Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Ch. 7. The Urban Utility Curve shows us worker utility as a function of the number of workers in a city. Consider a two-city region with 24 million workers.Utility10 12 13 14Workers (millions)17a identify which points show the equilibrium populations of the two cities and identify the equilibrium utility level.b. Assume that the utility function of the smaller city is given by: u(n)= 16+9n-n². Calculate the numeric value of the utility for the smaller city from your answer in part a

There are utility curves provided which represent the utility level of workers in two cities which…

Answered: The Urban Utility Curve shows us worker…

The Urban Utility Curve shows us worker utility as a function of the number of workers in a city. Consider a two-city region with 24 million workers. 10 12 13 14 17

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter16: Labor Markets

Section: Chapter Questions

Problem 16.10P

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Ch. 7. The Urban Utility Curve shows us worker utility as a function of the number of workers in a city. Consider a two-city region with 24 million workers Utility 10 12 13 14 Workers (millions) 17 a. Identify which points show the equilibrium populations of the two cities and identify the equilibrium utility level b. Assume that the utility function of the smaller city is given by: u(n)-14+ 9n-n². Calculate the numeric value of the utility for the smaller city from your answer in part a
The following scenario examines the relationship between marginal and average values. Suppose Lee is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Lee's foul-shooting percentage for each game and their overall foul-shooting average after each game. Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage Game 1 8/10 8/10 2 4/10 12/20 3 2/8 14/28 4 2/4 16/32 5 6/8 22/40 80 80 On the following graph, use the orange points (square symbol) to plot Lee's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Lee's overall average foul-shooting percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. FREE-THROW PERCENTAGE 100 90 80 70 60 50 40 30 20 10 0 0 2 3 GAME Game Foul-Shooting Percentage Average Foul-Shooting Percentage ? You can…
The following scenario examines the relationship between marginal and average values. Suppose Jelani is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Jelani's foul-shooting percentage for each game and their overall foul-shooting average after each game. Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage Game 1 8/10 80 2 14/20 3 15/25 4 18/30 5 26/40 FREE-THROW PERCENTAGE On the following graph, use the orange points (square symbol) to plot Jelani's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Jelani's overall average foul-shooting percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 100 90 80 70 60 50 40 30 20 10 0 8/10 6/10 1/5 3/5 8/10 0 2 GAME 3 80 4 5 Game Foul-Shooting Percentage Average Foul-Shooting…
6) The figure below shows a student's feasible frontier and her indifference curves for final exam marks and the hours of free time per day. The table also gives the marginal rate of substitution (MRS) and the marginal rate of transformation (MRT) for the points shown in the figure. Based on this information, identify whether each of the following statements is true or false. Final grade 100 c. At D, the MRT of 4 means that if she gives up all of her free time, she can attain 60 extra grade points. d. At E, the MRS matches the student's MRT. Therefore, she should exchange one hour of free time with 7 extra grade points. 90- a. At A, one hour of free time is equivalent in value to 3 grade points. However, 1 extra hour of studying leads to 9 extra grade points. She should therefore study more. 0 b. At B, one hour of free time is equivalent in value to 2 grade points. However, 1 extra hour of studying leads to 20 extra grade points. She should therefore study more. 0 Feasible frontier…
The following scenario examines the relationship between marginal and average values. Suppose Parker is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Parker's foul-shooting percentage for each game and their overall foul-shooting average after each game. Game Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage 1 4/5 80 2 3 4 5 FREE-THROW PERCENTAGE 100 On the following graph, use the orange points (square symbol) to plot Parker's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Parker's overall average foul-shooting percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 90 80 70 60 50 40 30 20 10 0 4/5 2/5 1/4 1/2 4/4 0 6/10 7/14 8/16 12/20 1 2 GAME 0000 3 5 Game Foul-Shooting Percentage Average Foul-Shooting Percentage…
Frances is a skilled toy maker who is able to produce both trucks and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Trucks) (Drums) (Trucks) (Drums) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 18 E 0 8 0 19 Suppose Frances is currently using combination D, producing one truck per day. Her opportunity cost of producing a second truck per day is _______. Now, suppose Frances is currently using combination C, producing two trucks per day. Her opportunity cost of producing a third truck per day is ________ per day. From the previous analysis, you can determine that as Frances increases her production of trucks, her opportunity cost of producing one more truck _______. Because she can now make more trucks per hour, Frances's opportunity cost of producing drums is…
The diagram shows a student's indifference curves for hours of free time per day and final grade. Based on this graph, which of the following statements is correct? Final grade 100 84 75 0 E B 15 16 Hours of free time per day H 19 20 24 For a given final grade, the student's marginal rate of substitution between free time and final grade is the same on all three indifference curves. The marginal rate of substitution at B is smaller than 9. The marginal rate of substitution at H is 0.25. The marginal rate of substitution is higher at D than at A.
Beth is a skilled toy maker who is able to produce both boats and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Balls) (Boats) (Balls) A 8 0 4 0 B 6 2 3 12 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Beth's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSBOATS Suppose Beth is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Beth is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Beth increases her production of boats, her opportunity cost of producing one…
7. An individual's utility function is given by U =1000x, +450x, +5 x,x, -2x - x where x, is the amount of leisure measured in hours per week and x, is income earned measured in cedis per week. Determine the value of the marginal utilities, when x, = 138 and x, = 500. Hence estimate the change in utility if the individual works for an extra hour, which increases earned income by GH¢15 per week. Does the law of diminishing utility hold for this function?
Sharon is a skilled toy maker who is able to produce both trains and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Trains) (Balls) (Trains) (Balls) A 8 0 4 0 B 6 2 3 11 C 4 4 2 15 D 2 6 1 18 E 0 8 0 19 On the following graph, use the blue points (circle symbol) to plot Sharon's initial production possibilities frontier (PPF). Suppose Sharon is currently using combination D, producing one train per day. Her opportunity cost of producing a second train per day is _______. Now, suppose Sharon is currently using combination C, producing two trains per day. Her opportunity cost of producing a third train per day is _______. From the previous analysis, you can determine that as Sharon increases her production of trains, her opportunity cost of producing one more train _______.…
Sharon is a skilled toy maker who is able to produce both trains and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Trains) (Balls) (Trains) (Balls) A 8 0 4 0 B 6 2 3 11 C 4 4 2 15 D 2 6 1 18 E 0 8 0 19 On the following graph, use the blue points (circle symbol) to plot Sharon's initial production possibilities frontier (PPF). Suppose Sharon buys a new tool that enables her to produce twice as many trains per hour as before, but it doesn't affect her ability to produce balls. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more trains per hour, Sharon's opportunity cost of producing balls is ____________ it was previously.
Olivia and Yixing are volunteering at a cat rescue shelter. The shelter supervisor asks them to clean out kennels and haul bags of cat food from the donation area into storage. It takes Olivia 6 minutes to clean out a kennel and 6 minutes to move a bag of food. It takes Yixing 10 minutes to clean out a kennel and 12 minutes to move a bag of food. For the following questions, round each answer to the nearest tenth. a. ( Yixing, Olivia _______has an absolute advantage in completing both tasks. b. Olivia’s opportunity cost of cleaning a kennel: _____ bags of food moved. c. Olivia’s opportunity cost of moving one bag of food: ______kennels cleaned. d. Yixing’s opportunity cost of cleaning a kennel: ______bags of food moved. e. Yixing’s opportunity cost of moving one bag of food: ______kennels cleaned. f. Yixing says it does not matter which task each of them performs, because Olivia is faster at both tasks.…