SuperTutor

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  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

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  • Professor
    Strayer University
    Jan-2007 - Present

Category > Economics Posted 12 Jul 2017 My Price 5.00

Question 1

Question 1

 

You spend your entire budget on coffee and doughnuts. Each doughnut costs $2 and a cup of coffee costs $1.

 

a) What is the slope of your budget constraint? Interpret it.

 

Suppose, one of the following two things happen to you tomorrow:

 

Situation 1: Someone steals the $20 in your pocket.

 

Situation 2: You accidently drop 12 doughnuts, destroying the doughnuts, and you must replace them.

 

b) Which of the above situations leaves you better off (with a larger feasible set). You can use a graph to explain.

 

 

Question 2

 

Sam has devised a method for rating movies. He is concerned about a movie’s story, acting and music. When given a choice between two movies, he will always prefer the one with a higher rating in two (or more) of the three criteria he considers. He has ranked three particular movies on a scale of 1 to 10 for story, acting and music as follows:

 

 

     Story

    Acting

  Music

Movie A

         4

        6

      9

Movie B

         6

        9

      4

Movie C

         7

        5

      7

 

Are his preferences transitive? Explain why or why not?   

Attachments:

Answers

SuperTutor
(15)
Status NEW Posted 12 Jul 2017 02:07 AM My Price 5.00

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Attachments

file 1499827837-Solutions file.docx preview (51 words )
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