The income of individuals in the top income quintile in Bangladesh.

Question

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Answer 1

Question

Chapter 18, Problem 1QE

To determine

The income of individuals in the top income quintile in Bangladesh.

Expert Solution & Answer

Explanation of Solution

There are five income quintiles. In Bangladesh, about 41.3 percent of people are included in the top income quintile category, which can be calculated as (100−58.7).

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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically. 2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.

Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically.

Answer 2

Question

Chapter 18, Problem 1QE

To determine

The income of individuals in the top income quintile in Bangladesh.

Expert Solution & Answer

Explanation of Solution

There are five income quintiles. In Bangladesh, about 41.3 percent of people are included in the top income quintile category, which can be calculated as (100−58.7).

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

Answer 3

Question

Chapter 18, Problem 1QE

To determine

The income of individuals in the top income quintile in Bangladesh.

Expert Solution & Answer

Explanation of Solution

There are five income quintiles. In Bangladesh, about 41.3 percent of people are included in the top income quintile category, which can be calculated as (100−58.7).

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

Answer 4

Question

Chapter 18, Problem 1QE

To determine

The income of individuals in the top income quintile in Bangladesh.

Expert Solution & Answer

Explanation of Solution

There are five income quintiles. In Bangladesh, about 41.3 percent of people are included in the top income quintile category, which can be calculated as (100−58.7).

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

Answer 5

Chapter 18, Problem 1QE

To determine

The income of individuals in the top income quintile in Bangladesh.

Expert Solution & Answer

Explanation of Solution

There are five income quintiles. In Bangladesh, about 41.3 percent of people are included in the top income quintile category, which can be calculated as (100−58.7).

Answer 6

Chapter 18, Problem 1QE

To determine

The income of individuals in the top income quintile in Bangladesh.

Expert Solution & Answer

Explanation of Solution

There are five income quintiles. In Bangladesh, about 41.3 percent of people are included in the top income quintile category, which can be calculated as (100−58.7).

Answer 7

Chapter 18, Problem 1QE

To determine

The income of individuals in the top income quintile in Bangladesh.

Answer 8

Expert Solution & Answer

Explanation of Solution

There are five income quintiles. In Bangladesh, about 41.3 percent of people are included in the top income quintile category, which can be calculated as (100−58.7).