Question
In: Economics
Explain all answers and label any graphs clearly. Be sure to define any notation you introduce....
Explain all answers and label any graphs clearly. Be sure to define any notation you introduce.
1. Suppose that there are two commodities which are available in nonnegative amounts. Draw
some pictures of indifference curves for preference relations having the following properties:
(a) Strictly (or strongly) convex but not monotone.
(b) Convex and strictly monotone but not strictly (or strongly) convex.
(c) Convex but not strictly (or strongly) convex AND monotone but not strictly (or strongly)
monotone.
(d) Not convex.
2. Show that any preference relation that can be represented by a utility function must be reflexive
and transitive.
3. Show that a preference relation that can be represented by a concave utility function must be at
least weakly convex.
4. Show that if a preference relation can be represented by a utility that is quasiconcave, then
every utility function that represents the preference relation must be quasiconcave.
5. Give an example of a preference relation that can be represented by a continuous utility
function and a utility function that fails to be continuous. Show explicitly two utility functions
(one of which is continuous and one of which is not continuous) that make your claim true.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
For all graphs, be sure to correctly and completely label all axes and curves and use...
For all graphs, be sure to correctly and completely label all
axes and curves and use arrows to indicate the direction of any
shifts.
Assume that the market for tea is in equilibrium.
Graph the market for tea, assuming unit-elastic supply and
demand. Label the equilibrium price Pe and the equilibrium quantity
Qe.
The price of coffee increases from $5 to $6, and the quantity
demanded of tea increases from 40 thousand units to 50,000 units.
What is the cross-price...
Please label and write clearly. Please make sure to circle the answers Problem 2. We now...
Please label and write clearly. Please make sure to circle the
answers
Problem 2. We now wish to decide if there “use of e-cigarettes”
and “income category” are dependent. To assist with this process,
the table from before has been augmented with most of the expected
frequencies (listed in parentheses):
<$35,000
$35,000-$99,999
$100,000+
Total
Vape
47 (34)
57 (58)
19 (31)
123
Do Not Vape
381 (394)
659 (???)
362 (???)
1402
Total
428
716
381
1525
a. Find the...
For each of the following, draw three graphs, making sure to label the axes
For each of the following, draw three graphs, making sure to
label the axes: the labor and output production function, the
capital and output production function, and the labor demand curve.
Starting from the original each time, draw in the effect of:A hurricane that destroys some of the capital stockAn increase in N
Sketch the graph of a function f(x) that satisfies all the given conditions. Clearly label any...
Sketch the graph of a function f(x) that satisfies all the given
conditions. Clearly label any asymptotes, extreme values and points
of inflection.
f(x) is only discontinuous at x = −4.
f(x) has a global minimum but no global maximum.
f'(x) > 0 only on the intervals (−∞, −4) and (1, 3).
f(x) only changes concavity at x = −1 and x = 4.
limx→∞ f(x) = 4.
Show all work. Label and clearly explain your answer. This is very important. 1) You must...
Show all work. Label and clearly explain your answer. This is
very important. 1) You must explain how you arrived at your answer
in order to get full credit. 2) If you do show your work, and your
answer is wrong, you can still earn a substantial amount of credit
depending on how serious the error is. 3) If your answer is wrong,
and you don't show your work, you will get a zero. a. Convert 3%
simple monthly rate...
Draw graphs using appropriate units and label them. Graphs without labels WILL NOT BE given any...
Draw graphs using appropriate units and label them. Graphs
without labels WILL NOT BE given any points even
if the answer is correct. Explain clearly wherever asked.
Exercise on quantity equation and AD
curve
Assume money supply is fixed at M=1000 and the velocity of
money V=2.0, complete the table 1
M
V
PY
P
Y
1000
2.0
2.0
1000
2.0
1.5
1000
2.0
2000
1000
2.0
0.8
1000
2.0
4000
Draw the AD curve that results from the table...
Instructions: Be sure to define all parameters and random variables used. Also, you must provide any...
Instructions: Be sure to define all parameters and random
variables used. Also, you must provide any code you use (final
computed values are not sufficient). I strongly recommend that you
create Jupyter Notebooks for this assignment, embedding your
written comments in Markdown cells.
4. A researcher conducts an experiment in a residence
for senior citizens to investigate the effect of floor type on the
risk of fall-related injury. For 24 randomly selected individuals
in the facility, she records the type...
Instructions: Be sure to define all parameters and random variables used. Also, you must provide any...
Instructions: Be sure to define all parameters and random
variables used. Also, you must provide any code you use (final
computed values are not sufficient). I strongly recommend that you
create Jupyter Notebooks for this assignment, embedding your
written comments in Markdown cells.
6. A biologist wishes to examine the collision
avoidance behaviour of bullfrogs housed in experimental boxes. He
placed an object in the upper visual field of each frog and then
moved the object progressively closer until the...
Using fully labeled graphs and words that clearly and fully explain these graphs show the impact...
Using fully labeled graphs and words
that clearly and fully explain these graphs show the impact
a tariff will have on U.S.
consumers, U.S. producers, and the U.S. Treasury. Assume that
before
the tariff is imposed that U.S.
consumers can buy goods at world prices (i.e. there are no
restrictions
on imports into the U.S.)
supply and demand proplems clearly identify the shock, draw graphs and label fully (indicate mkt), summarize...
supply and demand proplems
clearly identify the shock, draw graphs and label fully
(indicate mkt), summarize impact on Pe and Qe
1- The United States finally comes out of a recession.
Unemployment falls and incomes rise.How does this impact the market
for good X,if good X is considered to be inferior?
2-a The government decides to impose quotas on imported steel
industry. illustrate the impact on both the market for foreign
steel in the USA and market for domestic steel....
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