## Education homework help

Education homework help. Consider an economy that consists of 1000 consumers and two goods. Let p1 be the price of good 1 and p2 that of good 2, where p1 ? 0 and p2 ? 0.Each individual consumer takes the prices as given and chooses her consumption bundle, (x1, x2) ? R 2 +, by maximizing the utility function U(x1, x2) = ln(x1 · x2), subject to the budget constraint p1 · x1 + p2 · x2 = 1000.a)Solve the system of first-order conditions to find the optimal values of x1 and x2. Your answer might depend on p1 and p2.b)Suppose the price of good 1 is equals 2, i.e., p1 = 2 and that of good 2 is 1, i.e., p2 = 1. Use your results from (a) to answer the following question: How many units of good 1 and good 2 does an individual consumer demand?c) Still assume that p1 = 2 and p2 = 1. What is the aggregate demand of good 1? What is the aggregate demand of good 2? That is, how many units of good 1 (good 2, respectively) do all 1000 consumers demand together? (Just sum up all the individual demands from (b)

Education homework help

## Education homework help

Education homework help. Consider an economy that consists of 1000 consumers and two goods. Let p1 be the price of good 1 and p2 that of good 2, where p1 ? 0 and p2 ? 0.Each individual consumer takes the prices as given and chooses her consumption bundle, (x1, x2) ? R 2 +, by maximizing the utility function U(x1, x2) = ln(x1 · x2), subject to the budget constraint p1 · x1 + p2 · x2 = 1000.a)Solve the system of first-order conditions to find the optimal values of x1 and x2. Your answer might depend on p1 and p2.b)Suppose the price of good 1 is equals 2, i.e., p1 = 2 and that of good 2 is 1, i.e., p2 = 1. Use your results from (a) to answer the following question: How many units of good 1 and good 2 does an individual consumer demand?c) Still assume that p1 = 2 and p2 = 1. What is the aggregate demand of good 1? What is the aggregate demand of good 2? That is, how many units of good 1 (good 2, respectively) do all 1000 consumers demand together? (Just sum up all the individual demands from (b)

Education homework help

## Education homework help

Education homework help. Consider an economy that consists of 1000 consumers and two goods. Let p1 be the price of good 1 and p2 that of good 2, where p1 ? 0 and p2 ? 0.Each individual consumer takes the prices as given and chooses her consumption bundle, (x1, x2) ? R 2 +, by maximizing the utility function U(x1, x2) = ln(x1 · x2), subject to the budget constraint p1 · x1 + p2 · x2 = 1000.a)Solve the system of first-order conditions to find the optimal values of x1 and x2. Your answer might depend on p1 and p2.b)Suppose the price of good 1 is equals 2, i.e., p1 = 2 and that of good 2 is 1, i.e., p2 = 1. Use your results from (a) to answer the following question: How many units of good 1 and good 2 does an individual consumer demand?c) Still assume that p1 = 2 and p2 = 1. What is the aggregate demand of good 1? What is the aggregate demand of good 2? That is, how many units of good 1 (good 2, respectively) do all 1000 consumers demand together? (Just sum up all the individual demands from (b)

Education homework help

## Education homework help

Education homework help. Consider an economy that consists of 1000 consumers and two goods. Let p1 be the price of good 1 and p2 that of good 2, where p1 ? 0 and p2 ? 0.Each individual consumer takes the prices as given and chooses her consumption bundle, (x1, x2) ? R 2 +, by maximizing the utility function U(x1, x2) = ln(x1 · x2), subject to the budget constraint p1 · x1 + p2 · x2 = 1000.a)Solve the system of first-order conditions to find the optimal values of x1 and x2. Your answer might depend on p1 and p2.b)Suppose the price of good 1 is equals 2, i.e., p1 = 2 and that of good 2 is 1, i.e., p2 = 1. Use your results from (a) to answer the following question: How many units of good 1 and good 2 does an individual consumer demand?c) Still assume that p1 = 2 and p2 = 1. What is the aggregate demand of good 1? What is the aggregate demand of good 2? That is, how many units of good 1 (good 2, respectively) do all 1000 consumers demand together? (Just sum up all the individual demands from (b)

Education homework help

## Sociology homework help

Sociology homework help

## Law homework help

Law homework help

## Anthropology homework help

Anthropology homework help

## Business homework help

Business homework help. Consider and discuss to cope with uncertainty, why we strive to gather appropriate information, that is, knowledge about what has occurred in the past or what is happening at present to assist in making projections and predictions about what might happen in the future. Sure, much of the information we use to make risky decisions comes from our experience-based intuition, that emotional reaction suggesting the correct course of action, but how can we know if the appropriate information is close to the truth?