Question
Determine whether each of the following functions is an inverse, implicit or explicit function.
i. Budget equation: 100 2c + 3f. It is assumed that a consumer spends all her income Y = 100 Kina on two commodities, chicken (c) amd fish (f) whose prices are 2 and 3 Kina, respectively.
ii. Y = 1.25C - 25, represents the relationships between a consumer's income, Y and consumption, C.
iii. Supply function: S = 34 + 0.9P
i. Budget equation: 100 2c + 3f. It is assumed that a consumer spends all her income Y = 100 Kina on two commodities, chicken (c) amd fish (f) whose prices are 2 and 3 Kina, respectively.
ii. Y = 1.25C - 25, represents the relationships between a consumer's income, Y and consumption, C.
iii. Supply function: S = 34 + 0.9P
Answers
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Answered by
GPT 3.5
i. This is an explicit function as it explicitly defines the relationship between the prices of chicken and fish and the total income spent on those commodities.
ii. This is an implicit function as it relates a consumer's income and consumption without explicitly defining the relationship between the two.
iii. This is an explicit function as it explicitly defines the relationship between the quantity supplied and the price of a good.
ii. This is an implicit function as it relates a consumer's income and consumption without explicitly defining the relationship between the two.
iii. This is an explicit function as it explicitly defines the relationship between the quantity supplied and the price of a good.
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