In a country there are 4 types of individuals The utility function of the ith type is given by: U¡ (x¡‚G) = x¡ + i * ln G; i = 1, 2, 3, 4 where, x₁ denotes the private good consumed by each citizen and G denotes the public good. The first type has 2 individuals, the second type has 3 individuals, the third and the fourth type have 2 individuals each. The marginal cost of providing the public good is 9/-
a. Compute the efficient level of provision of the public good.
b. Assume that the local government asks the voters to directly decide about level of G informing them that for each unit of the public good, each of them will be asked to pay a contribution equal to 1. What would be the preferred level of G by each of the four subgroups be? Which G would come out of the voting process?
Answers
a) For efficient level of provision of the public good, we need to equate the marginal cost of providing the public good with the sum of the marginal utilities of all the 4 types of individuals.
Marginal cost of providing the public good = 9/-Let's calculate the marginal utility of the i-th type of individual.
\($$MU_{G_{i}} =\frac{\partial U_{i}}{\partial G} = \frac{\partial}{\partial G}(x_i + i ln(G))$$$$= \frac{i}{G}$$\)
Total marginal utility of all types of individuals:
\($$MU_{G} = \sum_{i=1}^4 MU_{G_i}$$$$= \frac{1}{2G} + \frac{2}{G} + \frac{3}{G} + \frac{4}{G}$$$$= \frac{17}{G}$$\)
Thus, the efficient level of provision of the public good is 17/9.b) Preferred level of G by each of the four subgroups We have the utility function of the i-th type of individual as
\($$U_i(x_i, G) = x_i + i ln(G)$$\)
Thus, the maximum utility of i-th type of individual is obtained by maximizing this function subject to the constraint that each of them will be asked to pay a contribution equal to 1.
\($$Max \space U_i = x_i + i ln(G)$$$$s.t. \space\sum_{j=1}^4 G_j = G \space\& \space\sum_{j=1}^4 x_j = N$$$$i = 1, 2, 3, 4$$\)
Here, N is the total quantity of the private good available to the citizens.
\($$L_i = x_i + i ln(G) + \lambda_1(\sum_{j=1}^4 G_j - G) + \lambda_2(\sum_{j=1}^4 x_j - N)$$\)
\(G = \frac{3}{47}N$$\)
The preferred level of G by each of the four subgroups comes out to be as shown above. Also, the level of G that comes out of the voting process is
\($$G = \frac{30}{47}N$$\)
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Related Questions
Elderly homeowners paid off their loan 5 years ago. Due to a limited fixed income, they would like to borrow on the equity of the home. Which type of loan would be most desirable?
Open-end loan
Reverse mortgage
Blanket loan
Growing-equity loan
Answers
The most desirable loan for elderly homeowners with a limited fixed income would be a reverse mortgage. A reverse mortgage is a loan in which the homeowner borrows money using the equity of their home. The loan does not need to be repaid until the homeowner dies, sells their home, or moves away permanently.
Reverse mortgages have a few important features that make them more desirable than other loan types. First, reverse mortgages do not require monthly payments. This means that the loan does not have to be repaid until the homeowner either dies, sells their home, or moves away permanently.
Second, the interest rate on a reverse mortgage is usually lower than other loan types. This means that the homeowner can save money over the life of the loan. Finally, reverse mortgages are non-recourse loans. This means that if the homeowner defaults on the loan, they will not be responsible for any remaining debt.
In conclusion, a reverse mortgage is the most desirable loan option for elderly homeowners with a limited fixed income. It provides a loan that does not require monthly payments, has a lower interest rate than other loan types, and is a non-recourse loan.
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The amount of product available to the market is known as which of the following? Demand Interest Supply Resources
Answers
Answer:
Supply
Explanation: I had to the Economics Cencepts-Assessment ll for DECA today. I got all my answers off a quizlet...
Answer:
supply
Explanation:
The Federal Insurance Contributions Act provides retirement, disability, survivorship, and medical benefits to qualified workers. Laws require employers to withhold _____ taxes from employees' pay to cover costs of the system.
Answers
The Federal Insurance Contributions Act provides retirement, disability, survivorship, and medical benefits to qualified workers. Laws require employers to withhold FICA taxes from employees' pay to cover costs of the system.
What is FICA tax?On earnings, the FICA tax includes a 6.2 percent Social Security tax and a 1.45 percent Medicare tax. Only the first $142,800 in earnings are subject to Social Security tax in 2021.
Earnings exceeding $200,000 for single filers/$250,000 for joint filers may be subject to a 0.9 percent Medicare tax.
Thus, it is FICA tax.
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in this paragraph, describe the economic concepts that you used to create your outline. Explain in greater detail how each of these concepts will help Frankie to make a decision to buy or not to buy a new pair of shoes.
Answers
Answer:Buy
Explanation:
Answer:
Sample response: Frankie should consider several strategies before buying a new pair of shoes. First, he should think about whether these shoes are a need or a want. Next, he should consider opportunity cost. If he buys the shoes, how else could he have spent that money? Could he have made better use of his resources? Finally, he must consider the issue of setting goals. He must identify whether this is a goal to accomplish now or in the future.
Explanation:
Select all that apply On a balance sheet, assets may include Blank______. (Select all that apply) Multiple select question. Retained earnings intangible resources goodwill bonds payable tangible resources
Answers
On a balance sheet, assets may include intangible resources, goodwill, bonds payable and tangible resources.
Tangible resources: These are physical assets that can be touched or seen, such as land, buildings, machinery, vehicles, and inventory. Tangible assets have a measurable value and can contribute to a company's value.
Intangible resources: These are non-physical assets that lack a physical presence but still hold value for a business. Examples of intangible assets include patents, copyrights, trademarks, intellectual property, brand recognition, and customer loyalty.
Goodwill: Goodwill represents the value of a company's reputation, customer relationships, and other intangible factors that contribute to its overall worth. It usually arises from acquisitions when the purchase price exceeds the fair value of identifiable net assets.
Bonds payable: Bonds payable refer to long-term debt obligations issued by a company to raise capital. They represent a company's borrowing and are considered as liabilities.
However, on the balance sheet, bonds payable are categorized under assets when they are purchased at a discount.
It's important to note that retained earnings, although an important element on the balance sheet, are not classified as assets.
Retained earnings represent the accumulated net profits of a company that have not been distributed to shareholders as dividends. So, the correct options are intangible resources, goodwill, bonds payable and tangible resources.
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Answer:
intangible resources
goodwill
tangible resources
Explanation:
An investor does not wish to attempt to time the market, so she invests $300 each month into the GEMCO Growth Fund. Over the past 5 months, her purchase prices have been $10, $12, $15, $20, and $25. On the basis of this information, if she were to stop investing at this point and sell her shares 2 months from now when the NAV is $15 per share and the public offering price is $15.79, it would be CORRECT to state that her A) average cost per share was $16.40 B) proceeds were $15.79 per share C) cost basis for tax purposes was $14.71 D) realized loss would be $1.40 per share
Answers
Answer:
It would be 4(67)+ 56-
Explanation:
free 27 points, come on up, and see if u can earn them- i act weird
Answers
Answer:
haha i am wierd too i feel u
Explanation:
Answer:
i shall win them and im wierd also.
Explanation:
Drag the tiles to the correct boxes to complete the pairs.
Match the given situations to the different types of stress that it could cause.
fatigue
environmental stress
internal stress
Al and his colleague are stuck in an elevator for an hour.
Sally's neighborhood is becoming increasingly polluted
because of ongoing construction work.
Ron has to put in long hours of work as his exams are
scheduled next month.
Sonia's company is sending her on an assignment to
London; she has no friends and relatives there.
survival stress
Reset
Next
1000
Answers
The situations and the different types of stress that they can cause are:
Al and his colleague are stuck in an elevator for an hour. - internal stressSally's neighborhood is becoming increasingly polluted because of ongoing construction work. - environmental stressRon has to put in long hours of work as his exams are scheduled next month. - fatigue Sonia's company is sending her on an assignment to London; she has no friends and relatives there. - survival stress What are types of stress?There is internal stress which come as a result of us being in situations that we did not expect like being stuck in an elevator. There is fatigue that comes from working for long hours.
Environmental stress comes from us being exposed to stressors from events around us and survival stress relates to moving to a place we are not familiar with.
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a government minister in country X recently said: "the secondary sector of the industry will always be more important than the tertiary sector to our economy." do you agree with this view? justify your answer.
Answers
Answer:
Explanations yes i agree with this view since raw material are must for every sector. If there is no product, then service sector will have no work.
tertiary sector provide services for primary and secondary sector also secondary sector depent on pramiry sectorfor the input
all small indusrties are highly labor intensive true /false given reason
Answers
Answer:
FALSE.
Explanation:
Not ALL small industries are highly labor-intensive. If you start a small industry, it could become highly labor-intensive as a result of insufficient staffing, inventory, and other factors.
TIP: Never use "ALL", "ALWAYS", "NEVER", etc...words like this turn arguments false.
Lower price for substitute products/services will
A. Increase Demand
B. Supply/Demand Equilibrium
C. Decrease Demand
Answers
who was in paris????
Answers
Answer: i wish i was in paris
Explanation:
Answer:
Ernest hemlingway
Explanation:
he was a Paris writer in 1899-1961
The presentation recommends updating and modifying your budget how often?
Answers
The presentation recommends updating and modifying your budget on a regular basis, typically at least once a month.
What is presentation?Presentation is the act of presenting something to an audience. It could be a speech, a product demonstration, or a visual aid. Presentations are typically used to inform, explain, persuade, and/or entertain. They often involve visuals such as slides, charts, graphs, pictures, and videos. Presentations can also be used to teach, illustrate a concept, or to demonstrate a process. Presentations can take place in a variety of settings, such as a classroom, boardroom, or auditorium.]
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which one of these is an example of a necessary debt
Answers
Answer:
An example of unnecessary debt is when you change your clothes and don't really need on a high-interest score. Thus option C is correct.
What is unnecessary debt?
An unnecessary debt can be caused by a variety of issues such as expensive life events, having children, or moving to a new house. It may also be due to poor money management. The debt is due to those things that are not needed and hence are unnecessary.
Explanation:
P has a Whole Life insurance policy with a face amount of $100,000, an annual premium of $1,000, and a cash value of $10,000. If P wants to borrow money from the insurer, what is the maximum they can obtain
Answers
If P wants to borrow money from the insurer, the maximum they can obtain is $9,000.
To determine the maximum amount P can borrow from their Whole Life insurance policy with a face amount of $100,000, an annual premium of $1,000, and a cash value of $10,000, we need to look at the cash value of the policy. The cash value serves as collateral for the loan.
In this case, the cash value is $10,000. Typically, insurers allow policyholders to borrow up to a certain percentage of the cash value, often around 90%.
To calculate the maximum loan amount, multiply the cash value by the allowed percentage:
$10,000 (cash value) x 0.90 (90%) = $9,000
So, the maximum amount P can obtain by borrowing from their insurer is $9,000.
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True or false is April 15th is an important date for people who have a job.
Answers
Answer:
true
Explanation:
its Tax Day so they are very busy
the span at which the cost behaviors are expected to hold true is called: multiple choice variable costing full absorption costing relevant range relevant period
Answers
The span at which the cost behaviors are expected to hold true is called the relevant range.
It refers to the range of activity within which assumptions about cost behavior are valid. The relevant range is important because costs can behave differently at different levels of activity. For example, fixed costs remain constant within the relevant range but can increase or decrease outside of it.
Understanding the relevant range is critical in making decisions that affect costs and revenues, such as setting prices, determining production levels, and analyzing cost-volume-profit relationships. It is also important in managerial accounting, where cost behavior is analyzed to understand the cost structure of a company and to make decisions related to budgeting and forecasting.
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Full Question : the span at which the cost behaviors are expected to hold true is called: multiple choice
variable costing full absorption costing relevant range relevant periodWhat is the difference between a price floor and a price ceiling?
a. A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.
b. A price floor is the maximum price allowed for a good. A price ceiling is the minimum price allowed for a good.
c. A price ceiling below the equilibrium price has no effect.
d. A price floor above the equilibrium price has no effect.
Answers
Hi there, mate!
Answer:
a. A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.
Explanation:
As the name suggests, a price floor is the lowest amount of money the price of a good can be. For example, if you were selling a dress, there is a price floor. There is also a price ceiling. You can not go over the price ceiling if you want to get more customers. So, the answer to the question is option A.
Answer: The correct answer is A
Which assumption would a lender most likely make about a person with a credit score around 800?
O that the person has invested a great deal of money in the stock market
O that the person has had very few delinquent payments in the past
O that the person has lived in the same city for a long time
O that the person has avoided using credit cards
Answers
Fad products experience both a sharp rise and fall in popularity, and a very short PLC This shape is common for products within the toy industry. Select one: O True O False
Answers
The given statement is True because Fad products often experience a sharp rise and fall in popularity with a short product life cycle (PLC).
Fad products are characterized by their sudden surge in popularity followed by a rapid decline. These products capture the attention of consumers and generate significant demand for a brief period of time before losing their appeal.
This pattern is particularly common in the toy industry, where trends and fads can emerge and fade quickly.
The toy industry is known for its highly dynamic and trend-driven nature. Fad toys can become incredibly popular due to various factors such as media exposure, advertising campaigns, or social influence.
Children often have changing preferences and are easily influenced by their peers, leading to the rapid rise of certain toys.
However, fad products typically lack staying power and fail to maintain long-term appeal. Once the novelty wears off or the next trendy toy emerges, consumer interest quickly shifts to the next big thing. As a result, the product life cycle (PLC) for fad toys tends to be short-lived.
The PLC refers to the stages a product goes through, from introduction to decline, in the market. Fad products skip the more extended stages of maturity and decline as they experience an intense but short-lived period of popularity. The rapid rise and fall in demand lead to a compressed PLC for fad toys.
Therefore, it is true that fad products, especially within the toy industry, often exhibit a sharp rise and fall in popularity with a very short product life cycle.
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Fad products, like those commonly found in the toy industry, experience a sharp rise and fall in popularity, showcasing short product life cycles due to rapidly changing trends.
Explanation:The statement that fad products experience both a sharp rise and fall in popularity, and a very short product life cycle (PLC), common for products within the toy industry is true. Fad products like certain types of toys, can have a very steep demand curve. They typically experience a sudden surge in demand (the peak), often during specific seasons or due to trends, resulting in a sharp rise in real value. However, because these are nondurable goods and their appeal is often short-lived because trends change quickly, they typically experience a swift decline after the peak (recession in the business cycle) resulting in a very short PLC.
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Comet Company is owned equally by Pat and his sister Pam, each of whom hold 100 shares in the company. Comet redeems 50 of Pam's shares on December 31, 20X3, for $1,000 per share in a transaction that Pam treats as an exchange for tax purposes. Comet has total E&P of $250,000 on December 31, 20X3. What are the tax consequences to Comet because of the stock redemption?
Answers
Answer:
Comet's E&P will decrease by $50,000 due to the exchange.
Explanation:
50 of Pam's shares are worth 50 x $1,000 = $50,000, since the corporation is redeeming them, it will do so by decreasing its earnings and profits (retained earnings account).
Generally when larger corporations buy back stocks (AKA treasury stocks), they will credit cash and debit treasury stocks, but since Pam's stocks are being retired, they are not going to be held as treasury stocks, therefore E&P must decrease.
Is there any way for a monopoly to operate more efficiently than a competitive market? why or how?.
Answers
The equilibrium point in a competitive market exists at the point of optimal market efficiency.
What is competitive market?A competitive market exists a term in economics that guides to a marketplace where there exist a large number of buyers and sellers and no single buyer or seller can influence the market. Competitive markets have no obstacles to entry, lots of buyers and sellers, and homogeneous products.
In economics, especially general equilibrium theory, A perfect market also understood as an atomistic market, is determined by several idealizing requirements, collectively anointed perfect competition or atomistic competition.
No, the monopoly can never be additional efficient than the perfectly competitive market because the competitive market exists at the point of optimal market efficiency and the monopoly will deliver at the point where the MR and the MC stand equal. here the market has the excess capability and a dead weight loss.
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What should you, the worker, be aware of with regard to evacuation procedures at your workplace?
(select two answers)
(a) when you get back into the building
(b) evacuation plans
(c) what to do when the emergency has passed
(d) how long the emergencies will last
Answers
With regard to evacuation what one has to be aware of would be
evacuation planshow long the emergencies will lastWhat is meant by evacuation?This is the term that is used to refer to all that would have to be done in order to get all the occupants of a building out of it due to an emergency that is occurring in the building. The need for evacuation is often due to emergency that could cause a loss of life. An example of such incidence would during a fire outbreak.
Hence we can say that With regard to evacuation what one has to be aware of would be
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Explain the concept of an opportunity cost with an appropriate example
Answers
Answer:
Explanation:
Opportunity cost is an economics tool that is useful in the process of making a choice of goods and services in order to ensure that scarce resources are used efficiently.
The opportunity cost of a product or service is the name given to an income that could be earned when such product or service is put to an alternative use.
It can also be described as the cost of the alternative forgone to achieve a particular product or service
For an example , if a student decides to give up on watching a movie to study for his exam , the opportunity cost of the exam is the cost and pleasure related to the movie
If i paid $625 interest on $5000 that i borrowed at 5%, how many years did i borrow it?
Answers
To calculate the number of years you borrowed the $5000, you can use the following formula:
Years = Interest ÷ (Loan Amount x Interest Rate)
Where:
Interest = $625
Loan Amount = $5000
Interest Rate = 5% (converted to decimal form: 0.05)
Plugging in the values, we get:
Years = $625 ÷ ($5000 x 0.05) = $625 ÷ $250 = 2.5 years. So you borrowed the $5000 for 2.5 years.
In other words, the interest of $625 results from borrowed $5000 for 2.5 years at a 5% interest rate. The interest is calculated as a percentage of the loan amount and represents the cost of borrowing the money. By dividing the interest by the loan amount and the interest rate, we can determine the years over which the interest was charged.
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4. As a result of the Covid pandemic, the management of FeiFei plc (F) are discussing with the executive workers union Emsa (E), the introduction of more flexible working practices to help increase profits. In return for accepting the new working practices, E are negotiating an increase in salaries. In these negotiations, E are attempting to maximise salaries and F are attempting to maximise their profits. Both F and E realise that they can each employ one of three negotiating strategies, and the profit/salary increase (%) depends upon the strategy employed by both F and E as follows:
E's Strategy
E1
E2
E3
F1
(5,6)
(6,8)
(2,7)
F's
F2
(5,4)
(8,5)
(2,6)
Strategy
F3
(5,3)
(8,3)
(3,4)
(If F employs F1 and E employs E1 then profits will increase by
5% and salaries will increase by 6%)
(a) Determine the likely outcome of these negotiations and explain how a more optimal outcome for both F and E might be achieved.
(300 words maximum) (35 marks)
The management of FeiFei plc (F) is also attempting to renegotiate a deal for the cost of its raw materials from Hippo plc (H). The price that F will pay and the amount that H will receive per unit of raw material (£) depends upon the strategies they both adopt as follows:F's Strategy
F4
F5
F6
H1
8
12
4
H's
H2
10
6
11
H3
10
14
8
Strategy
(If H employs H1 and F employs F4 then H will receive £8 per unit for the raw material and F will pay £8 per unit for the raw material).
(b)
(c)
Discuss why H3, F4 might appear to be a 'solution' to these negotiations and explain why it is unlikely to be achieved in practice.
(250 words maximum) (25 marks)
Determine the optimal strategy for both H and F in these negotiations and the amount which F can expect to pay for the raw materials. Explain the method
adopted at each stage of these calculations.
(300 words maximum) (40 marks)
Answers
The outcomes, represented as (profit increase, salary increase), indicate that the most favorable outcome for both F and E is when F employs strategy F2 and E employs strategy E2, resulting in a profit increase of 8% and a salary increase of 8%.
By analyzing the possible strategies and their corresponding outcomes, it becomes clear that F2 and E2 offer the highest gains for both parties. However, to achieve a more optimal outcome, F and E could employ cooperative negotiation strategies. This approach would involve open communication, compromise, and finding a mutually beneficial solution that balances profit maximization for F and salary maximization for E. By focusing on long-term sustainability and growth, both parties can work together to create a win-win situation that addresses their respective objectives.
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________ is the process of examining data sets in order to draw conclusions about the information they contain.
Answers
Answer:
Data analytics
Explanation:
Look at the following email (attached). Name two good email netiquette practices used in the
email. Name two poor email netiquette practices
Answers
Two good email etiquettes practices used in email are:
Inserting a SubjectKeep the email short and restricted to three paragraphs.Two bad email etiquettes used in the email above are:
Indiscriminate use of the exclamation markDiscussing personal issues in a formal email.What are email etiquettes?The use of acceptable language, standards, and politeness in an email is referred to as email etiquette. Business emails often need formal language as well as rigorous respect to appropriate grammar and spelling.
Five useful E-mail Etiquette are:
Address your addressee appropriately. Check, double-check, and triple-check that you have the right spelling of the recipient's name and title.Proper greetings and closing statements should be used.Format correctly.Avoid using ALL CAPS.Large files should be compressed.Learn more about email etiquette:
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Selection committees are concerned with what?
A. Succession planning, workforce planning, and popularity
B. Budget planning, workforce planning, and leadership development
C. Succession planning, workforce planning, and leadership
development
D. Succession planning, workforce planning, and unskilled workers
Answers
C. Succession planning, workforce planning, and leadership development.
Why it is?
Selection committees are typically involved in identifying and selecting candidates for important positions within an organization.
To make informed decisions, selection committees often focus on a range of factors, including succession planning (i.e., identifying potential future leaders), workforce planning (i.e., ensuring the right mix of skills and experience), and leadership development (i.e., supporting the growth and development of current and future leaders). Budget planning and unskilled workers are typically not areas of focus for selection committees.
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Researchers found that airlines are doing a better job of getting passengers to their destinations on time. AirTran Airways and Southwest Airlines were among the leaders in on-time arrivals. The data showing the number of minutes that delayed flights by the two airlines are in columns A and B of this work sheet. The population standard deviations of the delayed minutes are known to be 25 for AirTran and 20 for Southwest.
Using a 0.01 level of significance, determine if there is a difference in the number of delayed minutes between the two airlines. Fill out each of the following blank cells to reach your conclusion while using the Excel "Data Analysis" ToolPak to calculate the necessary statistics.
Group Practice Health Clinic
17 23
16 21
14 17
19 23
21 20
17 21
19 18
20 21
19 23
17 22
18 21
23 18
22 22
17 21
16 19
20 20
21 18 Step 1 Develop Hypotheses
H0: Ha: Step 2 Specify the Significance Level (a)
a= 0.05
Step 3 Compute the Test Statistic
Test Statistic = Step 4 Determine the Critical Value
Critical Value = -1.645
Step 5 Compute the p-value p-value Step 6 Make your decision whether to reject H0 or not
p-value vs. a Test statistic vs. Critical value Decision Step 7 Interpret the statistical conclusion
Answers
To determine if there is a difference in the number of delayed minutes between AirTran Airways and Southwest Airlines, we need to set up the null and alternative hypotheses.
What are the null and alternative hypotheses for the test?Let's assume that the mean delayed minutes for AirTran Airways is denoted by μ1, and the mean delayed minutes for Southwest Airlines is denoted by μ2.
The null hypothesis (H0) states that there is no difference in the mean delayed minutes between the two airlines:
H0: μ1 - μ2 = 0
The alternative hypothesis (Ha) states that there is a difference in the mean delayed minutes between the two airlines:
Ha: μ1 - μ2 ≠ 0
There is not enough information provided to perform the statistical analysis and answer the question accurately.
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