how to solve this problem

Anonymous
timer Asked: Jul 2nd, 2018
account_balance_wallet $20

Question description

The problem is stated in the picture. Please answer all the questions one by one with full works. If you need to write, please be sure to have a clear hand writing.


how to solve this problem
_____________2018_07_03_______1.19.52.png

Tutor Answer

JesseCraig
School: Carnegie Mellon University

Attached.

Running head: ECONOMIC ASSIGNMENT

1

ECONOMIC ASSIGNMENT
Student name:
Course:
Institution affiliation:
Date:

ECONOMIC ASSIGNMENT

2
Solution to the problem

a) PPF for Holland
F (tons)

3

3

M (tons)

PPF for Sweden
F (tons)

4

3

b)

Given U(M,F) = M1/2F1/2

Marginal Rate of Substitution, MRS = (MUM)/ (MUF)
But MUM = F1/2/2M1/2
MUF = M1/2/2F1/2
Thus, MRS (M,F) = (F1/2/2M1/2) * (2F1/2/ M1/2)

M (tons)

ECONOMIC ASSIGNMENT

3

= 2F/2M
= F/M

c)

Production/consum...

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