Find utility function that represents this preference

Assignment Help Business Economics
Reference no: EM13851362

Consider a decisionmaker who is choosing how many apples to buy. His choice set is {0, 1, 2, 3, 4, 5, 6} (the store has only 5 apples). (a) Suppose the decisionmaker always wants as many apples as possible. Find a utility function that represents this preference. (b) Suppose the decisionmaker always wants as few apples as possible. Find a utility function that represents this preference. (c) (A bit trickier) Suppose the decisionmaker’s ideal number of applies is 3, and he is indifferent between m < 3 apples and 6 − m. Find a utility function that represents this preferences.

Reference no: EM13851362

Questions Cloud

Illustrate her budget line with diagram : If Amy spent her entire allowance, she could just afford 8 candy bars and 8 comic books a week. She could also just afford 10 candy bars and 4 comic books. The price of a candy bar is 50 cents. Illustrate her budget line with a diagram (be sure to la..
Calculate portion of first monthly payment contributed : Calculate the portion of the first monthly payment contributed towards interest in cell D12. Calculate the portion of the first monthly payment contributed towards principal in cell E12.
What was the commercial revolution : What was the Commercial Revolution. How did developments in the late middle ages (to me it is the early modern period) impact the Commercial Revolution
What are some examples of the financial crisis : What are some examples of the financial crisis in Greece and the potential market problems because China's economy is fueled by construction of cities that remain unoccupied? We need to discern the financial condition of the world and look at dollars..
Find utility function that represents this preference : Consider a decisionmaker who is choosing how many apples to buy. His choice set is {0, 1, 2, 3, 4, 5, 6} (the store has only 5 apples). (a) Suppose the decisionmaker always wants as many apples as possible. Find a utility function that represents thi..
How poverty affects the children in your state : Poverty is a stress all by itself. Review this website http://www.nccp.org/. Use the State profile tool to find out how poverty affects the children in your state
Preferences are represented by utility function : Ann’s preferences are represented by a utility function UA(x). Suppose one were to (colloquially) say that Carol has more “sensitive preferences” than Ann: her utility function UC (x) satisfies UC (x) = 2UA(x). Prove that for every choice set, Ann an..
Each player has complete and transitive strict preference : Consider a committee of Ann, Bob, and Carol that is choosing between three alternatives, {x, y, z}. Player i’s preferences are represented by the ordering i . Suppose the three player’s preferences are: x A y A z. y B z B x. z C x C y. Is M complete ..
Create a correlation table for the variables in our data set : Create a correlation table for the variables in our data set and Perform a regression analysis using compa as the dependent variable and the same independent variables

Reviews

Write a Review

Business Economics Questions & Answers

  Qassume that in 1998 the following prevails in the republic

q.assume that in 1998 the following prevails in the republic of nurd y200 g0 c160 t0 s40 iplanned30assume that

  Graph marys marginal cost curve

Graph Mary's marginal cost curve using the orange line and her marginal revenue curve using the blue line

  Identify a plc company that uses strategic management

Identify a PLC company that uses strategic management - this company may be prosperous, booming, in decline, or in economic difficulties.

  What is market failure

What is market failure? If market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?

  Rounding down again to two decimals draw a supply and

rounding down again to two decimals draw a supply and demand diagram like we did numerous times in the lectures

  Using natural logarithms solve

You would like to save money to buy a new car that costs $10,000, but currently only have $8,000 and you know you won’t have any further excess savings to contribute more to it. You have available to you a fairly good savings account which pays conti..

  Professionals as customers

Prepare a recommendation for each company. Should your recommendations be the same for both companies

  What is the present value of the payment to be received

You expect to receive a payment of $200 one year from now. Your discount rate is 5%. What is the present value of the payment to be received? Suppose that your discount rate rises to 6%. What is the present value of the payment to be received?

  Money supply reduce the price level to the tolerable range

The price level starts at 1.0 and rises by the end of the year to 1.15. What has happened to the value of the dollar over that same period of time? What are the consequences of that price level change? Will an increase or decrease in the money supply..

  Elucidate amount of income that ms ramirez has

Suppose that the price didn't change. Elucidate amount of income that Ms Ramirez has to give up to have the same level of utility as if the price had changed.

  Use the cash flow approach to Show the EUAC values

A specialty concrete mixer used in construction was purchased for $300,000 7 years ago. Its annual O&M costs are $105,000. At the end of the 8-year planning horizon, the mixer will have a salvage value of $5,000. If the mixer is replaced, a new mixer..

  Fluctuations in the economys real growth rate

If the fluctuations in the economy's real growth rate from year to year are caused primarily by variations in the rate at which aggregate delivery increases

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