Ann is an expected utility maximizer and her utility function is given by u(x) = x 0. Ann’s friend, Bob has offered to bet with her $10,000 on the…September 3, 2020
Suppose a consumer’s utility function is given by: U(x1, x2 ) = x1 0.4*x2 0.6 a) What is the consumer’s demand for x1 as a function of income andSeptember 3, 2020
[Hint: This is not a 5 minute look up assignment. You will need to learn to navigate around the Bureau of Labor Statistics web site to answer this. The tutorial or FAQ section may help if you are impatient.]2. In the Chapter 13 Origin of the Idea, identify those who gave us the concepts of “monopsony” and “human capital,” and explain what those terms mean in your own words.3. In terms of the Supply and Demand for labor, how are the minimum wage and union wages similar and how are they different? Think about the markets for these two and use economic analysis in your answer.