Excludable goods and rival in consumption.

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Answer 1

Question

Chapter 11, Problem 1QR

To determine

Excludable goods and rival in consumption.

Expert Solution & Answer

Explanation of Solution

Excludable commodities are the commodities that can be excluded from people to consume them or acquire benefit of the commodity. The consumer has to pay a price in order to avail the commodities.

A commodity is rival in consumption, if the consumption of a commodity by one person diminishes the availability of that commodity to another person. Consumption of private goods and common goods by one person reduces the availability of that good to other individuals.

A pizza producer can prevent someone who does not pay for the pizza from eating it. Therefore, pizza is excludable.

When one person eats it, no one else can eat it. So pizza is also rival in consumption.

Economics Concept Introduction

Concept Introduction:

Consumption: Consumption refers to the purchase of goods and services in order to satisfy human wants.

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16:10 ← BEC 3701 - Assignments-... KWAME NKRUMAH UNIVERSITY TEACHING FOR EXCELLENCE SCHOOL OF BUSINESS STUDIES DEPARTMENT OF ECONOMICS AND FINANCE ADVANCED MICRO-ECONOMICS (BEC 3701) Assignments INSTRUCTIONS: Check instructions below: LTE 1) Let u(q1,q2) = ln q₁ + q2 be the (direct) utility function, where q₁ and q2the two goods. Denote P₁ and P2 as the prices of those two goods and let M be per period money income. Derive each of the following: a) the ordinary or Marshallian demand functions q₁ = d₂ (P₁, P₂, M) for i = 1,2 [3 Marks] b) the compensated or Hicksian demand functions q₁ = h₂ (P₁, P2, M) for i = 1,2 [3 Marks] c) the Indirect Utility Function uº = v(P₁, P2, M) [3 Marks] d) the Expenditure Function E(P1, P2, U°) [3 Marks] e) Draw a diagram of the solution. There should be two graphs, one above the other; the first containing the indifference curves and budget constraint that characterize the solution to the consumer's choice problem; the second characterizing the demand…

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Answer 2

Question

Chapter 11, Problem 1QR

To determine

Excludable goods and rival in consumption.

Expert Solution & Answer

Explanation of Solution

Excludable commodities are the commodities that can be excluded from people to consume them or acquire benefit of the commodity. The consumer has to pay a price in order to avail the commodities.

A commodity is rival in consumption, if the consumption of a commodity by one person diminishes the availability of that commodity to another person. Consumption of private goods and common goods by one person reduces the availability of that good to other individuals.

A pizza producer can prevent someone who does not pay for the pizza from eating it. Therefore, pizza is excludable.

When one person eats it, no one else can eat it. So pizza is also rival in consumption.

Economics Concept Introduction

Concept Introduction:

Consumption: Consumption refers to the purchase of goods and services in order to satisfy human wants.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 11, Problem 1QR

To determine

Excludable goods and rival in consumption.

Expert Solution & Answer

Explanation of Solution

Excludable commodities are the commodities that can be excluded from people to consume them or acquire benefit of the commodity. The consumer has to pay a price in order to avail the commodities.

A commodity is rival in consumption, if the consumption of a commodity by one person diminishes the availability of that commodity to another person. Consumption of private goods and common goods by one person reduces the availability of that good to other individuals.

A pizza producer can prevent someone who does not pay for the pizza from eating it. Therefore, pizza is excludable.

When one person eats it, no one else can eat it. So pizza is also rival in consumption.

Economics Concept Introduction

Concept Introduction:

Consumption: Consumption refers to the purchase of goods and services in order to satisfy human wants.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 11, Problem 1QR

To determine

Excludable goods and rival in consumption.

Expert Solution & Answer

Explanation of Solution

Excludable commodities are the commodities that can be excluded from people to consume them or acquire benefit of the commodity. The consumer has to pay a price in order to avail the commodities.

A commodity is rival in consumption, if the consumption of a commodity by one person diminishes the availability of that commodity to another person. Consumption of private goods and common goods by one person reduces the availability of that good to other individuals.

A pizza producer can prevent someone who does not pay for the pizza from eating it. Therefore, pizza is excludable.

When one person eats it, no one else can eat it. So pizza is also rival in consumption.

Economics Concept Introduction

Concept Introduction:

Consumption: Consumption refers to the purchase of goods and services in order to satisfy human wants.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1QR

To determine

Excludable goods and rival in consumption.

Expert Solution & Answer

Explanation of Solution

Excludable commodities are the commodities that can be excluded from people to consume them or acquire benefit of the commodity. The consumer has to pay a price in order to avail the commodities.

A commodity is rival in consumption, if the consumption of a commodity by one person diminishes the availability of that commodity to another person. Consumption of private goods and common goods by one person reduces the availability of that good to other individuals.

A pizza producer can prevent someone who does not pay for the pizza from eating it. Therefore, pizza is excludable.

When one person eats it, no one else can eat it. So pizza is also rival in consumption.

Economics Concept Introduction

Concept Introduction:

Consumption: Consumption refers to the purchase of goods and services in order to satisfy human wants.

Answer 6

Chapter 11, Problem 1QR

To determine

Excludable goods and rival in consumption.

Expert Solution & Answer

Explanation of Solution

Excludable commodities are the commodities that can be excluded from people to consume them or acquire benefit of the commodity. The consumer has to pay a price in order to avail the commodities.

A commodity is rival in consumption, if the consumption of a commodity by one person diminishes the availability of that commodity to another person. Consumption of private goods and common goods by one person reduces the availability of that good to other individuals.

A pizza producer can prevent someone who does not pay for the pizza from eating it. Therefore, pizza is excludable.

When one person eats it, no one else can eat it. So pizza is also rival in consumption.

Economics Concept Introduction

Concept Introduction:

Consumption: Consumption refers to the purchase of goods and services in order to satisfy human wants.

Answer 7

Chapter 11, Problem 1QR

To determine

Excludable goods and rival in consumption.

Answer 8

Expert Solution & Answer

Explanation of Solution

Excludable commodities are the commodities that can be excluded from people to consume them or acquire benefit of the commodity. The consumer has to pay a price in order to avail the commodities.

A commodity is rival in consumption, if the consumption of a commodity by one person diminishes the availability of that commodity to another person. Consumption of private goods and common goods by one person reduces the availability of that good to other individuals.

A pizza producer can prevent someone who does not pay for the pizza from eating it. Therefore, pizza is excludable.

When one person eats it, no one else can eat it. So pizza is also rival in consumption.