Explain why two indifference curves cannot cross

Assignment Help Econometrics
Reference no: EM13213038

1. Use these combinations for parts a and b: Combination Clothes Food A 1 basket 1 pound B 1 basket 2 pounds C 1 basket 3 pounds D 2 baskets 1 pound E 2 baskets 2 pounds F 2 baskets 3 pounds G 3 baskets 1 pound H 3 baskets 2 pounds I 3 baskets 3 pounds a. If more is preferred to less, which combinations are clearly preferred to other combinations? Rank the combinations in the order of preference. b. Some clothes-food combinations cannot be clearly ranked. Why not? 2. Explain why two indifference curves cannot cross. 3. Using the data that follow, plot two demand curves for cake. Then explain what could have led to the shift of the demand curve. I. Price of Cake/ II. Price of Cake Quantity of Cake Demanded /Quantity of Cake Demanded $1 10 $1 14 $2 8 $2 10 $3 4 $3 8 $4 3 $4 6 $5 1 $5 5

Reference no: EM13213038

Questions Cloud

Why is failure to recognize the cellophane fallacy : 1. Please indicate whether you agree with the following statements in italics, and explain your answer: (a) Failure to recognize the Cellophane Fallacy may result in defining an overly narrow market in cases involving alleged anticompetitive behav..
State a balanced net ionic equation : 16.2g iron(III) chloride reacts with 3.33g NH2OH in acid to produced N2O gas. a) Write a balanced, net ionic equation.
Compute the net incremental cash flows : Using the financial information presented in the memo above, you need to compute the net incremental cash flows for each period in order to compute an NPV for this project.
Explain what is the ph at the equivalence point : hydroxylamine is titrated to the equivalence point with 35.8 m of .15 M HCl. What is the pH at the equivalence point?
Explain why two indifference curves cannot cross : 1. Use these combinations for parts a and b: Combination Clothes Food A 1 basket 1 pound B 1 basket 2 pounds C 1 basket 3 pounds D 2 baskets 1 pound E 2 baskets 2 pounds F 2 baskets 3 pounds G 3 baskets 1 pound H 3 baskets 2 pounds I 3 baskets 3 p..
Explain sample of a gaseous hydrocarbon has a volume : gram sample of a gaseous hydrocarbon has a volume of 820 ml when measured at 227 degrees Celcius and 2.50 atm.
What is the implied value of the call feature : The bond in the middle is callable in February 2013. What is the implied value of the call feature? (Hint: Is there a way to combine the two noncallable issues to create an issue that has the same coupon as the callable bond?)
State what is the mole fraction of methanol in the solution : a solution is made by dissolving 20.0 mL CH3CN. what is the mole fraction of methanol in the solution?
Explain what is the minimum amount of ammonium carbonate : what is the minimum amount of ammonium carbonate that is necessary to be placed in the flask in order for the system to come to equilibrium? please show work.

Reviews

Write a Review

Econometrics Questions & Answers

  How much did the investor withdraw at the end of year 8

A careful investor saved $1,200 each year for 20 years. One year after the savings period ended, the investor withdrew $7,500 each year for a period of 5 years. In the sixth and seventh year, the investor withdrew $4,500 each of those years.

  What are the implications in our economy of more output

Between October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4 percent. How is it possible for output to increase without a proportional increase in the number of workers

  Find partial derivatives

Find (all) the partial derivatives (e.g. ?u/?x and ?u/?y) of the following functions: 1. Q(p,I) = 300 - 3p - 4I 2. u(x,y) = 10xy 3. u(x,y) = ax? y? 4. z = (x+y)2 5. z = 2x3-11x2y +3y2

  Simplify depreciation to be calculated as straight line

Simplify depreciation to be calculated as straight line over 30 years. It will be financed with a 30 year loan at 8% interest compounded annually with annual payments. It will be sold at the end of year 15 for $300,000, at whi..

  Identify the fixed cost and variable cost components

Draw two figures, one above the other. In the top figure, plot the total, variable, and fixed cost curves. In the bottom figure, show the average and marginal cost curves. Use Excel and plot for enough values of q between 0 and 20 such that the va..

  Compute the depreciation schedule

The RX Drug company has just purchased a capsulating machine for $76,000 the plant engineer estimates the machine has a useful life of 5 years and no salvage value. Compute the depreciation schedule using: a) Straight-line depreciation b) Double d..

  What is the socially optimal number of concerts

The Santa Barbara Bowl (SBB) holds outdoor music events (M), earning $3 of revenue from each concert and with total costs of cM(M) = M2=8 for M concerts. Ursula is a writer who lives right next to the SBB and who sells her novels on the competitiv..

  What is the value of the multiplier

Keynesian Economics: Suppose the following about the economy of the United States: Government spending = 660, planned investment (Ip) = 215, autonomous consumption is 200, net exports is 100 and taxes are 100. In addition, for each additional $1..

  Determining greatest present value

Suppose that you have just been employed as a consultant to help a company decide which of 3-options to take to maximize the value of the company over the next three years.

  Compute a consumer price index for apples

Abby consumes only apples. In year 1, red apples cost $1 each, green apples cost $2 each, and Abby buys 10 red apples. In year 2, red apples cost $2, green apples cost $1, and Abby buys 10 green apples a. Compute a consumer price index for apples ..

  What portion of the tax would be borne by buyers

QD = 140,000- 25,000P QS = 20,000 + 75,000P, where Q = daily sales in 6 packs of beer, and P = price per 6 pack. The city has hired you to provide the following information regarding the beer market and the proposed tax.

  Determine the possibility of declining average costs

Give a numerical example to show that a monopolist's marginal revenue can be upward sloping over part of its range. Hint: The price on the demand curve is the producer's average revenue. Think of a graphic that shows the possibility of declining a..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd