This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The rationing function of price A) occurs when there is a movement of resources into or out of ... (Read 19 times)

Awilson837

  • Hero Member
  • *****
  • Posts: 509
on: Jul 1, 2018
The rationing function of price
 
  A) occurs when there is a movement of resources into or out of markets as a result of changes in the equilibrium market price.
  B) is also known as the guiding function of price.
  C) occurs when consumers change their tastes and preferences.
  D) occurs only when the market experiences severe shortages.

Question 2

Jose consumes wallets (q1 ) and a composite of other goods (q2 ). The price of wallets is p1 and the price of other goods is p2 = 1.
 
  Jose's utility from wallets depends also on his incomewith a higher income, he values a wallet more because he has more to put inside it His utility is given by the equation U(q1,q2 ) = q1Yq2 Derive Jose's demand for wallets.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

rekilledagain

  • Sr. Member
  • ****
  • Posts: 337
Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

q1 = Y/(1 + Y)p1


Awilson837

  • Member
  • Posts: 509
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

emsimon14

  • Member
  • Posts: 344
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Structure and basic function of a typical vertebrate neuron and associated glial cells. Structure and basic function of a typical vertebrate neuron and associated glial cells.
Anatomical sites for cardiac function Anatomical sites for cardiac function
Surface Water Resources Surface Water Resources
Rock the leg to create movement at the hip joint. Apply passive movements to mobilize knee and hip ... Rock the leg to create movement at the hip joint. Apply passive movements to mobilize knee and hip ...
How to find the anti-derivative of a function (Part 2) How to find the anti-derivative of a function (Part 2)
How to horizontally shift a sinusoidal function (y=a*sin⁡b(x−c)+d) How to horizontally shift a sinusoidal function (y=a*sin⁡b(x−c)+d)
Video: Introduction to Genetics

For a complete list of videos, visit our video library