Q: Solve the attachment
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4. Explain briefly
a) Efficient Production
b) Inefficient Production
c) What causes NPV to increase
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- 26. Given this diagram; what is the equilibrium level of income? a) 3/4 b) 1/4 Oc) 10 d) 100 O e) 25You Answered Correct Answer Question 19 Note: The basic scenario is the same as in Question 18, but input numbers are different. Suppose that farmer Maria has a budget of $4,380 that she plans to spend entirely on diesel fuel for her tractor, and fertilizer for her crops. Maria's budget line represents all the different quantities of fuel and fertilizer that she can buy with her $4,380. It can be graphed with fuel on the vertical axis and fertilizer de the horizontal axis. Diesel sells for $2.55/gallon; fertilizer goes for $2.45/pound. If she buys 1,036 gallons of diesel for the tractor, how many pounds of fertilizer will she purchase? (round to the nearest pound) Hint: Figure out what the budget equation looks like, in terms of prices and quantities of both goods, and solve it for the quantity of fertilizer. 710 margin of error +/- 2Help me please
- 3. Draw and describe analytically the set of feasible consumption choices. What is the marginal rate of substitution at the optimal choice?! plz solve it within 15-20 mins I'll give you multiple upvoteYou are choosing between two goods, X and Y, and your marginal utility from each is shown in the following table. Units of X MUx Units of Y MUy 1 10 1 8 2 8 2 7 3 6 3 6 4 4 4 5 5 3 5 4 6 2 6 3 a. If your income is $9 and the prices of X and Y are $2 and $1, respectively, what quantities of each will you purchase to maximize utility? ______units of X and ______units of Y b. What total utility will you realize? ______utils c. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? _____units of X and ______units of Y d. Using the two prices and quantities for X, complete the table to derive the demand schedule (a table showing prices and quantities demanded) for X. Instructions: Start with the highest price first Price of X Quantity Demanded of X $ $
- 1011. A worker derives utility from consumption, C and leisure, L U = U(C, L) and initially faces the constraints p.C = N+w.H H = 24 - L where p is the nominal price of consumption, N> 0 is unearned income, w is the nominal wage and H is hours worked. (a) Derive the budget constraint in terms of C and L and show on a diagram an initial optimal choice of C and L, in which both are positive. (b) State this equilibrium algebraically, and briefly explain how it can be derived. (c) Show that, assuming normality of leisure, for some value N*, if N> N*, the individual will choose not to work. Is the initial level of N in your answers to parts a) and b) greater or less than N*?Answer the questions. Please draw graphs, instructions on word for how to draw the graph is not enough. Let X1 on the horizontal axis and X2 on the vertical axis. (a) Suppose two ordinary goods X1 and X2 are substitutes in consumption. Using BLs and ICs, graphically derive the demand curve for X1. Explain your graph.(b) If X2 is a Giffen good, how to derive the demand curve for X2?(c) Is the inferior good the same as the Giffen good? Why or why not?
- i need Q21 solution3. Based on each scenario in this question, indicate whether the following statements is true or false, and briefly explain your reasoning. You may also want to use a graph in your explanation if you think it's necessary. a) Mike makes $500 per week and spends all her income on books and tea. Books cost $25 each, and Mike buys 16 each week. Tea costs $5 per cup, and Mike buys 20 cups. When Mike's income falls to $450 per week, he cuts his consumption of books by 3 books and purchases 5 more cups of tea. Based on Mike's consumption behaviors, books are an inferior good and Tea is a normal good. b) Lucy consumes food and clothing. For incomes near her current income, her income expansion path is negatively sloped. Assume that food is measured along the horizontal axis and clothing is measured along the vertical axis. Therefore, at current income levels, both food and clothing must be inferior good. c) For any normal goods, the income and substitution effects work in the same direction.…Q4. Create your own question for profit maximization. Provide the price of products K & L and the assume that they are fixed. a. Create an example that ends up using less K to maximize profit by providing relevant MPK and MPL levels. Explanation: b. Create an example that ends up consuming less L to maximize profit by providing relevant MPK and MPL levels. Explanation: