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- Recall the locational indifference condition in the model of housing prices with com- muting costs: AP · h(x) + Ax t = 0 A) If h(x) = 750, have we modeled consumers as being able to substitute? How do you know? B) Derive the slope of the bid-rent curve when h(x) = 750 D) Rederive the slope of the bid-rent curve using h(x) = 650 + x2 E) Find the distance x at which the two bid rent curves from part B and D have equal slope. (hint: set h(:) from part B equal to part D and solve).please only do: if you can teach explain steps of how to solve each partDiscuss the role of advanced technology (artificial intelligence, robots, crypto currencies and etc.) on the production of relative surplus-value. If this increases the mass of profit continuously while decreasing employment, how to prevent the overproduction of commodities?
- handwritten solution not requiredAll I need is the answer for question D please Market research has revealed the following information about the market for lamps: The demand schedule can be represented by the equation QD = 24– 3P, where QD is the quantity demanded and P is the price. The supply schedule can be represented by the equation QS= 4 + 2P, where QS is the quantity supplied. (Show all your work).a) Sketch the demand and supply curves, carefully labeling your intercepts.b) Calculate the equilibrium price (P*) and quantity (Q*) in the market for lamps.c) If the market price was artificially set at P=$6, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much?d) If the market price was artificially set at P=$2, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much?Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Recall the locational indifference condition in the model of housing prices with com- muting costs: AP · h(x) + Ax t = 0 A) If h(x) = 750, have we modeled consumers as being able to substitute? How do you know? B) Derive the slope of the bid-rent curve when h(x) = 750 D) Rederive the slope of the bid-rent curve using h(x) = 650 + x2 E) Find the distance x at which the two bid rent curves from part B and D have equal slope. (hint: set h(:) from part B equal to part D and solve).3. Consider a model where a consumer, Mehdi, is deciding how to allocate their 24 hours each day between work and leisure. The take-home wage they initially receive is w = 15, but following a rise in income tax, their take-home pay falls to w = 12. Following this change in the wage rate, Mehdi reallocates his time between work and leisure, as shown in the diagram below. Composite good 41 42 43 Time Constraint 24 Leisure (0-24)/ Work (24-0) Given this information, which of the following conclusions can we reach? (a) The substitution and income effects both cause Mehdi to take more leisure time, meaning leisure is a normal good. (b) The substitution effect and income effects both cause Mehdi to take less leisure time, meaning leisure is a normal good. (c) The substitution effect causes Mehdi to take more leisure time, while the income effect causes Mehdi to take less leisure time, meaning leisure is an inferior good. (d) The substitution effect causes Mehdi to take more leisure time,…#43
- A particular equilibrium price-quantity is more theoretical than real in most markets. Does that make the concept useless? Explain.D9) Given current prices, Johnson spends all his free time on pursuing gold (x1) from Danny, which costs (p1) hours of service per coin. His Marshallian demand function can be represented by x1(p1,I) = I/p1 and his Hicksian demand can be represented by xh1(p1,u) = u/5 . (a) Verify that the Slutsky Equation holds for x1 when there is a change in p1. (b) What is the substitution effect of x1 when there is a change in p1? (c) What is the income effect of x1 when there is a change in p1?1) What is price gouging? Do you think the current high gas prices reflect price gouging? Provide detailed responses to the two questions.
