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Amiraneli [1.4K]

3 years ago

5

Practicing smiling and shaking hands with friends and family can help to ease your nerves before an interview or first meeting w

ith a new employer.
A. True
B. False

1 answer:

ioda3 years ago

6 0

The answer is true A because

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Refer to the information in Homework 2 Question 2: Ross derives utility from only two goods, chocolates (x) and donuts (y). His

Margaret [11]

Answer:

The total effect is 35 out of which income effect is 15 and substitution effect is 20.

Explanation:

Ross has an income of $1440.

The price of chocolates (Px) is $10 and donuts (Py) is $9.

The utility function is given as

U = 0.5xy

Before price rise, Budget line:

1440 = 10x + 9y,

Consumption is optimal when

$\frac{MUx }{ MUy} = \frac{Px}{Py} = \frac{10}{9} = 1.11$

0.5y / 0.5x= 1.11

y = 1.11x

Substituting in budget line,

1440 = 10x + 9y = 10x + 9(1.11x)

1440 = 10x + 9.99x

19.99x = 1440

x = 72

y = 1.11x = 79.92 = 80

After price rise,

Py = 16.

New budget line:

1440 = 10x + 16y,

Price ratio

$\frac{Px}{Py } = /$

= $\frac{10}{16}$

= 0.625

And,

$\frac{MUx}{Muy} = \frac{0.5y}{0.5x} = 0.625$

$\frac{y}{x} = 0.625$

y = 0.625x

Substituting in new budget line: 1440 = 10x + 16y

1440 = 10x + 16(0.625)x

1440 = 20x

X = 72

Y = 0.625x = 45

So, total effect (TE)

= Decrease in consumption of y

= 80 - 45

= 35

With previous (x, y) bundle,

U = 0.5xy

U = 0.5 x 72 x 80

U = 2880

Keeping utility level the same & substituting,

y = 0.625x in utility function:

28800 = 0.5xy

$2880 = 0.5\ \times\ 0.625x$

$2880 = 0.3125x^{2}$

$x^{2} = \frac{2880}{0.3125}$

$x^{2} = 9216$

$x = \sqrt{9216}$

x = 96

Now, putting the value of x,

y = $0.625\ \times\ x$

y = $0.625\ \times\ 96$

y = 60

Substitution effect (SE)

= 80 - 60

= 20

Income effect

= TE - SE

= 35 - 20

= 15

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