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- 741 Ny 7:0 Mond Content X + ultra/courses/_99030_1/cl/outline manipic cempo me manipic accompis. INIU Force Completion. This test can be saved and resumed later. BILLETTE Your answers are saved automatically. * Question Completion Status: QUESTION 1 The goal of the consumer is to maximize the total utility or satisfaction derived from their purchase choices, given the unique budget constraint. To calculate total utility of a given combination of T-shirts and movies, one would use the following approach: O a. For a given combination of T-shirts and movies, survey a group of individuals to determine an average for utils to be assigned to the number of T-shirts and movies. O b. For a given combination of T-shirts and movies, use Google to identify the number of utils associated with the number of T-shirts and movies and thenlum them. O c. For a given combination of T-shirts and movies, assign a number of utils to that combination. O d. Use utils as a measure of utility, assigning a…Your own a chocolate producing company which can advertise on both television (T) and internet(I). The effect of TV and online commercials on sales is again given byS(T,I) = 500 + 48T−6T2+ 112I−6I2+ 4TI. You have a budget of $25 that you can spend on T and I. The price of aTV commercial is $12per unit and the price of an online commercial is also $12 per unit. 1. Determine the optimal level of TV commercials T and online commercials I if you have to spend all of your budget. You should provide two methods to solve this, by direct substitution and by setting up the Lagrangian. Is the Lagrange multiplier positive or negative? Give an intuitive interpretation of why this is the case? 2. Now determine the optimal level of TV commercials T and online commercials I if you DO NOT have to spend all of your budget. Do you obtain the same answer as subquestion 5.1? What is the Lagrange multiplier equal to in this case? Discuss.What is social referencing? How does it function in infancy and what does it imply about infants' growing social capabilities?
- Ivar participates in a lot of Viking raids and needs to buy swords every month. He is offered a sword subscription. For a monthly fee he can buy as many swords as he wants at a per-sword price of $127. Swords can only be purchased in integer amounts. His Marginal Benefits (MB) from swords in a month is given in the table below. What is the maximum Ivar is willing to pay for this sword subscription. Quantity Marginal Benefit 1 $189 $146 $80 $76 $66 45learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.com Imagine there is an outbreak of 'mad sheep' disease, which wipes out a considerable portion of the sheep population in Scotland. This results in a shortage of Haggis and an increase in its price. a) Show the effect of this price increase on Angus' budget line and optimal choice, and explain the forces underpinning this outcome. (Hint: Consider substitution and income effects). b) Assuming that Haggis' price continues to increase over the subsequent months, derive the demand curve for Haggis. c) Discuss the income and substitution effects within the context of this price increase assuming that Haggis is an inferior good. 2 26% 1Mon poogle weld ascher andes one hamburger and one order of French fries, rather than two hamburgers and no Preech fries. Explain why economists consider this an example of rational decision making
- Explain the decision-making of economic agents (graphically and mathematically).When using the social ecological model, which of the following would be considered part of the "exosystem" of influence on an individual's physical activity? O Personal factors O public policy O Institutional factors O Exosystem does not exist in the social ecological model If you have a client who wants to work out on his own, which of the following method of prescribing exercise intensity you should recommend to be more accurate? O Rating of perceived exertion (RPE) O Talk test O % Age predicted HRmax O % Heart rate reserve (measured)What is an equilibrium condition in Markov analysis and how do we that we have an equilibrium condition?