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Q: 03. Create your own question according to the information below. Using the budget constraint, Px*X +…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
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urgent answer need!!!!!!!!
Write down the concept of "Indifferent Curve' and *Budget line' with proper
explanation and graphical presentation. ples write briefly
Step by step
Solved in 4 steps with 1 images
- Mathemeticaly prove that slope of budget line is -P1/P2Exercise A1 Name three kinds of graphs and briefly state when is most appropriate to use each type of graph.Mega Partner is selling two products Marker(m) and Eraser(e) and their budget is given with thefollowing equation: 15Qe+ 30Qm= 3000. Now answer the following questions. I. Draw the budget line for Mega PartnerII. What would be the highest amount spend on Marker with the existing budgetIII. If Total budget increases to 4500 what would be the new budget line (use diagram)IV. If Price of the Marker becomes 15, how this changes the existing budget line keeping allthe values remain same.
- In ordinal Utility approach, let a consumer's utility function is given by TU X³Y. If price of X is 2 birr and price of Y is 3 birr and if budget of the consumer is 100 birr for consumption of X and Y. then what are the utility maximization X and Y?3. What are the benefits to make rational decision?Why is my answer wrong?Please make graph and show what area you need to calculate. And find it geometrically answer and question Are attached
- 12. If indifference curves cross, then:(a) the assumption of a diminishing marginal rate of substitution is violated.(b) the assumption of transitivity is violated.(c) the assumption of completeness is violated.(d) consumers minimize their satisfaction.(e) all of the aboveGraphical and Intuitive Optimization Consider a consumer who must allocate their available income between the consumption of two goods, Beer and Pizza. Their preferences over Beer and Pizza adhere to the usual assumptions we have made about preferences. The indifference curve map below reflects their preferences and the budget constraint reflects current income and prices. In the simplest terms possible, define or explain the term "Marginal Utility of Beer" (MUB). In the simplest terms possible, define or explain the term "Marginal Rate of Substitution of beer for pizza" (MRSBP). In the simplest terms possible, intuitively explain the meaning of MUB/PB, where PB represents the price of one unit of Beer.AutoSave W- q5 micro OFF Home Insert Draw Design Layout References Mailings Review View Share O Comments Calibri (Bod... v 11 A^ A Аa v AaBbCcDdE AaBbCcDdEe AaBb( AaBbCcDc AaBbCcDdE€ AqBbCcDdEe > Paste A A No Spacing Subtle Emph... Styles Pane Sensitivity v ab X, Subtitle U Normal Heading 1 Heading 2 Title * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates Consider a monopolist that produces coal for energy, with demand curve defined by P = 190 – 20 and marginal cost given by MC = 10 + 2Q. Also, the firm's average total cost is ATC = 100/Q + Q+ 10. (Price and costs are in dollars per tonne of coal, while quantity is in thousands of tonnes.) Calculate the monopolisť's profit-maximizing quantity, price, and profit. For a monopoly, profit maximization occurs where the marginal revenue equals the marginal cost. a. b. What would be the competitive output and price if this monopolist operated as a competitive firm?…