Question 1: There are two agents (A and B) in the economy. They demand for two goods:
1 and 2. Agent A's utility is UA (x₁, x₂) = ln x₁ + 2ln x2; agent B's utility is UB (x1, x₂) =
2 lnx₁ + Inx2. We also know agent A's endowment is (1,2), which means that she has
one unit of good 1 and two units of good 2. In addition, agent B's endowment is (2,1).
Suppose the prices for goods 1 and 2 are p₁ and p2, respectively.
1. Derive agent A's demands for goods 1 and 2: x4 and x.
2. Derive agent B's demands for goods 1 and 2: x and x2.
3. Derive agent A's excess demands for goods 1 and 2: z and z.
4. Derive agent B's excess demands for goods 1 and 2: z
and 22.
5. Derive aggregate excess demands for goods 1 and 2: Z₁ and Z₂.
6. Obtain the Walrasian equilibrium prices for goods 1 and 2: p₁ and p2.
7. Comment on your findings.

Question 1: There Are Two Agents (A And B) In The Economy. They Demand For Two Goods:1 And 2. Agent A's

Answers

Answer 1

For points A and B in the economy:

x₁ = 2p₂/p₁ and x₂ = p₂/p₁.

x₁ = 2p₁ / p₂ and x₂ = p₁ / p₂.

2 - p₂ / p₁

1 - p₁ / p₂

2 - p₂ / p₁ + 1 - p₁ / p₂

The market clears for both items at the Walrasian equilibrium, and the aggregate excess demands are zero.

How to determine demand of goods?

1. To derive agent A's demands for goods 1 and 2, maximize her utility subject to her budget constraint:

max ln x₁ + 2ln x₂

s.t. p₁x₁ + p₂x₂ ≤ p₁(1) + p₂(2)

Using Lagrange multiplier method:

1/x₁ = p₁/(2p₂)

1/x₂ = p₁/p₂

Solving for x₁ and x₂:

x₁ = 2p₂/p₁

x₂ = p₂/p₁

So, agent A's demands for goods 1 and 2 are x₁ = 2p₂/p₁ and x₂ = p₂/p₁.

2. To derive agent B's demands for goods 1 and 2, maximize her utility subject to her budget constraint:

max 2ln x₁ + ln x₂

s.t. p₁x₁ + p₂x₂ ≤ p₁(2) + p₂(1)

Using Lagrange multiplier method:

2/x₁ = p₁/p₂

1/x₂ = p₂/p₁

Solving for x₁ and x₂:

x₁ = 2p₁/p₂

x₂ = p₁/p₂

So, agent B's demands for goods 1 and 2 are x₁ = 2p₁ / p₂ and x₂ = p₁ / p₂.

3. Agent A's excess demands for goods 1 and 2 are:

z₁ = 1 - x₁ = 1 - 2p₂ / p₁

z₂ = 2 - x₂ = 2 - p₂ / p₁

4. Agent B's excess demands for goods 1 and 2 are:

z₁ = 2 - x₁ = 2 - 2p₁ / p₂

z₂ = 1 - x₂ = 1 - p₁ / p₂

5. The aggregate excess demands for goods 1 and 2 are:

Z₁ = z₁ᵃ + z₁ᵇ = 1 - 2p₂ / p₁ + 2 - 2p₁ / p₂

Z₂ = z₂ᵃ + z₂ᵇ = 2 - p₂ / p₁ + 1 - p₁ / p₂

6. At Walrasian equilibrium, Z₁ and Z₂ are both equal to zero. So, solve the system of equations:

1 - 2p₂ / p₁ + 2 - 2p₁ / p₂ = 0

2 - p₂ / p₁ + 1 - p₁ / p₂ = 0

Solving for p₁ and p₂:

p₁ = 2

p₂ = 1

So, the Walrasian equilibrium prices for goods 1 and 2 are p₁ = 2 and p₂ = 1.

7. At the Walrasian equilibrium, the market clears for both goods and the aggregate excess demands are zero. This means that the prices are set such that both agents are willing to buy exactly what is being sold in the market.

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Related Questions

1-The tangent line to the curve y = x³ at point A(a, a³) intersects the curve at point B. Let
R be the area of the region bounded by the curve and the tangent line. The tangent line at B
intersects the curve at another point C. Let S be the area of the region bounded by curve and
the second tangent line. How are the areas R and S related?

Answers

Answer:

The areas R and S are equal.

Step-by-step explanation:

Since, the tangent line to the curve y = x³ at point A(a, a³) is given by y = 3a²(x - a) + a³. This line intersects the curve at point B(a, a³), and we can find the x-coordinate of point B by setting y = 3a²(x - a) + a³ equal to x³ to get the equation x³ - 3a²x + 3a³ - a³ = 0. Using the fact that x = a is a root of this equation, we can factor it as (x - a)³ = 0, which implies that the curve and the tangent line are tangent at point B.

The slope of the tangent line at point B is 3a², so the equation of the tangent line at point B is y = 3a²(x - a) + a³. This line intersects the curve at another point C, and we can find the x-coordinate of point C by setting y = 3a²(x - a) + a³ equal to x³ to get the equation x³ - 3a²x + 3a³ - a³ = 0. Using the fact that x = a is a root of this equation, we can factor it as (x - a)³ = 0, which implies that the curve and the tangent line are tangent at point C.

The region bounded by the curve and the tangent line at point A is a triangle with base a - (a - a) = 0 and height a³ - a³ = 0, so its area is 0. The region bounded by the curve and the tangent line at point B is a triangle with base a - a = 0 and height a³ - a³ = 0, so its area is also 0. Therefore, the areas R and S are both equal to 0, which means they are equal to each other.

I don’t understand this problem

Answers

The area of the composite figure is equal to 521.080 square milimeters.

How to determine the area of a composite figure

In this problem we have the representation of a composite figure, whose area should be found. This figure is the consequence of the combination of  three figures: a semicircle, a rectangle and a triangle. The area formulas for each case are introduced below:

Semicircle

A = 0.5π · r²

Where r is the radius, in milimeters.

Rectangle

A = b · h

Triangles

A = 0.5 · b · h

Where:

b - Base, in milimeters.h - Height, in milimeters.A - Area, in square milimeters.

Now we proceed to compute the area of the composite figure:

A = 0.5π · (10 mm)² + (20 mm) · (14 mm) + 0.5 · (12 mm) · (14 mm)

A = 50π mm² + 280 mm² + 84 mm²

A = 521.080 mm²

Remark

The statement is absent. Complete statement is introduced below:

Find the area of the figure.

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Maria is creating a new art piece on canvas. (The canvas is represented in the picture below as
rectangle ARTS). She knows the base edge of the canvas, ST, measures 4 ft. And the distance of
diagonal AT measures 8.5 ft. What is the area of Maria’s canvas? Show all work.

Answers

The Area of Maria's canvas is 30 ft.

Area of Maria's canvas, we need to know the length of the other side of the rectangle. We can use the Pythagorean theorem to find this length. Let's call it SA.

According to the problem statement, the base edge ST measures 4 ft, and the diagonal AT measures 8.5 ft. Using the Pythagorean theorem, we have:

[tex]AT^2 = ST^2 + SA^2\\8.5^2 = 4^2 + SA^2\\72.25 = 16 + SA^2\\56.25 = SA^2\\SA = \sqrt{56.25}\\SA = 7.5\ ft[/tex]

Now we know that the length of the canvas is 7.5 ft, and the width is 4 ft. Therefore, the area of Maria's canvas is:

Area = length x width

Area = 7.5 ft x 4 ft

Area = 30 square feet

Therefore, the area of Maria's canvas is 30 square feet.

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Which of the following ratios would form a proportion with Two-thirds?
a.
Three-fourths
c.
StartFraction 12 Over 15 EndFraction
b.
StartFraction 6 Over 9 EndFraction
d.
One-third

Answers

The proportion equivalent with Two-thirds would be 6/9.

Since we know that the proportion is a fraction of a total amount, and the measures are related using a rule of three.

The relations between variables, either direct or inverse proportional, can be built to find the desired measures in the problem.

We are given that the  proportion with Two-thirds

If you actually divide it’ll make since , so first  we want to divide the 2 , then you want to multiply the third of the two

2/3 x 3/3

6/9

thus, the answer will be 6/9.

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(x)<0 over and what other interval?

Answers

The other interval is (-1.1, 0.9)

In a graph of any function, values of f(x) are represented by the values on the y-axis for the different input values on x-axis.

For the given graph, values of f(x) are less than zero.

That means interval in which the values of the function are negative for the different values of x.

Negative values of the given function are in the intervals (-∞, -3), (-1.1, 9).

Therefore, from the given options, Option (4) will be the answer.

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The complete question is

F(x)<0 over (-∞, -3) and what other interval?

O (-2.4, - 1.1)

O (-3, - 1.1)

O (-1.1, 2)

O (-1.1, 0.9)

Applying the Right Triangle Altitude Theorem. Which similarity statement is true?

Answers

The true similarity statement are using Right Triangle Altitude Theorem :

ΔABD similar to ΔBCD

ΔABC similar to ΔADB

ΔABC similar to ΔBDC

Two triangles are said to be similar if the triangles are of the same shape but different size. The angles of the triangle will be equal and the sides are proportional.

By the Right Triangle Altitude Theorem,

If the altitude of a triangle is drawn to the hypotenuse of a right angled triangle, then the triangles formed by the division are similar to each other and both are similar to the original triangle.

Using this,

ΔABD similar to ΔBCD

ΔABC similar to ΔADB

ΔABC similar to ΔBDC

Hence the true statements are ΔABD similar to ΔBCD, ΔABC similar to ΔADB, ΔABC similar to ΔBDC.

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The complete question is given below.

What is the range of |x|-7?

Answers

Answer:

3 2/5 +(3/2+3/5)×6/5÷3/2-10 1/2× 2/2

An ordinary fair dice is a cube with the numbers 1 through 6 on the sides

Answers

The probability values are P(A) = 0.722 and P(B) = 0.50

Calculating the probability values

From the question, we have the following parameters that can be used in our computation:

A fair die

The sample space of the events are

A = Sum is greater than 5

B = Sum is an even number

From the sample space of the sum of outcomes, we have

n(A) = 26

n(B) = 18

So, we have

P(A) = 26/36 = 0.722

n(B) = 18/36 = 0.50

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Which of the following represents the symmetric property of equality?
A) If a = b and b = c, then a = c

B) If a = b, then ac = bc

C) If a = b, then b = a

D) a(b + c) = ab + ac

Answers

Answer:

  C)  a = b  ⇒  b = a

Step-by-step explanation:

You want to identify the statement that represents the symmetric property of equality.

A.

If a = b and b = c, then a = c. This is the transitive property of equality.

B.

If a = b, then ac = bc. This is the multiplication property of equality.

C.

If a = b, then b = a. This is the symmetric property of equality.

D.

a(b +c) = ab +ac. This is the distributive property of multiplication over addition.

The measure of weights of 15 students is normally distributed with a sample mean of 6 and standard deviation of 5. Find the 95% confidence interval for the mean.

Answers

The 95% confidence interval for the mean is [3.23, 8.76].

What is the confidence of interval?

The confidence of interval of the mean is calculated as follows;

Confidence interval = σ ± (t-value  x   μ)

where;

σ is the sample meanμ is the standard error

The standard error is calculated as follows:

μ = std / √n

μ = 5 / √15

μ = 1.29

Based on this value we will check the distrbution table, for the t-value of 95% confidence;

=  2.145.

Confidence interval = σ ± (t-value  x   μ)

= 6 ± (2.145 x 1.29)

= [3.23, 8.76]

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Find each angle and arc measure.




mDGF= degrees

(50 POINTs will give BRAINIEST FOR EFFORT)

Answers

Answer: 226

Step-by-step explanation:

The angle is half of the arc angle

so mDGF is 2 times as big as the angle

mDGF=113*2

mDGF=226

URGENT!! ILL GIVE BRAINLIEST! ALONG WITH 100 POINTS!!!!

If you know what question this is please answer I couldn’t fit everything in the picture :(

Restaurant
No commute 3

0-1 Hr Commute 10

> 1 Hr Commute 28

Sum 41

Answers

The correct groupings for each probability are given below as follows:

The probability that you have more than a 1 hour commute: Marginal-57/134 = 42.5% chanceThe probability that you make a home-cooked meal and you have more than a 1-hour commute: Joint-7/134 = 5% chanceThe probability that you eat at a restaurant given that you have no commute: Conditional-3/37 = 8% chanceThe probability that you get takeout food: Marginal-50/134 = 37% chanceThe probability that you eat at the restaurant and have no commute: Joint probability 3/134 = 2% chanceThe probability that you commute 0-1 hour given that you get take-out food: Conditional-18/50 = 36% chance

What is joint probability?

The possibility of two events occurring simultaneously and at the same time is known as joint probability.

Joint probability is the likelihood that event Y will take place at the same time as event X.

An example of a joint probability is the probability that you eat at the restaurant and have no commute

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maria and joan went shopping. maria bought 3 pair of jeans that each cost the same amount and 4 t-shirts that each cost the same amount. joan bought 2 pair of jeans that each cost the same amount, and 1 t-shirts that each cost the same amount. what is the cost of the jeans and shirts

Answers

Result:

The total cost of the jeans and shirts  = 5(x + y)

How do we determine the cost?

Let's use variables (x and y) to show the total cost of one pair of jeans and one T-shirt, respectively.

Let x = the cost of one pair of jeans.

Let y = e the cost of one T-shirt.

Given:

Maria bought 3 pairs of jeans and 4 T-shirts, all at the same price. That is:

3x = cost of Maria's jeans

4y = cost of Maria's T-shirts

Joan bought 2 pairs of jeans and 1 T-shirt, all at the same price. That is:

2x = cost of Joan's jeans

y = cost of Joan's T-shirt

To find the total cost of all they bought, add up the costs:

Total cost = Maria's cost + Joan's cost

Total cost = 3x + 4y + 2x + y

Total cost = 5x + 5y

So the total cost is 5 times the sum of the cost of one pair of jeans and one T-shirt.

Simplify the expression by factoring out a common factor of 5, and we get:

Therefore, total cost = 5(x + y)

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What transformations take the graph of f(x) = e^x to f(x) = -e^x -2?

Answers

The transformations of the given functions is vertical shift 2 units down.

Given that, the function is f(x)=-eˣ to f(x)=-eˣ-2.

To find the transformation, compare the function to the parent function and check to see if there is a horizontal or vertical shift, reflection about the x-axis or y-axis, and if there is a vertical stretch.

Parent Function: f(x)= −eˣ

Horizontal Shift: None

Vertical Shift: Down 2 Units

Reflection about the x-axis: None

Vertical Compression or Stretch: None

Therefore, the transformations of the given functions is vertical shift 2 units down.

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(2/5)y-5=-2.5
What's y

Answers

Answer: Y = 6.5

Step-by-step explanation:

The Mackinac Bridge in Michigan is 1158 meters long. The Tsing Ma Bridge in Hong Kong is 97 meters longer than the Golden Gate Bridge in California. Together, all three bridges have a length of 3815 meters. How long is the Tsing Ma Bridge?

Answers

Lenght of Tsing Ma Bridge in Hong Kong is, 1,377 meters

Given that;

The Mackinac Bridge in Michigan is 1158 meters long.

And,  The Tsing Ma Bridge in Hong Kong is 97 meters longer than the Golden Gate Bridge in California.

Let the length of Golden Gate Bridge = x

Then, Lenght of Tsing Ma Bridge in Hong Kong = x + 97

Since, Together, all three bridges have a length of 3815 meters.

Hence, We get;

1158 + x + (x + 97) = 3815

1255 + 2x = 3815

2x = 2,560

x = 1,280 meters

Thus, Lenght of Tsing Ma Bridge in Hong Kong = x + 97

                                                                         = 1280 + 97

                                                                        = 1,377 meters

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Garnier's Opera House is a revival of the________style.

Romantic

Gothic

Renaissance

Baroque

Answers

Answer:  Garnier's Opera House is a revival of the Baroque style.

the amount harry is paid each day, f(x), is a function of the number of hours, x, he works. the function f(x)=10x+25 models this situation. harry can work, at most, 4 hours each day. what is the best domain of the function in this context?

Answers

The total amount paid to harry in past week, is 299.28.

We know that,

Amount is the sum or the total value.

For example, if A purchase 2 kg rice at the price of 40 rs/kg, the amount will be 40×2= 80 rs.

Given that,

The amount paid to Harry for 1 hour = $8.60

Since, Harry worked for 33 hours,

So, The amount paid to Harry for 33 hours = 8.60×33=283.8

Harry gets half times more amount than hourly rate and also gets bonus for last 3 days

So for last 3 days the extra amount paid to Harry

= 3×1/2×8.60+3×1/10×8.60

= 12.9+2.58

=15.48

So the total amount paid to harry = 283.8+15.48=299.28

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complete question:

Harry is paid £8.60 per hour for the first 30 hours he works each week. After 30 hours he is paid 1 and a half times the hourly rate.

Last week Harry worked 33 hours. He was also paid a bonus of 1/10 of his earnings

Calculate how much in total Harry was paid last week

Write each number in scientific notation

Answers

Answer:

There is nothing to write about my brother

Step-by-step explanation:

There is a scientific notation moment when shrek had to hit the griddy and said "i said right foot creep"

solve for x
2x^2/3+9x^1/3= -4

Answers

The solution of the equation is x=0.08813 or 3.90664.

We have,

2x² / 3  + 9[tex]x^{1/3[/tex] = -4

Now, solving the equation for x

2x² + 27[tex]x^{1/3[/tex] = -12

Now, taking cube on both side we get

(2x² + 27[tex]x^{1/3[/tex] )³= -12³

Now, simplifying we get

19683x = -1728 -864x² -144[tex]x^4[/tex]-8[tex]x^6[/tex]

So, x=0.08813 or 3.90664

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Gwen has $50 in a savings account that earns 5% annually. The interest is not compounded. How many years will it take for her to have $57.50 in her
account?

Answers

Answer:

3 years

Step-by-step explanation:

1. Find 5 percent of 50.

5 percent of 50 is 2.5.

However, we are talking about money so we will say 2.50.

2. Add to 50 until you reach your desired number.

50 + 2.50 = 52.50

52.50 +2.50 = 55

55+2.50 = 57.50

Finally we have reached 57.50. It took us 3 equations to get there and therefore took 3 years.

Find the maximum value of C=4x+2y subject to the following restraints x>2 x<5 y>1 y<6

Answers

The required maximum value of C is 16, and it occurs when x = 3 and y = 2.

To find the maximum value of C = 4x + 2y subject to the restraints x > 2, x < 5, y > 1, and y < 6, we can use the method of Lagrange multipliers.

First, we set up the Lagrangian function L as follows:

L = 4x + 2y - λ₁(x - 2) - λ₂(x - 5) - λ₃(y - 1) - λ₄(y - 6)

where λ1, λ2, λ3, and λ4 are Lagrange multipliers.

Next, we take the partial derivatives of L with respect to x, y, λ1, λ2, λ3, and λ4, and set them equal to zero:

∂L/∂x = 4 - λ₁ - λ₂ = 0

∂L/∂y = 2 - λ₃ - λ = 0

∂L/∂λ₁ = x - 2 = 0

∂L/∂λ₁ = 5 - x = 0

∂L/∂λ₃ = y - 1 = 0

∂L/∂λ₄ = 6 - y = 0

Solving these equations simultaneously, we get:

λ₁ = 1, λ₂ = 3, λ₃ = 1, λ₄ = 1, x = 3, y = 2

Therefore, the maximum value of C is:

C = 4x + 2y = 4(3) + 2(2) = 16

So, the maximum value of C is 16, and it occurs when x = 3 and y = 2.

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Find the area of the shaded region.
80°
5 cm
A≈ [?] cm²
Enter a decimal rounded to the nearest tenth.

Answers

[tex]\textit{area of a segment of a circle}\\\\ A=\cfrac{r^2}{2}\left( ~~ \cfrac{\pi \theta }{180}-\sin(\theta ) ~~ \right) ~~ \begin{cases} r=radius\\ \theta = \stackrel{degrees}{angle}\\[-0.5em] \hrulefill\\ r=5\\ \theta =80 \end{cases} \\\\\\ A=\cfrac{5^2}{2}\left( ~~ \cfrac{\pi (80) }{180}-\sin(80^o ) ~~ \right)\implies A=\cfrac{25}{2}\left(\cfrac{4\pi }{9}- \sin(80^o) \right) \\\\\\ A=\cfrac{50\pi }{9}-\cfrac{25\sin(80^o)}{2}\implies A\approx 5.1~cm^2[/tex]

A closet in Shivani's house is 2 yards by 1 yard. How much would it cost to put a new floor in the closet if the flooring costs $38.00 per square yard?

Answers

The amount it would cost to put a new floor in the closet is $76.00

Calculating how much it would cost to put a new floor in the closet

From the question, we are to calculate how much it would cost to put a new floor in the closet

From the given information,

A closet in the house is 2 yards by 1 yard.

To determine how much it would cost to put a new floor in the closet,

First,

We calculate the area of the closet

Area of the closet = 2 yard × 1 yard

Area of the closet = 2 square yards

Now,

From the given information,

The flooring costs $38.00 per square yard

Thus,

The amount it would cost to put a new floor in the closet is

2 × $38.00

= $76.00

Hence,

The amount it would cost is $76.00

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Help me solve and show my work please

Answers

The simplified form of trigonometric functions by trigonometric formulas are listed below:

Case 1: 0.5√(2 - √3)

Case 2: (0.5√2) / (1 + 0.5√2)

Case 3: sin 6x

Case 4: sin θ

How to simplify and evaluate trigonometric functions

In this problem we must simplify and evaluate trigonometric functions by means of trigonometric formulas. The first two expressions must be simplified and evaluated by of half angle formulas:

Case 1

sin 15° = √[(1 - cos 30°) / 2]

sin 15° = √[(1 - √3 / 2) / 2]

sin 15° = √[(2 - √3) / 4]

sin 15° = 0.5√(2 - √3)

Case 2

tan 22.5° = sin 45° / (1 + cos 45°)

tan 22.5° = (0.5√2) / (1 + 0.5√2)

The last two expressions are simplified and evaluated by double angle formulas:

Case 3

2 · sin 3x · cos 3x

sin 6x

Case 4

2 · sin 0.5θ · cos 0.5θ

sin θ

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Yoshi is driving across the United States. If Yoshi's map is 20 inches across, and the United States is 3,000 miles across, what is the scale of the map?​

Answers

We can use the scale formula to solve this problem. The formula is:

scale = map distance / actual distance

In this case, the map distance is 20 inches, and the actual distance is 3,000 miles. We need to convert these units so that they are both in the same units. Let's convert miles to inches:

1 mile = 63,360 inches (approximately)

So, 3,000 miles is equal to:

3,000 miles * 63,360 inches/mile = 190,080,000 inches

Now we can plug in the values into the formula:

scale = 20 inches / 190,080,000 inches
scale = 1 / 9,504,000

Therefore, the scale of the map is 1:9,504,000. This means that 1 inch on the map represents 9,504,000 inches (or 150 miles) in real life.

Can someone help with this?

Answers

Answer: the real zero of this equation is 5/3.

In Martha's food storage, she has 13 cans of chicken noodle soup, 15 cans of tomato soup, and 17 cans of mushroom soup. If she randomly chooses a can of soup from her food storage, what is the probability it is a can of tomato soup?

Answers

Answer:

1/3

Step-by-step explanation:

p(event) = (number of desired outcomes)/(total number of outcomes)

total number of outcomes = 13 + 15 + 17 = 45

number of desired outcomes = 15

p(can of tomato soup) = 15/45 = 1/3

Please help me out! :D

Answers

Answer:

A

Step-by-step explanation:

the domain!! :) i hope this helps

what is the area of triangle ADC, if A is (-1, 3), D is (-1, 7), and C is (0, 4)?

Answers

Answer:

e

Step-by-step explanation:

g

Other Questions
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