utiling fimellon D : u( X, Xx) = min į ax, -x», 2X, -x, } uti liny function O: ucXi, Xx) = max {2x, -X» , 2X2 -X, { Are both fincrion O and e oluays bether oft if they get more of one of the goods ? Caraduu exelgin CNeed all detas)
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![utiling funelion D:
uC Xi, Xx) = min & ax, -X», 2X, -X. }
uti liay function O :
UcXis Xx) = max E2x, -X» , {
2X2 -X,
Are both fincrion o and ☺
always bether off if they
get more of one of the goods ?
Care fudly explain. ^ Need all detailks)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F78849330-63d8-4fc1-92b6-4fe931867d6b%2Fdd3956ea-ab2b-4d28-80cd-0199f91b794d%2Fi5t7vyf_processed.jpeg&w=3840&q=75)
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- goods, XandY per of good X is N$4 and the price of good Vis No10 Harrys unlity funchon is UCX,)==XY. Harry consumes 2 and he spend's Npbo month The price Find The values of gocal X and Y maximizes Harcys unly illustruate Hary's utlty maximizing.combinason clearly labelled on a graph. Suppose llustrate Harrys price & spod X increased to Ngb effects income and substitution ef the anel laballed graph.O let y= F(,k) = 2Č K be a pretustion funtion e ue told daivanve, to deniue, TRS this praquition fumition duplay mmu kinMartin a prequct in ? Hene about in k?You are working for the chiefeconomist at Microsoft. Microsoft’s only significantcosts to producing and distributing a new version itit’s operating system is $30,000 in wages to itsemployees, $15,000 in computer testing, and$5,000 in utilities. Microsoft’s marketing department estimates that thedemand a new version it it’s operating system is Q = 320 – 0.5 P, with Pmeasured in dollars.What price should Microsoft charge for a new version it it’s operatingsystem? What profit should Microsoft expect?
- Title Suppose that Lynn enjoys coconut oil in her coffee. She has very particular preferences, and she mus Description Suppose that Lynn enjoys coconut oil in her coffee. She has very particular preferences, and she must have exactly two spoonfuls of coconut oil for each cup of coffee. Let C be the number of cups of coffee, and O be the number of spoonfuls of coconut oil. Also, let PC be the price of a cup of coffee. Suppose Lynn has $12 to spend on coffee and coconut oil. Also, the price of coconut oil is $.50 per spoonful.a) Graph Lynnâs Price Consumption Curve for prices, PC = $1, PC = $2, and PC = $3. Please put the number of cups of coffee on the horizontal axis, and the number of spoonfuls of coconut oil on the vertical axis. Be sure to label your graph carefully and accurately.b) Graph Lynnâs demand curve for coffee. You may assume that both coconut oil and coffee are continuous variables so she can consume any amount of coffee and coconut oil that she could afford.…to indicate the now optimum in thir case. As a result of this price change, the quantity of Raman sous capa consariod Nib meare that Ramen saup must be pood, and the incame wetect the aubstatian effect q, ponts A and 1. True or False: A cup of famen scoup bs a Gifen grod. True Fates teraostrutan efied On the preceding graph, use the blue Ane (circle symbe) to draw the colege student's new budget constraint. Then use the grey point (star symbol) to indicate the new optimum in this case. As a result of this price change, the quantity of Ramen soup cups contamed This means that Ramen soup must be good, and the income effect the substitution effect On the following graph, use the blue ine (arcie symbol) to draw the student's demand for Ramen soup by plotting the optimum information from points A and Price 400 3.50 2.00 250 230 1.30 1.00 8.50 9 13 14 16 Quantity of Ramen soup 20 22 24 True or False: A cup of Ramen soup is a Giffen good. ○ True Falea Derond E O Σcalled plaging a Jame Chicken They eash drive thair car down Hhe center of the voand in opporite direcfions Each chocses ei ther SwerveIf botth swerve, no boy wins stags and one Swerves, Hhe ove O Suppose Etie and Joshug "stag" br loses any thing.If one or one who stags wins $2 Awo dollans) from the one who severves. If both stay, they wrack the cans and need ear to rapair earh Car. normal farm. O Represent the goone in a O Find all flarh Epui librica Jos hug imit leanned that E ddie has a mickmome " Fnst Eltie'! a buays make his dairinm af ter as he, is quick and can obierung his opponents fecision' o Represent the gane in an extencive furm. A Find the vaamnable autrome of this game using backwrand in Juctin.
- You decide to sell pairs of running shoes. Assume that the quantity demanded is alinear function of the price. It is known that if you charge $40 per pair of shoes, thenyou will be able to sell 400 pairs of shoes in a month. If you charge $60 per pair ofrunning shos, then you can sell 300 pairs of shoes in a month. It is also known thatyour monthly fixed cost is $100 and pairs of shoes cost $20 per shoe to produce. Findwhat price you should charge for a pair of shoes in order to maximize profit in amonthPrice per arginal Utility Fron Current Consumption Product Unit $ 10 20 20 30 The table shows the marginal utite derived trom curent consumpton leves of three new products. A B and C at are being sold in the maet at the prces isted The contumer can imniediately gan the most extra total utity by winching spending from Mnple Choce ANEFigure 4.2 P3 P2 P1 A C Q Q2 Q3 Q4 Qs Qs Q7 Refer to Figure 4.2. The demand curve A indicates that O the smallcst price change will cause consumcrs to change their consumption by a large amount, O therc is no change in quantity demandcd as the price changes. consumcrs can purchase any quantity they want regardless of the price, Oithc smalcst price incrcasc wil.causc.consuners to switch to the producer with thc lowest
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