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Figure shows the combined production function of Angela and Bruno.
If the government introduces a new social welfare program to cater to the poor of the society, wherein the reservation wage increases from 2 bushels of wheat to 6 bushels of wheat how would you model the situation? Draw a new diagram to show the impact of this welfare program and comment on who do you think would benefit from this intervention? Additionally, does the outcome of this intervention results in an allocation which is a pareto efficient one? Explain your reasoning.
(Please Make sure your diagram is fully labelled)
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- Based on the figure below, which of the following is correct? Bushels of grain 0 0 12- C 16 Angela's hours of free time MRS - MRT 24 Angela's indifference curves Angela's feasible frontier O The MRS is the trade-off between grain and free time that Angela is constrained to make. At a point to the left of Angela's optimal choice, the MRS is smaller than the MRT. At a point to the right of Angela's optimal choice, she is less willing to trade grain for free time than at her optimal choice. O Since all Angela's indifference curves have the same MRS at 16 hours of free time, any choice of grain at 16 hours of free time is optimal.The graph below is Mendork's production possibility curve for the only two goods that it produces: quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Note: If the image does not appear, right-click on the placeholder and choose Show picture or View image. If Mendork's current production is at point A, what is the (approximate) cost of producing one more quirk? a) 50 quarks B b) 100 quarks c) 200 quarks d) One more quark e) 25 quarksOption Baseball Bats Tennis Racquets A 20 2 19 C 4 18 6. 16 8 10 F 10 The table above shows the production possibilities frontier for a company producing only 2 goods: baseball bats and tennis racquets. Suppose the company is currently producing 4 bats and 10 racquets all of which have been ordered by customers. If customer John puts in an order for 4 bats, so that the total number of bats to produce would then be 8, what is be the opportunity cost of filling John's order? 8 racquets 10 racquets nothing 18 racquets
- What are the similarities between a consumer's budget constraint and society's production possibilities frontier, not just graphically but analytically?The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.As a student, Jordyn spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. Jordyn's production possibilities frontier is a straight line if Question 3 options: she faces no trade-off between writing term papers and completing homework assignments. she can switch between writing term papers and completing homework assignments at a constant rate. the rate at which she can switch between homework assignments and term papers depends on the number of homework assignments she is completing and on the number of term papers she is writing. she is required by her professors to spend half of her time on term papers and the other half of her time on homework assignments.
- Draw Marie’s budget constraint with pies on thehorizontal axis and magazines on the vertical axis. Whatis the slope of the budget constraint?Movies Rentals 14 13 12 11 10 9 8 7 6 432554 1 12 3 4 5 6 7 8 9 10 11 ... Movies in Theater Assume the graph shown represents Ayesha's budget constraint. If she has $48 to spend on these two items, what must a movie theater ticket cost?The table shows the Gabrielle's total staty from manicures What is Cat's total unity when she boys 4 manicures? What is the marginal unity she receives from her fourth manicure? When Gabriele buys 4 manicures, the totalutty that she receives units Gabrieles marginal uity from the fourth manicure is units Marginality OA increases a more of a good is consumed OB has no relationship oluy Oc the chance in total usey that results from Manicures (per 0 1 2 4 5 Total uality 8 50 90 122 150 176
- Carol needs to decide how to spend her wealth on sh and chicken.For Carol, 1 lb of sh is equivalent to 2 lb of chicken. Her preferences2Intermediate Microeconomics NYUAD, Spring 2023can be represented by the utility functionu(x; y) = 2x + ywhere x is the quantity of sh (in lbs) and y is the quantity of chicken(in lbs). The consumption set is R2+.(a) Draw two typical indi erence curves for Carol, one correspondingto a utility level of u1 and one corresponding to a utility level u2,where 0 < u1 < u2. Make sure you label the slope of the indif-ference curves and the intercepts with the horizontal and verticalaxes.(b) Suppose the price of sh is $1:5 per lb and and the price of chickenis $1 per lb. Carol has $20 to spend on sh and chicken.(i) Draw Carol's budget set, labeling the slope and the interceptpoints clearly.(ii) How much sh and chicken will Carol choose to purchase?After Frank and Ruby engage in trade, each of thema. consumes at a point inside his or her productionpossibilities frontier.b. consumes at a point on his or her productionpossibilities frontier.c. consumes at a point outside his or her productionpossibilities frontier.d. consumes the same amounts of meat andpotatoes as the other.8. What does delimitation mean? b 26 boto0ol Josria A. To set everything free C. To extend the limit of the boundary B. To remove the boundary D. To establish the limit or boundary E o1t 21e0nun 10 MOITADITIM 223 AT 9. Which of the following statements do not correctly define the scope of the study? A. It explains what information or subject is being analysed in the study. WOTTAN SUAO ATMAS B. It tells about the sample size, time the study was conducted and the geographical area. C. It tells the specific coverage in terms of concept, number of subjects as well as the timeline. me dong incW 0080 D. It tells the general information on how the data are being interpreted to conclude the study. 10. What is the difference between objective or purpose of the study and research questions or investigative problems? A. Objective or purpose of the study talks about variable while research topic or investigative problems deal with the scope of the study, B. Objective or purpose of the study is a…