(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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Students have asked these similar questions

Problema 4 (20 puntos): Supongamos que tenemos un ingreso de $120 y enfrentamos los precios P₁ =6 y P₂ =4. Nuestra función de utilidad es: U(x1, x2) = x0.4x0.6 a) Planteen el problema de optimización y obtengan las condiciones de primer orden. b) Encuentren el consumo óptimo de x1 y x2. c) ¿Cómo cambiará nuestra elección óptima si el ingreso aumenta a $180?

Please draw the graph for number 4 and 5, I appreciate it!!

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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.