Function satisfies the underlying properties

Assignment Help Business Economics
Reference no: EM131424722

Suppose that an individual has the following utility function U (x, y) = x^1/3 y^1/3, verify that this function satisfies the underlying properties (completeness, transitivity, more is preferred to less).

Reference no: EM131424722

Questions Cloud

Economists and market participants so optimistic : The Wall Street Journal recession probability tracker shows the likelihood that the US will enter a recession in the coming 12 month between 0 to 75 percent, the widest range since the Great Recession, despite the average likelihood trending downward..
What incidence would fall on? consumers : Green et al.? (2005) estimate that the demand elasticity is minus−0.47 and the? long-run supply elasticity is 12.0 for almonds. The corresponding elasticities are minus−0.68 and 0.73 for cotton and minus−0.26 and 0.64 for processing tomatoes. if the ..
Consider a linear supply curve that passes through origin : Consider a linear supply curve that passes through the origin: Qs = bP. Prove that PES =1 at every point along this relationship. Hint: PES = (P/Q)(1/slope).
Dominant-firm competitive fringe model : Can you identify any industries in your country that fit the Dominant-firm competitive fringe model? Using a diagram, show how much consumers benefit from buying from a dominant firm-competitive fringe rather than from a monopoly.
Function satisfies the underlying properties : Suppose that an individual has the following utility function U (x, y) = x^1/3 y^1/3, verify that this function satisfies the underlying properties (completeness, transitivity, more is preferred to less).
Hydraulic fracturing and horizontal drilling : New technologies, including hydraulic fracturing and horizontal drilling in the US have made it much less expensive to get oil to the market. In addition, there is lower worldwide demand. Show how the markets have responded to these changes.
Graph the indifference curve implied by parts a through : Suppose a person has $8 to spend only on apples and bananas. Apples cost $.04 each and bananas cost $.01 each. Furthermore, his preferences for apples (A) and bananas (B) can be represented by U = the square root of AB.  Graph the indifference curve ..
Shortage or surplus and of how many units : Fill in whether there is a shortage or surplus and of how many units. Indicate whether there is a shortage or surplus and of how many units.
Price of stained glass in terms of oil : Terms of trade Suppose that Greece and Germany both produce oil and stained glass. Greece's opportunity cost of producing a pane of stained glass is 4 barrels of oil while Germany's opportunity cost of producing a pane of stained glass is 10 barrels ..

Reviews

Write a Review

Business Economics Questions & Answers

  Net foreign direct investment has been positive number

Net foreign direct investment has been a (significant) positive number for the US since the mid 1980s. That represents more investment flowing into the US than out. Given that, one would normally conclude that the flow of net interest payments would ..

  Currency standard in the united states is called fiat

The currency standard in the United States is called “fiat” which basically means that money has no security backing. In other words, our government has the ability to print as much money as they feel is necessary. What would happen to each of the fo..

  Is there a contract between the casino and blackford

Acceptance. Troy Blackford smashed a slot machine while he was gambling at Prairie Meadows Casino. he was banned from the premises. Despite the ban, he later gambled at the casino and won 9,387. When he tried to collect his winnings, the casino refus..

  How many units does each industry produce

Elucidate how many units does each industry produce, elucidate how many industries will exist in this marketplace.

  Qsuppose that there is a unit mass of consumers who are

q.suppose that there is a unit mass of consumers who are uniformly distributed on the segment01. two firms are located

  Disruptive effect of high inflation on the economy

The most likely economic situation in which a government would implement contractionary fiscal policy is ... Which one of the following is a disruptive effect of high inflation on the economy? Fiscal policy refers to.

  What is the size of the multiplier

Suppose that an initial $10 billion increase in investment spending expands GDP by $10 billion in the first round of the multiplier process. Also assume that GDP and consumption both rise by $9 billion in the second round of the process. What is the ..

  Four parts to assignment

This assignment examines national economics, economic growth, and financial crisis. There are four parts to this assignment. Please be sure you have completed all four parts before submitting.

  Mission must comprise apa format

The mission must comprise APA format references on the final slide and in-text references on the slide where information is presented.

  Affecting the female income gap in the future

How is the fact that more low-income families are sending daughters, rather than sons, to college likely affecting the female income gap in the future? Why do you think economists argue that the female wage gap will not entirely disappear unless wome..

  Demand resulted in change in the market price

Discuss a change in demand resulted in a change in the market price. Provide an example of how a change in supply resulted in a change in the market price. How does the price mechanism work to keep markets in equilibrium?

  Enterprise resource planning-software and installation

The engineering team at Manuel’s Manufacturing, Inc., is planning to purchase an enterprise resource planning (ERP) system. The software and installation from Vendor A costs $380,000 initially and is expected to increase revenue $125,000 per year eve..

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