Reference no: EM131382636
Belinda loves chocolate and always thinks that more of it is better than less.She would love to take piano lessons as well. However, she knows from hersister's experience that for the first four hours of piano lessons her satisfactionlevel will steadily decline as compared to taking no lessons at all. After thatevery extra second of piano lessons will make her happier.
1. Graph at least three of Belinda's indifference curves in a way that is consistentwith her preferences.Now assume that her love for chocolate is not as strong. After the sixth barshe gets satiated and her happiness would decline were she to consume more.
2. Graph at least three of Belinda's indifference curves in a way that is consistent with this new feature.
3. For each of the following three utility functions, decide whether it is possiblethat it represents Belinda's preferences in (1), in (2) or none. Explain why.
u(x1, x2) = 40 + 3x21 - 24x1 + x22 + 12x2
v(x1, x2) = 10 + 3x21 + 24x1 - x22 + 12x2
w(x1, x2) = 20 + 3x21 - 24x1 - x22 + 12x2
4*. Consider the following bundles: x = (5, 2) and y = (3, 2). Find a newbundle z that is a weighted average of x and y and use this bundle to show thatpreferences represented by u(x1, x2) and w(x1, x2) are not convex.
|
Write a summary of the given case
: Alexander Pope's famous couplet gives the impression that Newton's genius lay in his discovery of previously hidden laws of nature. This disguises what was both a novel feature of the science of the seventeenth century and its enduring legacy-the ..
|
|
Range of income levels for individuals
: In the country of Bolivia, bread costs 3bs (bolivianos) per loaf and milk costs4bs per gallon.The government has decided to attack poverty by guaranteeing 8loafs of bread and 3 gallons of milk per person per week. Only individuals thatcannot affor..
|
|
Research and write about emily dickinson
: Choose Emily Dickinson to research and write about this week. Reread her assigned poems in your Norton Anthology textbook
|
|
Discuss the impact of sample size on these parametric value
: Every population has a parametric mean (µ) and parametric standard deviation (s). Briefly discuss the impact of sample size on these parametric values.
|
|
Belinda indifference curves
: Graph at least three of Belinda's indifference curves in a way that is consistentwith her preferences.Now assume that her love for chocolate is not as strong. After the sixth barshe gets satiated and her happiness would decline were she to consume..
|
|
Probability that richies 2 first skittles are both orange
: Richie has just bought a small bag of Skittles.- What is the probability that Richie's 2 first skittles are both orange? that none of her first 3 candies is green?
|
|
Budget set in terms of leisure
: 1. Define and graph your budget set in terms of leisure (equal to non-worked hours) -Good 1- and "money spent on every other good" -Good 2-.
|
|
Assess the importance of technology in providing patients
: HSA 505:Health services continue to affect the gross domestic product, and this dramatic transformation has great demands on each dollar spent to deliver patient-centered products. Health care marketing must be repeatedly applied and practiced str..
|
|
Can send me the solution for this question via email
: Determine the angular velocity of each of the three bars at that instant. Ref: http://www.transtutors.com/questions/bar-ab-is-rotating-counterclockwise-and-at-the-instant-shown--401861.htm
|