The question is:
In each of the following examples, a consumer purchases just two goods: x and y. Based on the information in each of the following parts, sketch a plausible set of indifference curves (that is, draw at least two curves on a set of labeled axes, and indicate the direction of higher utility). Also, writedown a utility function u(x, y) consistent with your graph. Note that although all these preferences should be assumed to be complete and transitive (as required for utility representation), not all will be monotone.
(a) Jessica enjoys bagels x and coffee y, and consuming more of one makes consuming the other more enjoyable.
(b) Plamen loves mocha swirl ice cream x, but he hates mushrooms y.
(c) Jennifer likes Cheerios x, and neither likes nor dislikes Frosted Flakes y.
(d) Edward always buys three white tank tops x for every pair of jeans y.
(e) Nancy likes both peanut butter x and jelly y, and always gets the same additional satisfaction from an ounce of peanut butter as she does from two ounces of jelly.
Step-by-step explanation:
The utility functions consistent with the graphs are:
(a) u(x, y) = xy
(b) u(x, y) = x - y
(c) u(x, y) = x
(d) u(x, y) = min(x, 3y)
See attachments for the graphs.
First of all, you need to know what a 'solution' is, so you'll know it
when you see it.
A 'solution' to an equation is a number, or a set of numbers, that
you can write in place of the variables (the letters), and when you
do that, the equation will have only numbers in it, and it'll be a true
statement.
Your equation has two variables in it ... 'x' and 'y' . In order to find
just a single set of numbers for what both of them must be, you
would need two equations.
The way it stands now, with only one equation, there are actually
an infinite number of solutions. Each solution is a pair of numbers ...
one for 'x' and one for 'y' ... and if you write them into the equation
in place of 'x' and 'y', then the equation is a true statement.
I'll show you how to tell if a pair of numbers is a solution or not.
Here's what that looks like:
Say I give you two pairs of numbers, and I tell you that both of them
are solutions to your equation. The 'solutions' I give you are
x=0
y=1
and
x=2
y=3 .
You don't trust me, and you say to me "Wait just a minute there, dude !
Not so fast. I'll need to check them out and see if those are really solutions
to my equation."
You take the first pair and write it into your equation:
x=1, y=0
9x - 7y = -7
9(0) - 7(1) = -7
0 - 7 = -7
-7 = -7
OK. That's a true statement.
So x=0, y=1 is a solution.
Now check the other one I gave you:
x=2, y=3
9x - 7y = -7
9(2) - 7(3) = -7
18 - 21 = -7
-3 = -7
This is NOT a true statement.
So x=2, y=3 is NOT a solution to your equation.
I pulled a fast one on you. If I was charging you money for solutions,
then you would not pay me for this one, because it's not a solution.
Answer:
$1.80
Step-by-step explanation:
(190+120+90+50)/250= a total expected payoff of 1.8 dollars. Hope this helps!
Answer: 9-3x
Step-by-step explanation:
You add like terms
don't look at the 3x for now
positive 7 + positive 2 = 9
there is a negative sign next to 3x
9 goes first so
9 - 3x
Yes, I can show you how to solve that problem.
Please watch carefully and try to follow me.
I'll go slowly, and you must stop me if I do
anything that's not clear to you.
You said that <u> Rick + 15 = 100</u>
Subtract 15 from each
side of the equation: <em>Rick = 85
</em>
