Reference no: EM133080463
1. A consumer has U = X0.50.5__ Select an answer and submit.
Y for a utility function. If she has income of $100, the price of X is $5, and the price of Y is $10, this consumer will buy units of X and units of Y to maximize utility.
5; 10
10; 5
20; 10
10; 20
2. Julie spends all of her income on gasoline and pizza. Gasoline (X) costs $4 per gallon and pizza (Y) costs $2 per slice. When Julie's income is $50 per week, she purchases 5 gallons of gasoline and 15 slices of pizza. Which of the following could be her utility function?
Select an answer and submit.
a. U = X0.5Y0.5
b. U = X0.4Y0.6
c. U = X0.2Y0.8
d. U = X0.9Y0.1
3. Laurie likes good X three times as much as good Y. Good X has a price of $1, while good Y has a price of $2. If she has $18 to spend, what combination of X and Y will she choose to consume?
Select an answer and submit.
a. 12 units of X, 3 units of Y
b. 5.5 units of X, 17.5 units of Y
c. 13.5 units of X, 2.25 units of Y
d. 6 units of X, 6 units of Y
4. William likes Apples five times more than oranges. The price of oranges is half the price of apples. Given this information, what is the ratio in which William will want to consume apples and oranges?
Select an answer and submit.
a. cannot be determined without knowing Income
b. 10 apples for every 1 orange
c. 2.5 apples for every 1 orange
d. 2 oranges for every 1 apple
Discuss remedies-such as tax incentives
: -Discuss remedies-such as tax incentives, public-private partnerships, or nonprofit ventures-that could bring real progress on this issue.
|
Briefly summarize the empirical literature
: Briefly summarize the empirical literature on the long-run costs typically incurred by firms in a variety of industries. In particular, is there reason to belie
|
Determine rate of movement of pacific plate
: The island of Maui in the Hawaiian Island chain is 1.32 million years (1,320,000). Measure the distance from the center of the big island of Hawaii to Maui to d
|
Does the federal reserve bank lending
: Does the federal Reserve bank's lending, the FDIC, and a centralized currency make is stronger as an economy and nation? In a paragraph, explain how and why.
|
What is the ratio of consume apples and oranges
: The price of oranges is half the price of apples. Given this information, what is the ratio in which William will want to consume apples and oranges?
|
Define the social development of the chesapeake colonies
: In what ways did the development of the tobacco monoculture define the social development of the Chesapeake colonies?
|
Discuss characteristics of typical felony defendant
: Discuss the characteristics of the typical felony defendant. How do these characteristics differ from those of the typical courtroom work group member? What mig
|
What is the aggregate equilibrium quantity
: Assume that the manufacturing of cellular phones is a perfectly competitive industry. The market for cellular phones is described by the following demand functi
|
Explain the successful contract between two people
: A firm is a focal point for a set of contracts. Explain the problems that (1) agency relationships, (2) asymmetric information, and (3) adverse selection can in
|