Consider an exchange economy with two consumers, A and B, and two commodities x and y. The utility functions and endowments as follows: UA(x, x) = (xA)²YA, WA = (90,0), UB(x, x) = xB (YB)², WB = (0,90). [Subscripts refer to consumers]. Compute the competitive equilibrium and the locus of Pareto efficient allocations for this economy and sketch them in an Edgeworth box.
Q: None
A: Answer image:
Q: Based on goodness-of-fit measures, which is the preferred model based on the results below? Model 1…
A: The model 3 has the highest R2 and adjusted R2 of 0.4288 and 0.4187, respectively. The model 3 has…
Q: Draw a scatter plot for the data in the following table. -4 -3 -2 -1 0 1 2 3 4 LO y 0.5 3 4.8 6 7.1…
A: Step 1:We know that, a scatter plot is a graph that displays the relationship between two variables…
Q: None
A: To identify a box plot, the image below can help us:Now, referring to the given box plot,we can now…
Q: (a) Compute MSE using the most recent value as the forecast for the next period. What is the…
A: Step 1: Complete the table using the "most recent value" as forecast for the next period.To do this,…
Q: Discrete variables produce numerical responses that arise from a measuring process, e.g. finite…
A: A discrete variable is a variable whose value is obtained by counting. Examples of discrete…
Q: 1. Find regression line equation 2. What is the correlation between the interest rate and the yield…
A: Step 1:From above display results a=2.38968653b=0.3961407r2=0.4053168942r=0.63664503y=price of…
Q: Proportion Proportion • Figures A, B and C below each show a distribution of the sample median, but…
A: Step 1: Given Sample 1 and Sample 2 come from similar populations, we expect them to have a similar…
Q: The following contingency table summarizes the drug test results for 425 test-takers: Doesn't use…
A: Step 1: Find the row and column totals PositiveNegativeTotalDoesn't use drug2161= 2 + 161Uses…
Q: 4. At a large university, a study found that 25% of the students who commute travel more than 14…
A:
Q: Let X represent the difference between the number of heads and the number of tails when a coin is…
A: If you have any questions let me know in comment box thankyou for your question.
Q: The board of a major credit card company requires that the mean wait time for customers when they…
A: Step 1: List the given values. We are given the following: population mean wait time for customers…
Q: A restaurant offers a $12 dinner special that has 4 choices for an appetizer, 12 choices for an…
A: The problem is asking us to find the total number of different meals that can be made from the given…
Q: n 5.6.4. Show that ô² = ΣY? is sufficient for o² if i=1 Y1, Y2,..., Yn is a random sample from a…
A: Using Neyman-Fisher Factorization Theorem Here fx(x,θ) is likelihood function…
Q: Questions 1-7 based on data
A: The examination of historical data on large hurricanes striking the United States is pivotal for…
Q: SHOW CALCULATIONS TO GET FULL CREDIT 1. The personnel director of a large corporation wants…
A: *Set up an 95% confidence interval estimate of the average number of absences for clerical workers…
Q: Is the difference between the mean annual salaries of entry level architects in Denver, Colorado,…
A: For cases that the population standard deviations are known, we use a two-sample z-test.Letμ1=the…
Q: An automobile manufacturer claims that their jeep has a 29.6 miles/gallon (MPG) rating. An…
A: In hypothesis testing, we start by stating the null hypothesis (H0) and the alternative hypothesis…
Q: Handwriting
A: Step 1: Step 2:
Q: Annual high temperatures in a certain location have been tracked for a sample of 16 years. Let and…
A: Using excel we can say that:…
Q: 4. Suppose a game consists of rolling a die 12 times independently. You win $1 each time the upface…
A: We let Xbe the random variable that measures the gain of this game. Since we roll a die 12 times.…
Q: (Q1) Let X1, Xn be random sample drawn from a random variable X with pdf f(x; 0) = S0x0-1, 0<x<1 [,…
A: Let's break down each part of your question: (i) Fisher InformationThe Fisher information measures…
Q: Consider the following table containing yields for mutual funds in different asset classes (small,…
A: To find the Mean Square for Treatments (MST) in the analysis of variance (ANOVA) setup, you will use…
Q: A nationwide job recruiting firm wants to compare the annual incomes for childcare workers in New…
A: Step 1: The following information is given We get ∑x=770282,∑y=671449,n1=15,n2=15 Mean…
Q: Find text or tools Use the information provided below to answer questions 24-25. INFORMATION The…
A: ## Unveiling Tourist Trends: Analyzing Seasonal Effects and Forecasting Arrivals (within 500…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Step 1:Given information :mean(μ)=46800 milesStandard deviation(σ)=4000 milesLet x be the lifespan…
Q: (Please show all work on how you got this so I may learn from it and check my answers.) A researcher…
A: Calculation for how much of the variance in attractiveness ratings (the dependent variable, DV)Step…
Q: K Test the claim below about the mean of the differences for a population of paired data at the…
A: Step 1: Hypotheses FormulationThe claim we are testing is μd≥0. This sets up our hypotheses as…
Q: In two different universities, eagle behavior is studied, and for this purpose eagles are captured.…
A:
Q: Using traditional methods it takes 105 hours to receive an advanced driving license. A new training…
A: In a hypothesis test, the null hypothesis is the statement being tested. In this case, the null…
Q: Headache No Headache 10 mg Atorvastatin Placebo 15 65 17 3 Use the above table to find the…
A: Step 1:Based on the data 10 mg AtorvastatinplacebototalHeadache156580No headache 17320Total 3268100…
Q: I just need the t answer because the answer I got which was 13.565 was inco
A: The test statistic value is = 0.964 a)
Q: You are the Provost of a University and you want to see if students would like to participate in…
A: Since "sex" only has two responses, the variable is categorical but also dichotomous. Note that age…
Q: Question 15 Find t0.025 for T distribution with 26 degrees of freedom. t0.025 (Round the answer to 3…
A: The question is asking us to find the t-value for a t-distribution with 26 degrees of freedom at a…
Q: A researcher collected health information from 30 randomly selected patients living with diabetes.…
A: Given data:Male fasting glucose levels: 74, 72, 66, 90, 86, 87, 101, 99, 108, 101, 78, 112, 75, 73,…
Q: The board of a major credit card company requires that the mean wait time for customers when they…
A: The null hypothesis (H0) is that the mean wait time is at most 3.00 minutes, and the alternative…
Q: Sex (1-Male 2-Female) Smoking (1-Current smoker; 2=Not current smoker) Crosstabulation Smoking…
A: Let us discuss how the percentages in the cross-tabulation are obtained. For the rows, 1 represents…
Q: Hurricane Andrew swept through southern Florida causing billions of dollars of damage. Because of…
A: Step 1:Determine the given variables n=26,σ=5500,Xˉ=27500,μ=25000,α=0.10Step 2:Hypotheses…
Q: A recent survey reported that small businesses spend 29 hours a week marketing their business. A…
A: The null hypothesis (H0) is that the mean time spent on marketing by small businesses in the area is…
Q: None
A: Given:x̄ = 19.2s = 5.5n = 11df = n-1 = 10Cl = 95% = 0.95α = 1- 0.95 = 0.05Using t-distribution table…
Q: FinA survey conducted by a shopping mall group showed that in a metrocity spends an average of K500…
A: The given values are:Sample size (n) = 81Sample mean (x̄) = K540Standard deviation (σ) =…
Q: (Please show all work on how you got this so I may learn from it and check my answers.) A researcher…
A: In the study investigating the impact of perfume on perceived attractiveness, the researcher…
Q: None
A: Step 1: Introduction to time value of moneyTime value of money is a financial concept which is used…
Q: Use the data in the following table, which lists drive-thru order accuracy at popular fast food…
A: Approach to solving the question:Contingency tables are a great way to classify outcomes and…
Q: Ivan is a human resources executive for a technology company. He is deciding between two types of…
A: (a) State the null and alternative hypotheses:The null hypothesis (H₀) represents the claim that the…
Q: The mayor of a town believes that 45 % of the residents favor annexation of a new bridge. A…
A: In a hypothesis test, the null hypothesis is the initial claim that is based on previous analyses or…
Q: Government regulations restrict the amount of pollutants that can be released to the atmosphere…
A: Step 1: State the null and alternative hypothesis for this testSince we are testing the claim that…
Q: Please check answers.
A: Given:Null Hypothesis, H0: µ =100Alternative Hypothesis, H1: µ > 100 The classes are successful…
Q: 7. Suppose that we randomly sample ten executives and ask them their daily exercise times (in…
A: (a)Variance = n−1∑(x−xˉ)2 ∑(x-x̄)² =…
Q: The U.S. Energy Information Administration claimed that U.S. residential customers used an average…
A: In hypothesis testing, we start by stating the null hypothesis (H0) and the alternative hypothesis…
Step by step
Solved in 2 steps with 1 images
- 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.A monopolistically competitive firm introduces two different brands of a product the demand functions for which are p1 = a – bq1 and p2 = c – dq2, where a, b, c, d are all positive parameters. The total costs of producing two goods are TC = q12 + q22. Find the production levels of the two goods that maximize profit. Prove that profit is maximized.The Marshallian demand function for good x is given by: x = I/(2px). The compensated demand function for good x is given by: xc = [(py/px)U]1/2. The indirect utility function for this consumer choice problem is given by: V(px, py, I) = I2/4pxpy. In this example, the substitution effect for good x own-price change (as opposed to cross-price effect) is given by the following equation: –a(I/px2), where a is a constant. What is the constant a? Please show steps.
- g(a,b) = a²b-2a² - 4a + 2ab. Determine all the critical points of g. And determine the relative minimum, relative maximum, or saddle point at each critical points using the second derivatives test.Let the utility function be U=f(q1,q2) subject to budjet constraint M=p1q1 +p2q2 derive the slutsky equation (dq1/dp1) to show Price effects (substitution and income) and illustrate The effects with the help of graph.Consider a 2x2 production economy with two firms, X and Y, and two factors of production, labor L and capital K. The total endowment of factors in the economy is 100 units of labor and 100 units of capital, so (L, K) = (100, 100). Firm X can produce output good X using labor and capital. The firm's technology is described by the following continuous and differentiable production function: fx(lx,kx) = alx + (1 – a)kx, where lx 2 0 is the quantity of labor and kx > 0 is the quantity of capital employed by firm X, and a e (0, 1) is a production parameter. Firm Y can produce output good Y using labor and capital. The firm's technology is described by the following continuous and differentiable production function: fr (ly, ky) = lk8, where ly > 0 is the quantity of labor and ky >0 is the quantity of capital employed by firm Y, and ß E (0, 1) is a production parameter. This is a small open economy, so output prices for goods X and Y, (px,pY) >> 0, are given. For all of the following…
- Find the minimum of Q = x2 + y2 if x + y = 6.A certain country uses a progressive tax system. The amount of tax consists of a linear part proportional to the income and a nonlinear part depending on the income by a power law. The total amount of tax is determined by the formula T(W)=aW+(bW+c)p, where W is the income; p is the exponent, a,b,c are some positive numbers. At what level of income the tax rate will be minimal?The “Sad Student” Company finds that it costs a total of C(q)= 9720+500q-1.5q2+0.005q3 Dollars to produce q lots of its latest board game named “Calculus Teacher Shooter”, each lot consisting of 100 games. a)Analyze the behavior of cost function b)Interpret the constant term in the expression of C(q) c)Analyze the behavior of the marginal cost as a function of the output q. d)Interpret the effect of the constant term in the expression of total cost function on marginal cost function e)Analyze the behavior average cost function.f)Analyze interaction of marginal cost and average cost numerically.g)Derive the formula of this relationship with respect to relevant mathematical economics theory and interpret your formula. f)Analyze interaction of marginal cost and average cost numerically.g)Derive the formula of this relationship with respect to relevant mathematical economics theory and interpret your formula.
- CLR Exercise 2 (0 ) Let C(x) be the total cost of producing x units of a particular commodity and p(x) is the unit price at which all x units will be sold. Assume p(x) and C(x) are in dollars. C(x) = x³ 3x² + 4x+1 p(x) = 9-2x a) Find the marginal cost when 10 units of commodity be sold. Explain the economic implications of your result. b) Find the number of units of that commodity to maximize profit.Find the minimum value of x +y +z² givenx+y+z=3a.,For demand function 2 = a- bP and supply function Q, = dP-c , using Cramer's rule determir. equilibrium price and equilibrium quantity.