(a) To rank: the given combinations in the order of preference.

Question

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Answer 1

Question

Chapter 21A, Problem 1E

To determine

(a)

To rank: the given combinations in the order of preference.

Expert Solution

Explanation of Solution

1^s^t preference is "I" as both goods are more.

2ⁿ^d preference is F and H, as 5 goods in total for each combination.

3^r^d preference is C, E and G, as 4 goods in each combination.

4^t^h preference is B and D as 3 goods in total for each combination.

5^t^h preference is A as lowest combination of goods is given.

To determine

(b)

Combinations which cannot be ranked along with the reason.

Expert Solution

Explanation of Solution

2ⁿ^d preference: F and H, 5 goods are given for each combination.

3^r^d preference: C, E and G, 4 goods are given for each combination.

4^t^h preference: B and D, 3 goods are given for each combination.

A consumer is indifferent for the respective combinations in each preference as there is no information given about price and utility.

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Your gym offers two classes at the same time:weightlifting and yoga. Both classes are includedin your membership and have space available.Your friend tells you he wants to work on hisstrength and take the weightlifting class, but youalways see him in yoga class. Which class giveshim more utility? How do you know this?

You have 6 hours to study for 2 exams tomorrow. The relationship between the time studying and test scores is shown below. Economics Psychology Score Hours Score Hours 58 58 66 1 64 2 73 2 69 3 79 3 73 84 76 88 5 78 91 6 79 a. Use the rule for determining optimal purchases decide how many hours you should study each subject. Treat each point on an exam like 1 unit of utility and assume you equally interested in doing well in economics and psychology. You should study economics for hours and psychology for hours.

solve it correctly

Answer 2

Question

Chapter 21A, Problem 1E

To determine

(a)

To rank: the given combinations in the order of preference.

Expert Solution

Explanation of Solution

1^s^t preference is "I" as both goods are more.

2ⁿ^d preference is F and H, as 5 goods in total for each combination.

3^r^d preference is C, E and G, as 4 goods in each combination.

4^t^h preference is B and D as 3 goods in total for each combination.

5^t^h preference is A as lowest combination of goods is given.

To determine

(b)

Combinations which cannot be ranked along with the reason.

Expert Solution

Explanation of Solution

2ⁿ^d preference: F and H, 5 goods are given for each combination.

3^r^d preference: C, E and G, 4 goods are given for each combination.

4^t^h preference: B and D, 3 goods are given for each combination.

A consumer is indifferent for the respective combinations in each preference as there is no information given about price and utility.

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Answer 3

Question

Chapter 21A, Problem 1E

To determine

(a)

To rank: the given combinations in the order of preference.

Expert Solution

Explanation of Solution

1^s^t preference is "I" as both goods are more.

2ⁿ^d preference is F and H, as 5 goods in total for each combination.

3^r^d preference is C, E and G, as 4 goods in each combination.

4^t^h preference is B and D as 3 goods in total for each combination.

5^t^h preference is A as lowest combination of goods is given.

To determine

(b)

Combinations which cannot be ranked along with the reason.

Expert Solution

Explanation of Solution

2ⁿ^d preference: F and H, 5 goods are given for each combination.

3^r^d preference: C, E and G, 4 goods are given for each combination.

4^t^h preference: B and D, 3 goods are given for each combination.

A consumer is indifferent for the respective combinations in each preference as there is no information given about price and utility.

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Answer 4

Question

Chapter 21A, Problem 1E

To determine

(a)

To rank: the given combinations in the order of preference.

Expert Solution

Explanation of Solution

1^s^t preference is "I" as both goods are more.

2ⁿ^d preference is F and H, as 5 goods in total for each combination.

3^r^d preference is C, E and G, as 4 goods in each combination.

4^t^h preference is B and D as 3 goods in total for each combination.

5^t^h preference is A as lowest combination of goods is given.

To determine

(b)

Combinations which cannot be ranked along with the reason.

Expert Solution

Explanation of Solution

2ⁿ^d preference: F and H, 5 goods are given for each combination.

3^r^d preference: C, E and G, 4 goods are given for each combination.

4^t^h preference: B and D, 3 goods are given for each combination.

A consumer is indifferent for the respective combinations in each preference as there is no information given about price and utility.

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Answer 5

Chapter 21A, Problem 1E

To determine

(a)

To rank: the given combinations in the order of preference.

Expert Solution

Explanation of Solution

1^s^t preference is "I" as both goods are more.

2ⁿ^d preference is F and H, as 5 goods in total for each combination.

3^r^d preference is C, E and G, as 4 goods in each combination.

4^t^h preference is B and D as 3 goods in total for each combination.

5^t^h preference is A as lowest combination of goods is given.

To determine

(b)

Combinations which cannot be ranked along with the reason.

Expert Solution

Explanation of Solution

2ⁿ^d preference: F and H, 5 goods are given for each combination.

3^r^d preference: C, E and G, 4 goods are given for each combination.

4^t^h preference: B and D, 3 goods are given for each combination.

A consumer is indifferent for the respective combinations in each preference as there is no information given about price and utility.

Answer 6

Chapter 21A, Problem 1E

To determine

(a)

To rank: the given combinations in the order of preference.

Expert Solution

Explanation of Solution

1^s^t preference is "I" as both goods are more.

2ⁿ^d preference is F and H, as 5 goods in total for each combination.

3^r^d preference is C, E and G, as 4 goods in each combination.

4^t^h preference is B and D as 3 goods in total for each combination.

5^t^h preference is A as lowest combination of goods is given.

Answer 7

Chapter 21A, Problem 1E

To determine

(a)

To rank: the given combinations in the order of preference.

Answer 8

Expert Solution

Explanation of Solution

1^s^t preference is "I" as both goods are more.

2ⁿ^d preference is F and H, as 5 goods in total for each combination.

3^r^d preference is C, E and G, as 4 goods in each combination.

4^t^h preference is B and D as 3 goods in total for each combination.

5^t^h preference is A as lowest combination of goods is given.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

(b)

Combinations which cannot be ranked along with the reason.

Expert Solution

Explanation of Solution

2ⁿ^d preference: F and H, 5 goods are given for each combination.

3^r^d preference: C, E and G, 4 goods are given for each combination.

4^t^h preference: B and D, 3 goods are given for each combination.

A consumer is indifferent for the respective combinations in each preference as there is no information given about price and utility.

Answer 13

To determine

(b)

Combinations which cannot be ranked along with the reason.

Answer 14

Expert Solution

Explanation of Solution

2ⁿ^d preference: F and H, 5 goods are given for each combination.

3^r^d preference: C, E and G, 4 goods are given for each combination.

4^t^h preference: B and D, 3 goods are given for each combination.

A consumer is indifferent for the respective combinations in each preference as there is no information given about price and utility.

Answer 15

Expert Solution

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Ch. 21A - Prob. 1E Ch. 21A - Prob. 2E Ch. 21A - Prob. 3E

(a) To rank: the given combinations in the order of preference.

(a) To rank: the given combinations in the order of preference.

Explanation of Solution

(b) Combinations which cannot be ranked along with the reason.

Explanation of Solution

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Chapter 21A Solutions

(a)

To rank: the given combinations in the order of preference.

(b)

Combinations which cannot be ranked along with the reason.