive preferences over Rugs and Saffron and prefers more to less. Explain in words the meaning of these assumptions. Draw...
Determine the following. Please show your work for partial credit and note that, for problems requiring calculations, each correct, but unsupported answer is only worth 1 point. 31)) Determine the new volume (in mL) of a sample of a gas [1.500.0 mL) when conditions are changed from 47.0°C and 28,200 torr to 107.0°C and 47,400 torr? [7 points]
I need 7 - 10. Ignore others please! 1. (10 points) True/False. Briefly justify your answer for each statement. 1) Any subset of a decidable set is decidable 2) Any subset of a regular language is decidable 3) Any regular language is decidable 4) Any decidable set is context-free 5) There is a recognizable but not decidable language 6) Recognizable sets are closed under complement. 7) Decidable sets are closed under complement. 8) Recognizable sets are closed under union 9)...
Please answer ALL parts of this one question. No need to show work as long as the answer is CORRECT. PLEASE ANSWER ALL OF THE QUESTIONS CORRECTLY. I don't have any chegg questions left, so please answer all of them correctly. Thank you. Given the following .75 .25 mac s.t. P11 p2 *2 < I 75 The marginal utility of good 1: MTG .25 * 25 The marginal utility of good 2: MU2.75 8, P4 and I 400 enario: p...