Using a choice diagram (like the one from Perloff used in the slides and copied below for your convenience) explain why EV=CV for quasilinear preferences,
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![Using a choice diagram (like the one from
Perloff used in the slides and copied below
for your convenience) explain why EV=CV for
quasilinear preferences.
Y+ CV
CV
EV
Y- EV
LEV
LCV
4,. Music tracks per quarter
La
12
24
92, Live music, Units per quarter](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe83721c6-074c-4343-8b67-931ed3826a38%2Fa371601f-ba6a-49d0-85f1-fd3010c153aa%2Fuh4igfe_processed.jpeg&w=3840&q=75)
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- Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round—trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.Ten pieces of lemon can produce (1)/(4) cup of juice. How much lemon juice could you expect to obtain from a box containing 85 lemons?Jien is just bored all the time; no amount of success makes him happy, it seems. Below is a list of his income for the last several years and the utility he experienced per dollar of income: Year Yearly Income Utility per Dollar Earned 2017 $60,000 2 utils 2018 $70,000 1.8 2019 $100,000 1.5 2020 $120,000 1 2021 $145,000 0.40 From the above, we can say that Jien most likely is different from most people economists study in terms of risk attitudes is "risk loving" will not take a fair bet has a utility of wealth curve that is a straight line
- plz notice the condition in the question! a correct and detailed answer will give a like thanksYou have an 8:30 class this morning but you are feeling extremely tired. How do you decide whether toget some extra sleep or go to class?Alda is willing to pay $2,000 to visit her favoritecousin over spring break. A month ago, she bookeda trip costing $1,200. Spring break has arrived, butAlda needs one day to finish an important paperbefore she goes. Alda could cancel her trip and geta refund of $800. Or, she could pay an additional$1,000 (on top of the $1,200 she already paid) torebook the trip for two days later. Explain whatAlda should do.
- Fast pls solve this above question correctly in 6 min i will give u like for sureTable A – Faris Daily Consumption Dozens of Oysters Total Utility Marginal Utility per Day 1 60 104 3 134 4 152 5 160 Number of Total Utility Marginal Utility Root Beers per Day 1 40 70 3 94 4 114 5 128 Refer to Table A shows Faris's consumption on the oysters and root beers per day for a total five days; i. Compute Faris's marginal utility of for consumption of dozens of oyster and number of root beers per day ii. At what units per day Faris's Diminishing Marginal Utility sets in for consumption of dozens of oyster and number root beers per day. iii. Please briefly explain why Faris will experience the Diminishing Marginal Utility as he consumes more unit of oysters and root beers.Typed and correct answer please. I will ra
- Drinking five glasses of water consecutively declinesyour utility, why?5.2 David gets $3 per week as an allowance to spend any way he pleases. Because he likes only peanut butter and jelly sand- wiches, he spends the entire amount on peanut butter (at $0.05 per ounce) and jelly (at $0.10 per ounce). Bread is pro- vided free of charge by a concerned neighbor. David is a par- ticular eater and makes his sandwiches with exactly 1 ounce of jelly and 2 ounces of peanut butter. He is set in his ways and will never change these proportions. a. How much peanut butter and jelly will David buy with his $3 allowance in a week? b. Suppose the price of jelly were to increase to $0.15 an ounce. How much of each commodity would be bought? c. By how much should David's allowance be increased to compensate for the increase in the price of jelly in part (b)? d. Graph your results in parts (a) to (c). e. In what sense does this problem involve only a single commodity, peanut butter and jelly sandwiches? Graph the demand curve for this single commodity. f. Discuss the…I need it in words not handwritten and don't copy from other place pleaseee do itttt your own solution
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