4. Suppose that Kyle's value function for cookies can be described as follows:x ≥0x < 0a) What does λ denote?V(x)xb) Assuming 2 = 2 fill in the following table:-5-4-3-2-101234=5s x,Ιλπ,V(x)c) Plot Kyle's value function in a diagram and comment on its shape.

a) λ acts as a multiplier. It means if the consumption of cookies is less than zero, her base value…

4. Suppose that Kyle's value function for cookies can be described as follows: v(x) = {2x₁ a) What does à denote? b) Assuming 2 = 2 fill in the following table: -5 -4 -3 -2 -1 0 1 2 3 4 5 x ≥ 0 x < 0 V(x) c) Plot Kyle's value function in a diagram and comment on its shape.

4. Suppose that Kyle's value function for cookies can be described as follows: v(x) = {2x₁ a) What does à denote? b) Assuming 2 = 2 fill in the following table: -5 -4 -3 -2 -1 0 1 2 3 4 5 x ≥ 0 x < 0 V(x) c) Plot Kyle's value function in a diagram and comment on its shape.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4. Suppose that Kyle's value function for cookies can be described as follows:
x ≥0
x < 0
a) What does λ denote?
V(x)
x
b) Assuming 2 = 2 fill in the following table:
-5
-4
-3
-2
-1
0
1
2
3
4
=
5
s x,
Ιλπ,
V(x)
c) Plot Kyle's value function in a diagram and comment on its shape.

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