Explain the relation of each and every box with the next box in separate elaborative points. POVERTYTRAP LowlevelofeducationLoweconomicand healthgrowthcareGrowth / DevelopmentLow levelsof humanLowLowinvestmentincomecapitalLowLowproductivitysaving

In the mentioned figure, it is clearly mentioned about the trap of poverty and the procedure which…

Answered: POVERTY Low nomir TRAP Low lev educat

Business

Economics

POVERTY Low nomir TRAP Low lev educat

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

Explain the relation of each and every box with the next box in separate elaborative points.

POVERTY
TRAP Lowlevelof
education
Low
economic
and health
growth
care
Growth / Development
Low levels
of human
Low
Low
investment
income
capital
Low
Low
productivity
saving

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a) The s utility function is given as follows: U(z,y) = x+y The budget-constrained of 8 in spending money on the watching cricket match and movies as follows: 845x + 36y= 324 Now the utility function for finding the optimal bundle of preferences The bundle of a and y is under budget Now the Bundle of (x, y) is (2, 2) 45(2) 36(1) 45x + 36y= 324 36(2) 324 324 162 < 324 The MRS is one means to get an additional unit of zone unit of y will sacrifice and to get one additional unit of y, one unit of z will sacrifice. The budget line explain if (x, y) is (1, 1) 45(1) then = 324 $81 < 324 Now the Bundle of (x, y) is (3, 3) 90+72 Now the Bundle of (x, y) is (4,4) 45x+36y 324 45(3) 36(3) 324 135+108 324 243 < 324 = U(x, y) = x+y dU 45x + 36y= 324 45(4) 36(4) 324 180+144 324 324 324 = 1 dz MU2=1 du dy MUy=1 MRS MUT Pz MUY Py MRS=1 =1 MU MUy So the optimal bundle for S is 4 unit of z and 4 unit of y that is (4,4).