2 Consider an economy with three people and two goods: private good (x) and public good (y). Suppose that marginal rate oftransformation is 1. (one unit of private good is needed for the production of one unit of public good). The utility functions of theindividuals are given below:U₁ = 2y¹/2 + x₁U₂ = 4y¹/2 + X2U3 = 6y¹/2 + x3What is the optimal level of public good?Answer:36The correct answer is: 36Consider the following problem with 17 voters and 3 candidates. 6 people rank a over b and b over c. 3 people rank c over a and aover b. 4 people rank b over a and a over c. 4 people rank b over c and cover a. Who is the Condorcet Winner?a. bOb. There is no Condorcet winnerC. ad. c.

Condorcet winner is the candidate that beats all of its opponents.

Consider the following problem with 17 voters and 3 candidates. 6 people rank a over b and b over c. 3 people rank c over a and a over b. 4 people rank b over a and a over c. 4 people rank b over c and cover a. Who is the Condorcet Winner? a. b Ob. There is no Condorcet winner C. a Od. C

Consider the following problem with 17 voters and 3 candidates. 6 people rank a over b and b over c. 3 people rank c over a and a over b. 4 people rank b over a and a over c. 4 people rank b over c and cover a. Who is the Condorcet Winner? a. b Ob. There is no Condorcet winner C. a Od. C

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: When citing using quotations, you must always remember to use "quotes", mention the author's last…

A: Reference words and quotations are often used to refer to the same thing even though the reference…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: 1) "According to the midpoint method, the price elasticity of demand between points A and B is…

Q: Why do we call Why do we have phone's How can we us our mobile to call people from overseas

A: Why do we call This is in line with the previous explanation that most of callers call to find a…

Q: 5) A consumer has a fixed weekly budget (B) of $100 to spend on two goods (X and Y). Given unit…

A: “Since you have asked multiple questions, we will solve only one question for you i.e. question…

Q: Based on the below figure, what is the relative price of melon for Alex?

A: Production Possibility Frontier refers to the graphical representation of the production capacity of…

Q: There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar…

A: With the existence of a transaction cost of $90 which has to be split between the two that is $45…

Q: EXCERCISES Y C АРС APS MPC MPS 100 100 150 200 200 300 250 Complete the table above

A: We know that , As per Keynes , Y = C + S where,…

Q: ities/97507c54-29b3-4b89-bbid-c07ca40b872e/curiosity-feed?section=ef2825d6-34c2-4bae-8d5b-fec67cf632…

A: Tax:Tax is a compulsory payment which is imposed by the government of the country and for the…

Q: The South Korean Government in the 1970s decided to follow a strategy of increased investment in…

A: Scarcity refers to the limited availability of resources, that are used to produce goods and…

Q: Listed 40 name of multinational company in Malaysia.

A: A multinational company is known to be as a company which has its office located into different…

Q: How does the Overnight Rate Target inuence interest rates throughout the economy? (A) The…

A: The overnight rate basically refers to the interest rate at which a depository institution (usually…

Q: Why people struggled to pay rent and basic utilities during pandemic of COVID-19 even though they…

A: The lockdown during covid-19 has affected the performance of markets around the world. This is due…

Q: Items A B C D E 2004 Price (₹) 15 33 38 25 50 Qty. 30 35 57…

A: Given: Items Price…

Q: What do sales managers need to do to manage theirsales force successfully?

A: The sales force refers to the team of workers who are responsible for the selling of goods, and…

Q: What about 2& 3?

A: In an economy, an individual will make his consumption decision based on his preferences and that…

Q: (D-x,-10-x) A (o, - *) A D (1oY, -lor)

A: Game theory refers to the study of mathematical models of strategic interaction between rational…

Q: What is estate tax. Don't use any ai pls.

A: An estate tax, additionally known as an inheritance tax, is a tax on the property transfer from a…

Q: 20 18 16 Price 14 12 10 ID: 8. 4 2 20 40 60 80 100 120 140 Quantity

A: Slope of demand curve = dP/dQ Considering points (20, 20); (65, 2): Slope = (2 – 20)/ (65 – 20)…

Q: The unauthorized use of an owner's or creator's music, movies, or other copyrighted material.

A: Copyright refers to the legal right of the owner of intellectual property. In simpler terms,…

Q: Consumption/Savings 1400 1200 1000 800 600 400 200 0 -200 200 400 600 800 1000 1200 1400 1600 Income…

A: Let's break down the income and consumption/savings data to understand the financial…

Q: How to calculate Statutory Rate for company

A: The Statutory Rate for a company is imposed by law on income that is taxable and falls within a…

Q: Why is the permit needed for all the agencies?

A: The permits are a different form of license issued by the government to every business in the…

Q: Solve it correctly

A: Equilibrium price is the price at which quantity demanded equals quantity supplied and market…

Q: The cost (supply) of each "unit" of NPR (National Public Radio) is P=9. Derek's valuation for each…

A: MC of NPR = 9 Derek's Valuation : Pd = 20 - 2Qd Qd = ( 20 - Pd)/2 Kim's Valuation : Pk = 10 - Qk…

Q: Cars produced each day A specialty-car manufacturer has plants in Auburn, Biloxi, and Chattanooga.…

A: a) Calculating AB: AB = 1210044208912…

Q: A period between date of acquisition and date of disposal by a specific owner. a. Ownership life O…

A: Aquisition date means when the asset is purchased new . And the period between acquisition and…

Q: Price $ 30 28 25 20 15 10 Qd Old 15 16 20 24 25 30 Qd Young 2 3 7 12 18 25 What is the best price to…

A: Revenue is a crucial financial metric that indicates the level of sales or business activity and…

Q: So is it D or B

A: The answer is - B. Revoke the license of an insolvent insurer.

Q: World annual usage of mineral M is actually declining by 5% a year. The current rate of extraction…

A: The ratio's reserve fraction (numerator) is the quantity of a resource that is known to exist in a…

Q: How were the small business before Covid 19?

A: Corona virus disease 2019 (COVID-19) is a communicable disease caused by a newly discovered corona…

Q: None

A: Willingness to Pay (WTP) is an economic concept that refers to the maximum amount an individual or…

Q: What us software

A: Computer refers to the machine which is given instructions by the user in a sequence of logical…

Q: Name: Name: Name: $/unit 25 1 Fertilizing Fish When farmers fertilize their fields, the nitrogen…

A: The objective of the question is to understand the concept of externalities in the market for…

Q: Question 1.3 only

A: Given that the time period is short-run and we know that in the short-run not all factors of…

Q: do fast don't use chatgpt answer,

A: An indifference curve is a graphical representation of the different combinations of two goods that…

Q: Households B D Firms In which market do households act as the seller? Product Factor of Production…

A: In the economy, households fulfill the roles of both suppliers and consumers. When households sell,…

Q: Which of the following is a very important tip you should do before submitting your cover letter?

A: b) Have someone else read it

Q: What is one pkus one

A: Step 1:One plus one equals two1+1 = 2 For example if you have one apple and you get one more apple ,…

Q: how to solve this question, and if it is possible without plagiarism, (one paragraph essay not more…

A: Here are some serious issues: Water contaminations are seemingly the greatest key natural trouble…

Q: 1. Suppose you are considering to make a decent holiday dinner. In this year, to be creative, you…

A: Given The total utility of Salmon is describe by the function U1400Q .......(1) The total…

Question

Consider an economy with three people and two goods: private good (x) and public good (y). Suppose that marginal rate of
transformation is 1. (one unit of private good is needed for the production of one unit of public good). The utility functions of the
individuals are given below:
U₁ = 2y¹/2 + x₁
U₂ = 4y¹/2 + X2
U3 = 6y¹/2 + x3
What is the optimal level of public good?
Answer:
36
The correct answer is: 36
Consider the following problem with 17 voters and 3 candidates. 6 people rank a over b and b over c. 3 people rank c over a and a
over b. 4 people rank b over a and a over c. 4 people rank b over c and cover a. Who is the Condorcet Winner?
a. b
Ob. There is no Condorcet winner
C. a
d. c.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

I need help with HW.
The graph shows the market for mugs in which the government has imposed a tax of $4 per mug. Draw a point to show the price paid by buyers and the quantity bought. Draw shapes that represent the following: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the tax revenue received by the government. Label it TR. 4) the deadweight loss created by the tax. Label it DWL. >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape. esc ↑. C Selected: none $ ▸ 0
How do sales taxes typically apply in a business environment?
M1
Legal and Ethical Behavior in the Philippines
what are the 2 kinds of land ownership
There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed in the attached table. If the tenants have the right to be free of loud music enforced through a property rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. Zero B. One C. Two D. Three E. It depends on transaction costs
why choose A?
Pls help ASAP
What are the Revenue projects?
There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190
write a explanation about UN sustainability goals 8 and 12 and elkington's triple bottom line and what these entail. (400 words)