Based on the statements below, the function represents: u;(x) is individual i's utility from overall allocation x. n W = Σa;u;(x) with each a; > 0. i=1 O a. The social welfare function O b. The weighted-sum social utility function ○ c. The utilitarian social utility function d. The minimax social utility function
Q: do fast
A: Looking at the graph, after trade is introduced, the domestic price will adjust to the world price…
Q: Not use ai please
A: a. Cost of options:Price per contract: $2.85 (last price) * 100 shares/contract = $285Total cost:…
Q: Demand and Supply Table Price Quantity Quantity of Supplied demanded Candy $100 80 700 $200 150 350…
A: Step 1: Understand the Concept of Excess SupplyExcess supply occurs when the quantity of a good or…
Q: What are the challenges faced by Small Developing Island States (SIDS) and how honing negotiation…
A: Role of Negotiation Skills:Honing negotiation skills is necessary for SIDS to address these…
Q: An injection molding system has a first cost of $195000 and an annual operating cost of $73000 in…
A:
Q: 2. Based on the following graph (which summarizes the demand, marginal revenue, and relevant costs…
A: a. You charge the same unit price to all consumers.Optimal Price and Output:Locate the point where…
Q: 9. Regulating a natural monopoly Consider the only electric company in a small town, which you can…
A: Hope this helps
Q: Section B 3. Calculate the missing information in the table below. Year Real…
A: Section B - Question 3: GDP CalculationThe missing information includes some values for Real GDP,…
Q: #18 A Restaurant is open only for 25 days in a month. Expenses for the restaurant include raw…
A: To calculate the profit earned by the restaurant today, we need to consider various factors,…
Q: Please correct answer and don't used hand raiting
A: Key Points in the Problem:Labor is the only variable input.Cost of labor: $1,000 per unit of labor…
Q: estion 3 t yet swered Flag question All of the following are true regarding the main difference…
A: a. None of the statements are trueThis option is not correct because some of the options mentioned…
Q: The difference between a firm's assets and liabilities is its Part 2 A. implicit costs.…
A: In economics, assets are resources owned by a firm that have economic value and can be used to…
Q: answer c and d
A: Step 1: Determine the cost basis of the two cells.Cost of two cells: $500,000 * 2 =…
Q: 6 You are going to spend time in a place that an English-speaking friend knows well. Write an email…
A: This email is written in a friendly, informal tone to connect with a friend who knows the…
Q: Price ($) 2 Quantity Demanded Quantity Supplied 10 2 3 8 4 4 6 5 5 4 6 6 2 9 7 1 12 112 Use the…
A: The data from the image has been successfully extracted. Here's the table:Price ($)Quantity…
Q: Please correct answer and don't used hand raiting
A: The question shows the interaction of the Long-Run Aggregate Supply (LRAS), Short-Run Aggregate…
Q: Not use ai please
A: The HHI measures market concentration. It is computed by adding the squares of the market shares of…
Q: EDUCATION 1. Write down the human capital earnings function (i.e., the Mincer equation). Make sure…
A: 1. Human Capital Earnings Function-Mincer EquationThe Mincer equation is one of the most common…
Q: 1. What does 'GDP at 1990 prices' mean? 2. a) What is the term used for GDP before adjustments for…
A: Approach to solving the question:1. What does 'GDP at 1990 prices' mean?"GDP at 1990 prices"…
Q: 6 Write an email (120-150 words) starting with these words. Thanks for your note. You wanted to know…
A: In crafting this email, my approach was to maintain a conversational and personal tone while…
Q: One key feature of a market economy is price flexibility, which allows most prices to rise and fall…
A: TrueIn a market economy, the price will adjust based on the forces of supply and demand in the…
Q: Develop a plan for the firm to internationalise the dangote cement company taking into consideration…
A: Detailed explanation: Internationalization Plan for Dangote Cement Company: Strategic Roadmap for…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt.
A: ReferencesNorthouse, P. G. (2018). Introduction to Leadership: Concepts and Practice (5th ed.). Sage…
Q: Please correct answer and don't use hand raiting
A: IntroductionLatalia has a labor force of 14 million, split evenly between the wool industry and rice…
Q: 3.1 Examine two (2) key points that should be considered with respect to a government’sparticipation…
A: See above.
Q: You are asked to investigate how immigrants in Canada perform over time. For simplicity, assume that…
A: Deeper explanations for the answers provided; Question 1: Assimilation and Immigrant IncomeThe data…
Q: Don't use ai to answer I will report you answer
A: Hope this helps
Q: "China's central bank Monday conducted a total of 10 billion yuan (about $1.4 bilion) of reverse…
A: Q1: The area of responsibility that China's central bank is undertakingOption a) Fiscal policy: This…
Q: You are the owner and manager of The Smile, a small coffee shop located opposite to Baruch College…
A: Approach to solving the question:Step 1: Identify Customer Segments Based on Purchase TypeThe first…
Q: Question Two Consider the following statements: a) A matrix Amxn is nonsingular ar b) Amxn is square…
A: 1) Statement (a) and Statement (b):Statement (b) states that Am×n is square, meaning m=nFor Ato be…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt.
A: To determine whether the demand for dental services is inelastic, elastic, or unit elastic, we need…
Q: not use ai please
A: Step 1: Capitalized Cost (present worth of all costs associated with…
Q: Please correct answer and don't used hand raiting
A: a) For the ratio XB/XA after 35 years:- Initial value (X₀) = 11,000 for both countries- Country A…
Q: Seneca Hill Winery recently purchased land for the purpose of establishing a new vineyard.…
A: Let me solve this step by step using the expected value approach. First, let's calculate the…
Q: #17 A local club plans to invest $10000 to host a baseball game. They expect to sell tickets worth…
A: If doubt then aks. Please like.
Q: The Walt Disney Company and Universal Studios are both considering building a new theme park in…
A: In game theory, a Nash equilibrium is a set of strategies, one for each player, such that no player…
Q: Consider an economy with 2 goods and 2 agents. The first agent has the utility function, u (x1, x2 )…
A: In this economic scenario, we have a simple economy with two goods and two agents, each with…
Q: Wired is a small manufacturer of USB-C charging cables, operating in a perfectly competitive market.…
A: Here's a step-by-step solution with brief workings: 1. Set Price Equal to Marginal CostIn a…
Q: The policies of the federal government influence the outcomes of the various activities in that…
A: 1. Federal Government Budget Plan Presenting Increased National DebtWhenever the federal government…
Q: 7 Question 5 of 24 - HW16: Ho × Question 19 of 19 - HW15: Ho X M Changing a Major // Advising Gwhere…
A: Hope this helps
Q: You have been asked to evaluate two alternatives, X and Y, that may increase plant capacity for…
A: Alternative X:Initial Cost, C_X = $30,000Annual Maintenance Cost, R_X = -$15,000 per yearSalvage…
Q: Question 1: The roots of China's extraordinary economic growth and development has remained a source…
A: China's remarkable economic growth and development over the past few decades has been a subject of…
Q: Please correct answer and don't use hand raiting
A: This scenario can be analyzed through game theory, specifically using a normal-form representation,…
Q: If policymakers want to offset the effects of a negative supply shock, they should: a)…
A: Ans. ) Given the question is based on the concept of the negative supply shock.Supply shock can be…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt.
A: In summary:I need initial cost, salvage value, and useful life for each pump.I'll use the CRC…
Q: Suppose that Austria and Belgium have the unit labour requirements for producing steel and brooms…
A: The table shows unit labor requirements for Austria and Belgium to produce one unit of steel and one…
Q: 7-12. Find the depreciation amount in the fourth year for a $50,000 asset with a six-year life using…
A: straight-line rate: 100%/6 =16.67%Double it for the declining balance rate =16.67%*2 = 33.33% Year…
Q: “The U.S. money supply is shrinking for the first time since 1949, as savings deposits decline…
A: The shrinking money supply is likely to reduce demand-pull inflation.Reasoning:Demand-pull inflation…
Q: How do companies utilize price discrimination to maximize profit, and how do consumers experience…
A: Step 1:Price discrimination refers to the practice of charging different prices for the same good or…
Q: How do I find out the rates and occupants for a discounted rate and a weekly rate based on the…
A: Single rate for any day of the week:First, let's find the demand functions for weekdays and…
Step by step
Solved in 2 steps
- 74. Consider a society that has three individuals - 1,2 and 3 - and three alternatives - x, y and z. The society has a preference aggregation rule F. In year 2007, the profile of individual preferences were as follows: 1 2 3 X y Z y Z V It is known that the rule F satisfies Completeness, Transitivity, Anonymity, Unanimity and Independence of Irrelevant Alternatives. Also, in year 2007, F ranked x strictly above y. Now, we are in year 2008. The individual preferences have changed to: 1 2 3 Z y y X Z Z y X x (a) How does the society rank between y and x in 2008? Why? (b) How does the society rank between x and z in 2008? Why? (c) How does the society rank between y and z in 2008? Why? (d) What were the social preferences over all three alternatives in 2007?1. Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X*Y UB(X,Y) = X*Y3 Therefore: • For consumer A: MUX = Y; MUY = X • For consumer B: MUX = Y3; MUY = 3XY2 The initial endowments are: A: X = 10; Y = 6 B: X = 14; Y = 19 show all work a) Suppose the price PY = 1. Calculate the price of X, PX that will lead to a competitive equilibrium. b) How much of each good does each consumer demand in equilibrium? Consumer A’s Demand for X: Consumer A’s Demand for Y: Consumer B’s demand for X: Consumer B’s demand for Y: c)What is the marginal rate of substitution for consumer A at the competitive equilibrium?
- Consider the market for a single network good and suppose thatconsumers differ in their valuation of both the stand-alone and thenetwork benefits (it can indeed be argued that it is more plausiblethat a user who has a higher value for the stand-alone component of atechnology also assigns more importance to the size of its network.) Tocapture this idea, write the consumer’s utility function for joining thenetwork as U(θ) = θ(a + νne), where a is the stand-alone benefit, ν > 0measures the network effect, neis the expected number of users joiningthe network, and is uniformly distributed on the unit interval.a. What happens if p > a + νne? (Hint: Identify all consumer who buythe good for at price p and a given expected network size ne).b. What is the consumer’s willingness to pay for the nth unit of thegood when ne units are expected to be sold? Is the demand downwardsloping? Does the demand increase with the expected network size?c. Express the fulfilled-expectations demand curve…A social welfare function is thought to be additive along the lines proposed by Bentham and Mill: W = U, + U, + .+ Un where U; is individual i's utility and there are n individuals. Suppose an economy is made up of two individuals, John and Jane. John's utility function is U John = 17X and Jane's utility function is U JJane = 2X. There is a fixed quantity of good X (40 units) evenly divided between John and Jane (20 units for each). Social welfare (W) is equal to: W = = utils. (Enter your response rounded to the nearest whole number.)Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UAIX,Y) =X'Y UBIX,Y) = x+Y3 Therefore: • For consumer A: MUx = Y; MUY = X For consumer B: MUx = Y³; MUY = 3XY² The initial endowments are: A: X 8; Y=6 B: X 14; Y 17 a) b) Suppose the price of Y, Py = 1. Calculate the price of X, Px that will lead to a competitive equilibrium. How much of each good does each consumer demand in equilibrium? Consumer A's Demand for X: Consumer A's Demand for Y Consumer B's demand for X Consumer B's demand for Y c) 1 What is the marginal rate of substitution for consumer A at the competitive equilibrium?
- Question 2 Kofi's utility function is given by U« (X,Y) = XY . The utility functions of his four friends - Esi (UE) John (U), George (Uc) and Osei (Uo) are: a. UE(X,Y) = 100XY b. U;(X,Y) = –XY c. Uc(X,Y) = XY – 10,000 d. U.(X,Y) = X – Y Which of these friends have the same preference as Kofi.2. General Equilibrium Consider a market with two goods, x and z, and two consumers, A and B. The utility functions for consumers A and B are as follows UA ÜB 2 1 == XBZB and the initial endowments for each consumer are @ eA = (4,2) еB = (2,6) where consumer B is endowed with 2 unit of good x and 6 units of good z, respectively. a) Draw the Edgeworth Box (Don't worry about the shape of the utility curves. Just pick a general shape that we have used before). b) Derive the contract curve.(a) Examine the view that it is possible to escape from the "impossibility" result of Arrow by making social preferences a function of cardinal utility rather than of individual orderings.
- Explain the concept of the utility possibility frontier. What is the role of the utilitypossibility frontier in the social welfare maximization problem of a welfarist society?3(b)Consider the following social choice problem in the setting of consumption of two goods by two consumers. The two goods are called tillip and quillip and the two consumers are called 1 and 2. Consumer 1 has utility function U; (t,g) =6+.4 In(t) + .6 In(q) (where t is the amount of tillip 1 consumes and q is the amount of quillip). Consumer 2 has utility function U; (t,q) = 8 + In (t) + In(q). The social endowment consists of 15 units of tillip and 20 units of quillip. a. Suppose that a social dictator has social welfare functional of the following form: social welfare, as afunction of (u",u") is a weighted sum with weight 2 on the lesser of u' and u' and weight 1 on the greater of the two. What will be the welfare optimum plan chosen by this social planner? b. What is the set of all feasible, Pareto efficient allocations of the consumption good for this society? %3DSuppose that Boris is a price taker and the price for each concert is $35. For Boris to maximise his total net benefit (total benefit – total cost), how many concerts will he attend? Draw Boris' individual demand curve to help you find the answer. Note: if Boris is indifferent between attending and not attending a concert, please assume that he attends it to break the tie. The optimal number of concerts that Boris will attend is: