MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Question
Chapter 3, Problem 4IP
(a)
To determine
The importance of the given idea.
(b)
To determine
The technical, social, and economic issues related to the given ideas.
(c)
To determine
The possibility of success in new venture.
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Students have asked these similar questions
not use ai please
For the two questions, use the provided Lorenz curve.
Income
100%
Lorenz curve
If the economy's income were distributed according
to the Equality line, what would the Gini coefficient
be?
1
0
0.5
Infinity
80
60
60
60
10
40
If the economy's income were distributed according
to the A line, how much of the economy's income is
earned by the third quintile of families?
60%
40%
20%
100%
20
Equality
0
20%
40
40
A
50
60
80
100
Families
1. For the following utility functions, (i) calculate the MRS, (ii) show whether the MRS is constant, or
diminishing, or increasing, (iii) calculate the degree of homogeneity, (iv) check the convexity of the
Indifference Curve using the condition that for a function to be strict quasi-concave, it must be that
f2f11-2f1f2f12+ ff22 < 0, (v) based on MRS's characteristics, draw an approximate Indifference
Curve, and (vi) comment on the type of utility function.
(a) U(x, y) = 3x + y
(b) U(x, y)=√√x y
(c) U(x, y)=√√x + y
(d) U(x, y)=xy
x+y
Chapter 3 Solutions
MICROECONOMICS
Ch. 3.1 - Prob. 1QCh. 3.1 - Prob. 2QCh. 3.1 - Prob. 3QCh. 3.1 - Prob. 4QCh. 3.1 - Prob. 5QCh. 3.1 - Prob. 6QCh. 3.1 - Prob. 7QCh. 3.1 - Prob. 8QCh. 3.1 - Prob. 9QCh. 3.1 - Prob. 10Q
Ch. 3 - Prob. 1QECh. 3 - Prob. 2QECh. 3 - Prob. 3QECh. 3 - Prob. 4QECh. 3 - Prob. 5QECh. 3 - Prob. 6QECh. 3 - Prob. 7QECh. 3 - Prob. 8QECh. 3 - Prob. 9QECh. 3 - Prob. 10QECh. 3 - Prob. 11QECh. 3 - Prob. 12QECh. 3 - Prob. 13QECh. 3 - Prob. 14QECh. 3 - Prob. 15QECh. 3 - Prob. 16QECh. 3 - Prob. 1QAPCh. 3 - Prob. 2QAPCh. 3 - Prob. 3QAPCh. 3 - Prob. 4QAPCh. 3 - Prob. 5QAPCh. 3 - Prob. 1IPCh. 3 - Prob. 2IPCh. 3 - Prob. 3IPCh. 3 - Prob. 4IPCh. 3 - Prob. 5IPCh. 3 - Prob. 6IPCh. 3 - Prob. 7IPCh. 3 - Prob. 8IPCh. 3 - Prob. 9IPCh. 3 - Prob. 10IP
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