Question

**Allocating Income to Maximize utility is essential in
microeconomic theory, based on the following figures, where P of A
= 3 OMR and P of B = 6 OMR**

Q |
TU of A |
TU of B |
MU of A |
MU of B |
MUA/P |
MUB/P |

1 |
12 |
21 |
||||

2 |
22 |
33 |
||||

3 |
28 |
42 |
||||

4 |
32 |
48 |
||||

5 |
34 |
51 |
||||

6 |
34 |
51 |

**The Required:**

**Fill the table above****Explain when the****Utility maximization holds**

Answer #1

Ans) Marginal utility (MU) = change in total utility ÷ change in quantity consumed

When consumer eats 2 units of A, its marginal utility is (22-12)/(2-1) = 10

Marginal utility per dollar = Marginal utility ÷ price of product

Utility maximisation rule ÷ MUx/Px = MUy/Py

We see that when consumer consumes 3 units of good A and 2 units of good B, its marginal utility per dollar is same. Therefore, it is utility maximising quantity (3 units of good A and 2 units of good B).

(a) Calculate marginal costs, total costs, average fixed costs,
average variable costs and average total costs, given the following
table. Fixed costs are $100.
Output
Total Variable Cost
Marginal Cost
Total Cost
Average Fixed Cost
Average Variable Cost
Average Total cost
0
0
1
60
2
90
3
110
4
150
5
230
6
450
7
610
8
810
(b) Between what levels of output is there increasing marginal
productivity?
(c) If labour were the only input to this production...

B. Determine whether or not the table is a valid probability
distribution of a discrete random variable. Explain fully.
X
0.23
0.14
0.17
P(X=x)
-0.22
0.38
0.84
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What is the probability that a randomly selected day will make
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What is the probability that a randomly selected day will make
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A study of reading comprehension in children compared three
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children were similar in their comprehension skills prior to the
start of the study. The READING data set described in the Data
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In what follows use any of the following tests/procedures:
Regression, confidence intervals, one-sided t-test, or two-sided
t-test. All the procedures should be done with 5% P-value or 95%
confidence interval.
Use the same MathCreditsSalary data.
SETUP: Is it reasonable to claim that people who
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5. What test/procedure did you perform?
a. One-sided t-test
b. Two-sided t-test
c. Regression
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The Salary Institute of America (SIOA) has gathered the
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a. Construct a 90% confidence interval to estimate the
population mean salary for females with bachelors who work in the
retail industry in Alabama. Interpret your
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b. Suppose you would like to estimate the population proportiion
of retail workers in Georgia who have a masters degree with 95%
confidence and a margin of error of 3 percentage points. How...

Total utility can be objectively measured in numbers that
indicate usefulness or benefit to the consumer.
____ 2. Consumers should purchase quantities of a good to the
point where MU > P.
____ 3. Voluntary exchange requires that there must be mutual
gain.
____ 4. Points along a budget line represent the maximum
combinations of two commodities that a consumer can afford.
____ 5. The budget line represents a consumer's preferences
for a commodity.
____ 6. A change in consumer...

The length of a 95% confidence interval for mean Age is which of
the following? (Because of potential roundoff, choose the
closest.)
Click here to reference the data needed to answer the
question.
a. 3.11
b. 3.37
c. 4.27
d. 3.72
Person
Gender
Married
Age
Children
Salary
Spent
1
Male
No
28
1
48600
750
2
Male
Yes
35
2
75500
1980
3
Female
No
33
2
58900
1820
4
Female
Yes
53
1
92200
990
5
Female
No
49...

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annual credit card charges? To answer this question, provide and
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Independent variables. As your Dependent variable,...

And need to be writing in C++ language
Programm need to start with
#include<fstream>
Prepare a text file data_in.txt with the following information
(highlight the piece of text below with numbers and copy it to a
text file):
54, 70, 75, 63, 17, 59, 87, 16, 93, 81, 60, 67, 90, 53, 88, 9, 61,
8, 96, 98, 12, 34, 66, 76, 38, 55, 58, 27, 92, 45, 41, 4, 20, 22,
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Liability Transactions
The following items were selected from among the transactions
completed by Sherwood Co. during the current year:
Feb. 15.
Purchased merchandise on account from Kirkwood Co., $144,000,
terms n/30.
Mar. 17.
Issued a 60-day, 7% note for $144,000 to Kirkwood Co., on
account.
May 16.
Paid Kirkwood Co. the amount owed on the note of March 17.
June 15.
Borrowed $134,400 from Triple Creek Bank, issuing a 60-day, 8%
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July 21.
Purchased tools by issuing a $75,000,...

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