a4. Assume that Jim is a rational consumer who consumes only two goods, good X and good Y. Jim’s utility function is , where X and Y represent the quantities consumed of goods X and Y, respectively. (10 points) 4. 假设,吉姆是只消耗二件物品、好X和好Y.的一个合理的消费者。 吉姆的...
6. Your are giving the following partial information about a consumer’s purchases. He con- sumes only two goods. over what range of quantity of good 2 consumed in year 2 would you conclude? Year 1 Year 2 Quantity Price Quantity Price Good 1 100 100 120 100 Good 2 100 100 x 80 (...
The increase in the production of consumer goods results in damage to the natural environment. What are the causes of this? What can be done to solve this problem? Give reasons for your answer and include any relevant examples from your own knowledge or experience. Write at least 250 words....
D The consumer must want to buy the product. 6 What will happen to an industry’s supply curve if firms leave the industry? A It will shift to the left at any given price. B It will shift to the right at any given price. C There will be a downward movement along the supply ...
•Thereareonlytwogoodsthatconsumersdesire.–Consumptiongood,whichisanaggregationofallconsumergoodsintheeconomy.–Leisure,whichisanytimespentotherthanworkinginthemarket.•Allconsumersarealikeintermsofpreferences,ability,timeconstraintandbudgetconstraint.–Ifallconsumersareidentical,thentheeconomywillbehaveasifthere...
Suppose that a consumer's preferences can be represented by the utility function u(x1, x2) = min {3x1 ,2x2}. Suppose that the consumer's income, m, suddenly decreases. Use calculus to show what will happen to demand goods one and two, x1* and x...
So that makes two classes and an interface, which could easily total 30 or more lines of code. In addition, if you wanted to create a true plug-in from your implementation, you’d end up with one project for the consumer parts, which consumes your plug-in, and one project for the ...
So if she consumes from Firm 2 she has to walk 1 -Y. That's going to turn out to be key in our model as we'll see in a second. So firms, as before, are going to set prices. We'll make one other assumption to keep life simple. We'll assume that each consumer buys one ...
d. shows the prices that a consumer chooses to pay for products he consumes. 24. When indifference curves are bowed inward toward the origin, ( ) a. it is unlikely that consumers will be willing to engage in trade. b. people can only increase satisfaction by consuming more of all ...
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