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- The price of X is $20 and the price of Y is $40. Y 30 Uz 24 40 Units of good X based on the graph, at point B, Multiple Choiİce < Prev B. 14 Units of good YGood Y Use this figure of a feasible frontier and a set of an agent's indifference curves to answer the following three questions: A B C D E Good X shot 2024-... i Q Q Economists use the symbol ">" to mean "is preferred to". For example, if for Ash JK, it means that they prefer J to K. Which of the responses below correctly indicates this agent's preferences over the five labeled points on the feasible frontier, listed from most preferred to least preferred? OD C B E A OC B D A E OB A C D E OE D C B>A OA B C D ET/F Explain Utility numbers cannot be negative since higher utility means a con- sumer is better off.
- The following relation > on N = {W, X, Y, Z} with W > W,Z X > W, X, Y, Y > W, X, Y, Z Z Z W, X, Y, Z, is a preference relation. (You do not have to verify this.) (a) Is a preference ordering on N? Justify your answer. (b) Jake uses to determine his choice from N. Write down Jake's choice from N. (c) When making his choice from N, Adam uses a cardinal utility function U with U(W) 5, U(X) = x, U(Y) = 3x and U(Z) = 1, where x € Y. Given that Adam is indifferent between X, Y, Z and WX, Y, find the value of x. =Rosa received a corgi pillow as a raffle prize; she would have been willing to pay $18 to buy it herself. Based on the endowment effect, we would expect Rosa to be willing to sell the pillow Multiple Choice O O under no circumstances whatsoever. for some amount less than $18. for the $18 she would have been willing to pay for the pillow. only if she is offered more than $18.Which of the following preference doesn't satisfy monotonicity? O Quasilinear preference O Perfect substitutes preference Bads O Cobb-Douglas Preference
- I don't understand how to gtaphically change the resulting fators.No written by hand solution Assume Fred has the following preference relation on [0, 1]: x ≿ y if and only if x ≤ y for all x ̸= 1 and y ̸= 1; and 1 ≻ z for all z ∈ (0, 1), 1 ∼ 1 and 0 ≻ 1. Does there exists a utility representation for this preference relation? If yes, provide a utility function. If no, explain. Show your work.Multiple choice: Choose only one correct answere a) A curve that represents all combinations of market baskets that provide the same vel of utility to a consumer is called:“ an indifference curvee a budget constrainte the opportunity curve the marginal rate of substitutione b) The economic interpretation of the slope of the budget constraint ise the rate at which a consumer can exchange good 1 for more of good 2e the rate at which a consumer can exchange good 2 for more of good 14 the amount of income needed to afford more of good 2ª the amount of income needed to afford more of good 1ª c) The marginal rate of substitution ise the marginal utilities of each goode the curvature (second derivative) of the indifference curvee the slope of the budget constrainte the slope of the indifference curvee
- Give an example of monotonic preferenceSuppose there are two goods, co ee (C) and tea (T). The consump-tion set is R2+, so both goods can be consumed in arbitrary non-negativequantities.Abdul owns 2000 grams of co ee but does not own any tea. He hasno other wealth. The price of co ee is pC = 2 (in Dhs per gram) andthe price of tea is pT > 0 (in Dhs per gram). Abdul can sell co ee toearn income, which he can then use to buy tea or co ee. He can alsothrow co ee away (at no cost).Abdul's preferences can be represented by the utility functionu(c; t) = -(800 - c)2 - (800 - t)2;where c is the quantity of co ee (in grams) and t is the quantity of tea(in grams).(a) In separate diagrams, illustrate (i) the map of Abdul's indi erencecurves, (ii) Abdul's constraint set.(b) How much co ee and tea does Abdul decide to consume when (i)pT = 2, (ii) pT = 3, and (iii) pT = 4?(c) Illustrate Abdul's demand for co ee as a function of the price of tea (pT > 0) in an appropriate diagram.Multiple choice question Joe and Rita each have some milk and cookies (Milk on the horizontal axis). Joe's MRS ofcookies for milk is 2. Rita's MRS of cookies for milk is 4. Which of the following statements isTRUE?a) No gains from trade are possible.b) Both Rita and Joe can be made better off if Rita gives Joe some cookies in exchange for milk.c) Rita and Joe are on the contract curve.d) Both Rita and Joe can be made better off if Joe gives Rita some cookies in exchange for milk.