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Zaley and Iris have Legos andcrayons. Zaley has 5 Legos and 5 crayons, Iris has 2 Legos and 8 crayons. Zaley's utility function for Legos andcrayons isuz(lz, cz) = lz · czwhere lz and cz represent quantities of Legos and crayons.Iris' utility function isui(li, ci) = liin other words, Iris gets utility only from Legos and not fromcrayons.(a) Draw the Edgeworth box for the economy consisting of Zaley andIris and their toys. Indicate the dimensions of the box, identify the initial endowment, and draw the two girls' indifference curves through the initialendowment.(b) Consider the allocation (lz, cz) = (4, 9), (li, ci) = (3,4).i. Is it feasible?ii. Is it Pareto superior to the initial endowment?iii. Is it Pareto efficient?(c) In a competitive equilibrium of this economy, which will be higher, the price of Legos or the price of crayons?
Smith and Jones are stranded on a desert island. Each has in her possession some slices of ham (H) and cheese(c). Smith prefers to consume ham and cheese in fixed portions of 2 slices of cheese to each slice of ham. Her utility is given by Us= Min..
Assuming no population growth or technological progress, find the steady-state capital stock per worker, output per worker, and consumption per worker as a function of the saving rate and the depreciation rate.What is the per-worker production fun..
what would a 1,500,000-pound-per-year plant cost now Suppose that the construction cost index has increased an average rate of 12 percent per year for the past eight years and that the cost-capacity factor (x) to reflect the economy of scale is 0...
A principal hires an agent to run a business for one year. The agent can exert high eff ort or low eff ort. High ef fort lowers the agent's utility by 10,000. Low e ffort is costless. If the agent exerts high e ffort, the business makes a pro t of..
In addition suppose that coffee costs $1 per cup, doughnuts cost $1 each and omar has a budget that he can spend only on doughnuts, coffee or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee.
(a) what is the opportunity cost to this student of allocating enough additional study time on economics to move her grade up from a 90 to a 100 (b) draw a production possibilities curve showing the opportunity cost.
Assume that the company is currently producing 248 units of output per day using 2 units of X and 4 units of Y. The daily cost per unit of X is $135 and that of Y is also $135. Would you recommend a change in the present input combination.
Calculate the rate of price change between 2000 and 2001 and label this rate as either deflation, disinflation, or hyperinflation. Calculate the rate of price change between 2001 and 2002 and label this rate as either deflation, disinflation, or h..
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..
The Charlotte Bobcats, a professional basketball team, has been offered the opportunity to purchase the contract of an aging superstar basketball player from another team. The general manager of the Bobcats wants to analyze the offer as a capital ..
the purchaser of the metal pipe will only accept deliveries of pipe where the diameters fall in the range of 1" +/- 0.0030". Using Chebyshev's Theorem, what is the minimum percentage of acceptable metal pipe in a given shipment. (K must be in "st..
A company currently sells 1,000 units a year at $25 per unit. The marginal cost of each unit is $12. The company is considering lowering the price by 4%. The company believes that this price discount will increase its economic profits.
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