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Problem 11 in Chapter 15 examined the TV-viewing habits of adopted children in relation to their biological parents and their adoptive parents. The data are reproduced as follows. If both the biological and adoptive parents are used to predict the viewing habits of the children in a multiple-regression equation, what percentage of the variance in the children Solution Formula R2= 1-(SSer/SSt).

235517049 study-questionshomeworkping3

managerial_Economics_supportive_material.docxAlazerTesfayeErsasuT

Assignment quantHindustan Petroleum

ECON 3020 Final ExamDue Tuesday, December 15, 2015 at 1030am..docxjack60216

Consider two goods x and y- Suppose the utility function is u(x-y) - x.docxCharlesXMLAllano

DTINGLEYWarning.docxsagarlesley

- 1. Problem 3 Use the following to answer the questions below: z is the marginal utility per dollar, x is the amount spent on product A, and y is the amount spent on product B. Assume MUA = z = 10 – x and MUB = z = 21 – 2y. Assume that the consumer has $10 to spend on A and B; that is, x + y = 10. (a) What is best way to allocate the expenditure of the $10? (b) What is the marginal utility per dollar in the optimal allocation? Solution (a) we know that at effecient allocation of resources to have purchases of different goods, the marginal utility per dollar of each good should be equal. We have, MUA = z = 10 – x and MUB = z = 21 – 2y Equating the above two MUs as follows: MUA = MUB 10 – x = 21 – 2y -x = 11-2y x = 2y - 11 ....................... equation (i) and we have expenditure function as x+y = 10 putting value of x from equation (i) into the above function as follows: 2y - 11 + y = 10 3y = 21 y = 7 and x = 10 - 7 = 3 Thus, the consumer will spend $3 on good x and $7 on good y to get best allocation of the expenditure. (b) MU per dollar of good x = 10 - (3) = 7 utils. MU per dollar of good y = 21 - 2(7) = 21 - 14 = 7 utils. Hence the marginal utility per dollar in the optimal allocation is 7 utils.