ence learning videos XECON 509 UNIT 1 ASSIGNMENT XFile | C:/Users/J...UNIT ONEAnswer All questions1) a) Given the following typical utility curves determine whether they have convex indifferencecurves (that is, vhether the Marginal Rate of Substitution declines as x increases).U(x,y)=vx -yb) Given the following Constant Elasticity of Substitution production function, show whetheror 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 factorthe polynomial.3) The demand and supply functions for two related goods; jeans (x) and shirts(y), are given bythe equations:P = 50+Q,P= 40+20,Pa=100-5Q,-Q,P = 240-100, - 8Q,%3Ddysya) 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 substituteor complementary80

MRS is how much of one good the consumer will give up to obtain extra units of another good while…

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)=Vx² - 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'³

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)=Vx² - 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'³

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Define the following terms and give an example: (see attached image)
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The slope of an isocost line measures Answer choices The marginal rate of technical substitution The marginal rate of substitution the optimal combination of inputs the ratio of the prices of the inputs