User Account

All Pages

Individual consumer surplus for good one

Assignment Help Other Subject
Reference no: EM131866271

QUESTION 1: Given that the utility function for an individual is:U (x1,x2) = 6x10.4x2(1-0.4)and Income = $68, the price of good one = $1, and the price of good two = $4, what is this individual's consumer surplus for good one?ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 2: Given that the utility function for an individual is:U (x1,x2) = 3x10.3x2(1-0.3)and Income = $108, the price of good one = $4, and the price of good two = $2, what is this individual's consumer surplus for good one?ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 3: Given that the utility function for an individual is:U (x1,x2) = 2x10.7x2(1-0.7)and Income = $59, the price of good one = $3, and the price of good two = $3, and the new price of good one = $30, what is the change in consumer surplus for good one?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 4: Given that the utility function for an individual is:U (x1,x2) = 3x10.8x2(1-0.8)and Income = $57, the price of good one = $2, and the price of good two = $2, and the new price of good one = $75, what is the change in consumer surplus for good one?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 5: Given that the utility function for an individual is:U (x1,x2) = 7x10.4x2(1-0.4)and Income = $88, the original price of good one = $2, and the price of good two = $2, and the new price of good one is $5 what is this individual's compensating variation?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 6:Given that the utility function for an individual is:U (x1,x2) = 7x10.4x2(1-0.4)and Income = $67, the original price of good one = $2, and the price of good two = $3, and the new price of good one is $5 what is this individual's compensating variation?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 7: Given that the utility function for an individual is:U (x1,x2) = 3x10.1x2(1-0.1)and Income = $133, the original price of good one = $2, and the price of good two = $2, and the new price of good one is $4 what is this individual's equivalent variation?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 8: Given that the utility function for an individual is:U (x1,x2) = 8x10.2x2(1-0.2)and Income = $121, the original price of good one = $2, and the price of good two = $3, and the new price of good one is $5 what is this individual's equivalent variation?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

below and show working process.

Reference no: EM131866271

Questions Cloud

Discuss the distribution model : How do different probability distributions impact business inventory strategy? Would your decision change based on the change to the distribution model?
Theory of relative purchasing power parity : The theory of relative purchasing power parity cannot be used to show why or by how much the euro is undervalued or overvalued against the US dollar
What created the opportunity for your product or service : Does your company use visual signals/aids for communication? If so, describe them. If not, what are your suggestion & recommendation?
Evaluate a randomized control trial : Google Foundation has hired you as part of their impact evaluation team. Your first assignment is to evaluate a Randomized Control Trial
Individual consumer surplus for good one : Given that the utility function for an individual is:U (x1,x2) = 6x10.4x2(1-0.4)and Income = $68, the price of good one = $1, and the price of good
Explain the various elements of the bidding process : Use the library, Internet, and any other materials you have available to find and analyze 1 project that meets the following criteria.
Create an integrated project plan outline : Create an integrated project plan outline as an appendix to your paper. Address ideas that would have prevented the situation in the case.
What is the building current occupancy rate : what is the building's current occupancy rate? Compare and contrast predatory lending vs. fringe banking.
Regression of years of completed education : Distance described in Emprical Exercise E4.3, run a regression of years of completed education (ED) on dsitance to the nearest college (Dist)

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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