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Homework answers / question archive / 1) For the following utility functions, draw a graph of two indifference curves with xon the horizontal axis and y on the vertical axis, corresponding to ulx, y) = 2 and Ux, y) = 4

1) For the following utility functions, draw a graph of two indifference curves with xon the horizontal axis and y on the vertical axis, corresponding to ulx, y) = 2 and Ux, y) = 4

Economics

1) For the following utility functions, draw a graph of two indifference curves with xon the horizontal axis and y on the vertical axis, corresponding to ulx, y) = 2 and Ux, y) = 4. Label all relevant points. (a) (5 points) u(x, y) = min{2z, y} (b) (5 points) u(x, y) = 2x + 3y

2)Describe the difference between Zaibatsu and Chaebols. Give some examples

3)Remaining Time: 07 minutes, 22 seconds Less than half of the time remains Question Completion Status: 20 ? 15 D A 10 5 20 40 60 80 Roller Riades o te ASUS VivoBook
o 20 40 60 80 Roller Blades On the production possibilities frontier shown, the opportunity cost to the economy of getting 10 additional roller blades by moving from point A to point B is 15 bikes. 5 bikes. Ob. 10 bikes. It is impossible to know the opportunity cost without knowing the cost of the resources used to produce the addition Od roller blades. Ques A Moving to the next question prevents changes to this answer. Zalo o te ASUS VivoBook

4)Duracell Ltd claim that the life of their batteries in motorised soft toys is approximately normally distributed with a mean of 92 hours and a standard deviation of 13.4 hours. The best 77% of batteries would last beyond how many hours? Answer correct to 2 decimal places.

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1)

(a) u(x, y) = min{2x, y} [z is misprinted here]

Now, this is an example of perfect complement. The indifference curves are L shaped along the line: 2.x = y.

Now, u(x, y) = 2

Either, 2.x = 2 => x = 1

or, y = 2

Hence, the kink point on the indifference curve u=2 is at (1, 2).

Also, u(x, y) = 4

Either, 2.x = 4 => x = 2

or, y = 4

Hence, the kink point on the indifference curve u=4 is at (2, 4).

The following diagram shows the two indifference curves.

The two indifference curves are U=2 and U=4.

(b) u(x, y) = 2.x + 3.y

Now, this is an example of perfect substitute. The indifference curves are negatively sloped straight lines. The slope of the indifference curves is (-2/3).

Now, u(x, y) = 2

or, 2.x + 3.y = 2

or, x + y/(2/3) = 1

Hence, horizontal intercept is 1 and vertical intercept is (2/3).

Also, u(x, y) = 4

or, 2.x + 3.y = 4

or, x/2 + y/(4/3) = 1

Hence, horizontal intercept is 2 and vertical intercept is (4/3).

The following diagram shows the indifference curves at u = 2 and u = 4.

Please use this google drive link to download the answer file.       

answer 1.https://drive.google.com/file/d/18tFDk9whLJ4y99Ah6AbAZi-gFZfFdu1k/view?usp=sharing

answer 2.https://drive.google.com/file/d/1ndKKW9APK9T1NFlO-8mqTYzi1ThmbJ4H/view?usp=sharing

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3)It is impossible to estimate the opportunity cost without the cost of production of the products shown in the graph.

4)please see the attached file.