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Aleks [24]
3 years ago
6

Imagine that two goods are available to you: servants (X) and robots (Y). You like servants three times as much as robots. If yo

ur domestic help budget is $4,000 per month, the price (wage) of servants is $1500 per person per month, and the price (rent) of robots is $400 per unit per month, what is the value of the MktRS (market rate of substitution)
Business
1 answer:
Andrej [43]3 years ago
4 0

Answer: 3

Explanation:

The marginal rate of substitution simply means the rate at which one good will be exchanged for another good based on the current market price.

Since you like servants three times as much as robots, this implies that the utility that one gets from one servant is exactly like the utility that will be gotten from three robots.

Therefore, the utility function will be:

U = 3X + Y

Then, the marginal rate of substitution will be:

= MUX/MUY

= 3

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Why are we forced to make choices in day-to-day life?
OLga [1]

Answer:

Because of resources are limited and we must decide

Explanation:

6 0
3 years ago
Over the past year, productivity grew 2%, capital grew 1%, and labor grew 1%. If the elasticities of output with respect to capi
Rainbow [258]

Answer:

The output growth rate is 3%.

Explanation:

Use the growth accounting equation as follow

ΔA% = ΔY% - αΔK% - βΔL%

Where

∆A = change in productivity = 2%

∆K = growth in capital =

∆L = growth in labor =

α = elasticity of capital = 0.2

β = elasticity of labor = 0.8

∆Y = change in output = ?

Placing values in the formula

2% = ΔY% - ( 0.2 x 1% ) – ( 0.8 x 1% )

2% = ΔY% - 1%

ΔY% = 2% + 1%

ΔY% = 3%

Hence, the output growth rate is 3%.

7 0
3 years ago
Borrowed 152300 for three years if the qouted rate (apr) is 11.75% and the compounding is daily what is the effective annual rat
Vikki [24]

Answer:

The appropriate response is "12.47%".

Explanation:

The given values are:

Borrowed amount,

= 152300

APR,

= 11.75%

i.e.,

= 0.1175

Now,

The effective annual rate will be:

= (\frac{1+APR}{n} )^n

On substituting the given values, we get

= (\frac{1+0.1175}{365} )^{365}

= (\frac{1.1175}{365} )^{365}

= 1.12466-1

= 0.1247 \ or \ 12.47 \ percent

7 0
3 years ago
Presented below is information related to Rembrandt Inc.’s inventory. (per unit) Skis Boots Parkas Historical cost $190.00 $106.
dybincka [34]

Answer:

A.Skis = 161.00

Boots = 108

Parkas = 50

B) Skis = 161

Boots = 106

Parkas = 50

Explanation:

(a)Skis = 212.00-32.00-19.00= 161.00

Boots = 145-29-8= 108

Parkas = 73.75-21.25-2.5=50

(b)Skis = 161

Boots = 106

Parkas = 50

7 0
3 years ago
Marco recently bought a smartphone from​ bluetex, a leading electronics company. he was very disappointed with the low battery b
nirvana33 [79]

The correct answer is loss of control. Loss of control is being referred to as the lack of being able to provide the conscious limitations of behaviors and as well as impulses that is a result of an overwhelming emotion such as having to have no control with emotions of which can be characterized as having to fight or uncontrollable weeping.

3 0
3 years ago
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