please teach explain step by step, Question!: / XP₂((1-x²) P₁V[p₁w) = α²² (1-α)²-a WPia PlaWhat is the highest lump sum tax that would be equivalent to P₁.increasing to pi in terms of utility?Pr`n =h₂₁ (p₁u) h₂(p₁u) = ((1-α) p₁) ªuииаргb) using money metric utility.EV = elp, u')Wv(p, elp, u)) = u²'U² = αª (1-a)1-aPia Pelaигра вкаxa (1-x)1-x=elp, u)e (p, v(p₁, P₂, W))abut n' = αª (1-a)1-a wEVP₁a plaHТая (таза шTaal-pia pla€V=W [²1]Pia Plax² H-α)™-α-W= WPia.Lola JP₁-W

The maximum utility of anything may be defined as the greatest amount of benefit that an individual…

Question!: (XP) ((1-x)P₁ ji-xu = h₁ (p₁u) h₂[p₁u) = ((1-a)p₁) a u арг V[p,w) = α²² (1-α) 1-a w Pia P₂i-a What is the highest lump sum tax that would be equivalent to p.. increasing to pi in terms of utility? 6) using money metric utility. EV = elp, u') - W v(p, e[p, u.)) = u' 'U' = αª (1-α)1-a игра Раша xa (1-x)!~ elp, u) e (p, v(p₁, P₂, W)) ва реге but n' = αª (1-a)1-a w P₁ api-a Ev 1₁a (1=a)¹=α w laº -pia pia EV = w[ D² - 1] Pia B₂² - W X² H-α)-α = W Pira Lova J P₁-W

Question!: (XP) ((1-x)P₁ ji-xu = h₁ (p₁u) h₂[p₁u) = ((1-a)p₁) a u арг V[p,w) = α²² (1-α) 1-a w Pia P₂i-a What is the highest lump sum tax that would be equivalent to p.. increasing to pi in terms of utility? 6) using money metric utility. EV = elp, u') - W v(p, e[p, u.)) = u' 'U' = αª (1-α)1-a игра Раша xa (1-x)!~ elp, u) e (p, v(p₁, P₂, W)) ва реге but n' = αª (1-a)1-a w P₁ api-a Ev 1₁a (1=a)¹=α w laº -pia pia EV = w[ D² - 1] Pia B₂² - W X² H-α)-α = W Pira Lova J P₁-W

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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