Solve only if ? sure. Solve fast . handwritten answer also appreciated for fast answering. John currently lives in Sydney where he earns $2700 a week as a high school principal. If he moves to Batemans Bay, he has to accept a position as a classroom teacher where he will earn $2100 a week. John only considers two goods, cost of living (c) and health (h). In Sydney,Pc = 54 and ph = 90. In Batemans Bay, ph = 36. John's utility function is u(c, h) = h + c2h2.a) What is John's optimal consumption of h in Sydney?13.5One possible correct answer is: 17.715b) What would be John's optimal consumption of c in Batemans Bay?One possible correct answer is: 24.243c) What is the maximum cost of living ph such that John will accept to move to Batemans Bay?One possible correct answer is: 73.651

John currently lives in sydney where he earns $2700 a week In Batemans John will earn = $2100 a week…

John currently lives in Sydney where he earns $2700 a week as a high school principal. If he moves to Batemans Bay, he has to accept a position as a classroom teacher where he willearn $2100 a week. John only considers two goods, cost of living (c) and health (h). In Sydney, Pe = 54 and ph = 90. In Batemans Bay, Ph = 36. John's utility function is u(c, h) = h+ cihż. a) What is John's optimal consumption of h in Sydney? 13.5

John currently lives in Sydney where he earns $2700 a week as a high school principal. If he moves to Batemans Bay, he has to accept a position as a classroom teacher where he willearn $2100 a week. John only considers two goods, cost of living (c) and health (h). In Sydney, Pe = 54 and ph = 90. In Batemans Bay, Ph = 36. John's utility function is u(c, h) = h+ cihż. a) What is John's optimal consumption of h in Sydney? 13.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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John currently lives in Sydney where he earns $2700 a week as a high school principal. If he moves to Batemans Bay, he has to accept a position as a classroom teacher where he will earn $2100 a week. John only considers two goods, cost of living (c) and health (h). In Sydney, pe = 54 and ph = 90. In Batemans 1 1 Bay, Ph = 36. John's utility function is u(c, h) = h + cihi. a) What is John's optimal consumption of h in Sydney? b) What would be John's optimal consumption of c in Batemans Bay? c) What is the maximum cost of living ph such that John will accept to move to Batemans Bay?
Suppose you have two different job offers. The first offer is in LA and pays $8100 per month. The price of food (F) in LA is $2 and the price of housing (H) is $12. The second offer is in San Francisco and pays $9600. Both food and housing are more expensive in SF at PF = 3 and PH = 14 respectively. If your utility function is U (F, H) = F0.3 H0.7 which job offer should you accept please graph your reasioning.
See the attachment. How do you find the maximum whole-dollar amount the individual would spend to insure against the loss of money?
Rohit likes playing badminton with his friends. His utility function for playing badminton every week is given by U(t) = 11t - 212. where t is measured in hours. They play on a badminton court, which they can rent per hour. Suppose the current price to play on the badminton court is $2.50 per hour. a) How many hours should Rohít play if he wishes to maximise his utility? b) Explain what we mean by the principle of diminishing marginal utility. Does the principle apply in Rohit's case? Explain why? In a diagram with income in Dollars on the horizontal axis and quantity on the vertical axis, show the relationship between Rohit's budget and the number of hours that would maximise his consumer surplus.
please solve step by step
Marina decides to purchase a ring made from an alloy composed exclusively of gold (G) and titanium (T). The price of gold is $60 per gram, and the price of titanium is $30 per gram. Her total budget for the ring is $600. Her utility function is given by U(G,T) =GT. Suppose the price of titanium falls to $20 per gram. At the final basket, the optimal amount of titanium is（）grams.
Jane receives utility from days spent traveling on vacation domestically (D) and days spent traveling on vacation in a foreign country (F), as given by the utility function U(D,F)= 10DF. In addition, the price of a day spent traveling domestically is $100, the price of a day spent traveling in a foreign country is $400, and Jane's annual travel budget is $4000. An indifference curve associated with a level of utility equal to 800 and an indifference curve associated with utility of 1200 are illustrated in the figure to the right. Using the line drawing tool, graph Jane's budget line. Label this line L,. Carefully follow the instructions above, and only draw the required object. Can Jane afford any of the bundles that give her a utility of 800? Can Jane afford any of the utility bundles that give her a utility of 1200? Find Jane's utility-maximizing choice of days spent traveling domestically and days spent in a foreign country. days of domestic travel and days of foreign travel. (Enter…
Donald likes fishing (X1) and hanging out in his hammock (X2). His utility function for these two activities is u(x1, x2) = 3X12X24. (A) Calculate MU1, the marginal utility of fishing. (B) Calculate MU2, the marginal utility of hanging out in his hammock. (C) Calculate MRS, the rate at which he is willing to substitute hanging out in his hammock for fishing. (D)Last week, Donald fished 2 hours a day, and hung out in his hammock 4 hours a day. Using your formula for MRS from (c) find his MRS last week. (E) This week, Donald is fishing eight hours a day, and hanging out in his ham mock two hours a day. Calculate his MRS this week. Has his MRS increased or decreased? Explain why? (F) Is Donald happier or sadder this week compared to last week? Explain.
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A consumer has the following utility function: U(X,Y)= 400X2/5Y3/5 Suppose that the price of a spa day (x) is £200 and the price of a city break (y) is £300 Find the number of spa days and city breaks that minimise expenditure if 12,800 units of utility are obtained. Also calculate the consumer's minimised expenditure
Matthew Hamming is stranded on an island. He has decided that he will spend exactly 10 hours a day gathering food. He can either spend this time gathering coconuts or catching fish. He can catch 2 fish per hour and he can gather 3 coconuts per hour. Matthew's utility function is U(FC) = 3F0.60.3 a. How many fish should Matthew catch and how many coconuts should he gather so that his consumption maximizes his utility? Illustrate the equilibrium with a graph b. One day a native inhabitant of another island arrives on the island. The visitor offers Matthew trade of 3 fish for 1 coconut. The trade fee costs 1 fish (that must be paid prior to the exchange). Will Matthew decide to trade? What will Matthew produce and consume? Justify your answer and provide a graph.
Jane receives utility from days spent traveling on vacation domestically (D) and days spent traveling on vacation in a foreign country (F), as given by the utility function U(D,F) = 10DF. In addition, the price of a day spent traveling domestically is $100, the price of a day spent traveling in a foreign country is $400, and Jane’s annual travel budget is $4000. Suppose F is on the horizontal axis and D is on the vertical axis. Jane's marginal rate of substitution between F and D is equal to 10 1 F/D D/F