FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider a one person economy with a labor endowment of 16 units.The production functions for the two consumption goods, x and y, are x =

Consider a one person economy with a labor endowment of 16 units.The production functions for the two consumption goods, x and y, are x = 0.5Lx and y = 3Ly, where Lx and Ly represent the labor allocation.If the person has a utility function of u(x,y) = min {2x, y}, then the optimal (x,y) to produce is:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Industrial Relations in Canada

Industrial Relations in Canada

Authors: Fiona McQuarrie

4th Edition

978-1-118-8783, 1118878396, 9781119050599 , 978-1118878392

More Books

Students also viewed these Economics questions

Question

★★★★★
In an online report, Medscape Today News reported that anesthesiologists earned a mean income of $309,000 in 2011 (February 22, 2013). Compensation covers salary, bonus, and profit-sharing...

Answered: 1 week ago

Question

★★★★★
ETHICAL BEHAVIOR Manager: If I can reduce my costs by $40,000 during this last quarter, my division will show a profit that is 10 percent above the planned level, and I will receive a $10,000 bonus....

Answered: 1 week ago

Question

★★★★★
2. Ask family members to come to class to demonstrate how they use reading, writing, science, math, or other knowledge in their work.

Answered: 1 week ago

Question

★★★★★
Queensland Electronics Company manufactures two large-screen television models, the Novelle, which has been produced for 10 years and sells for $910, and the Zodiac, a new model introduced in early...

Answered: 1 week ago

Question

★★★★★
Several years ago the Jakob Company sold a $1,000 par value, noncallable bond that now has 20 years to maturity and a 7.00% annual coupon that is paid semiannually. The bond currently sells for $925...

Answered: 1 week ago

Question

★★★★★
Using the coffee demand function, Q = 8.56 - p - 0.3p s + 0.1Y, show that sugar is a complement for coffee. You can use a numerical example, algebra, or calculus.

Answered: 1 week ago

Question

★★★★★
Avicorp has a $12.2 million debt issue outstanding, with a 5.9% coupon rate. The debt has semi-annual coupons, the next coupon is due in six months, and the debt matures in five years. It is...

Answered: 1 week ago

Question

★★★★★
describe how the words we use to discuss personality disorders,( eg., narcissistic, borderline, antisocial,) shape our perception of what is considered normal or abnormal. Provide an example within...

Answered: 1 week ago

Question

★★★★★
Jason has a cat phobia, and therefore feelsanxious whenever he hears the word cat.He also feels anxious when he hears the word feline,which is an example of ____ generalization. a. secondary b....

Answered: 1 week ago

Question

★★★★★
Please answer each MCQ and give a small explanation (1-2 senetnces): This theory argues that progress and change in science are attributable to the ideas of unique individuals? A) Naturalistic...

Answered: 1 week ago

Question

★★★★★
A little girl playing with a doll accidentally drops it while playing. She picks up her doll and gives her a hug and says she is sorry to the doll. When the girl's mother asks why she did that, the...

Answered: 1 week ago

Question

★★★★★
MAKE A DECISION: What do you think is the best course of action for Kate? Kate is not ready for discharge nor is she ready to be responsible for her son. She should spend at least 30 more days...

Answered: 1 week ago

Question

★★★★★
During a meeting with your supervisor to identify strategies for better decisions, you recommend that analytics could help, and that the audit team should make better use of the data contained in...

Answered: 1 week ago

Question

★★★★★
10. Using a conflict in your local community as your starting point, discuss how conflicts can be resolved using the following strategies: a) Making the cake bigger b) Providing compensation that is...

Answered: 1 week ago

Question

★★★★★
9. What is meant by the statement, the context is only relevant to us if we understand what it is trying to say?

Answered: 1 week ago

Question

★★★★★
7. What does it mean when we say that the words we use to denote a situation set limits on the solutions we can create at a later point?

Answered: 1 week ago

Previous Question Next Question