Economics Assignment Help | Cheap Assignment Help in Australia,UK & US, We provides 30% OFF Assignment Writing Service|Assignment Help |Buy Assignment @ 25% Off on 1st Order

Economics Assignment Help

The Finance Ministry of India presents the Economic Survey in the parliament every year, just before the Union Budget. It is the ministry’s view on the annual economic development of the country. A flagship annual document of the Ministry of Finance, Government of India, Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. This document is presented to both houses of Parliament during the Budget Session.The Economic survey of India said India could target foreign exchange reserves of $750 billion-$1 trillion

dia neutrality that relies on a general definition of “document” or “record” including the paper and electronic media.” The Convention embrace all the documents whether they are transport document or electronic transport record which is covered by the Convention and further gives them a comprehensive meaning.

In the case of C.I.F or C&F sale the shipper is also considered as the seller and is considered as the person who is expected to obtain the transport document or electronic record. But in the F.O.B sales the shipper is the person who is considered as the buyer and is not entitled to obtain either the transport document or the electronic record except when he pays the purchase price. However the convention has made an attempt to include Article 8.1 to cover the situation discussed above. The Article provides that, “the consignor is entitled to obtain a transport document or an electronic record evidencing the carrier’s receipt of the goods, while the shipper or, if the shipper so indicates, the person identified as ‘shipper’ in the contract particulars, is entitled to obtain from the carrier a negotiable transport document or a negotiable electronic record.

But the matter is not solved by such provisions. However such initiative taken by the Rotterdam Rules have turned into a good starting point for finding solution for the conflicting interest between the buyer and the seller.

Utility Functions Consumer Behaviour | Cheap Assignment Help in Australia,UK & US, We provides 30% OFF Assignment Writing Service|Assignment Help |Buy Assignment @ 25% Off on 1st Order

Utility Functions Consumer Behaviour

Utility Functions: There are many algebraic representation of utility functions. Some of them are discussed below:

A) COBB DOUGLAS UTILITY FUNCTION :

U= X^aY^1-a

Here U represents the utility achieved

X and Y are the units of commodities consumed

a is a constant less than 1

Example: Consider a case of an individual who consumes two commodities rice and wine.

Then his utility function can be created as : U = rice^a wine ^1-a

B) PERFECT SUBSTITUTES: (Linear utility functions)

When an individual consumes two commodities which are perfect substitutes of each other then his utility function takes a linear form and can be represented as:

U= aX + bY

Where U = Utility achieved

X and Y are perfect substitutes of each other

a and b are the positive constants

Example: Suppose an individual consumes two commodities Coke and Pepsi which are considered to be perfect substitutes of each other. Then his utility function will take the form of:

U = a(Coke) + b(Pepsi)

Where a and b are positive constants

C) Perfect Complements ( Leontief utility function) : When an individual consumes two goods together in a fixed proportion then we get the following form of utility function:

U = Min(aX,bY)

U = Utility achieved

X and Y are perfect complement commodities

a and b are positive constants

Example: Suppose and individual consumes right shoe and left shoe. A pair of shoe is considered to be perfect complements and utility function of such an individual will take the following form:

U = min ( L , R)

Where L and R represent left and right shoe respectively.For further help in economics assignment please upload your economics assignment.

Optimal Commodity Bundles | Cheap Assignment Help in Australia,UK

Posted byshubham mishraPosted inAssignment Help

Posted on Feb 22, 2017

Optimal Commodity Bundles

is a point where the budget line is tangential to Indifference Curves. We usually use lagrangian function to derive optimal commodity bundles. But lagrangian method cannot be used in the case of corner solutions. So, Lagrangian method cannot be used for Perfect Substitutes and Perfect Complements.

Method to find optimal commodity bundles for cobb douglas utility functions:

Example: Suppose that utility is given by the Cobb-Douglas form U(x; y) = x^ay^b and prices are px , py for x and y respectively. Income is given to be fixed at I.

Step 1: To find out the optimal commodity bundles we maximize U with respect to the budget constraint . Budget Constraint in this case is xpx + ypy = I

Step 2: Set up the lagrange to get the optimal commodity bundles

Max x^ay^b subject to xpx + ypy = I

L = x^ay^b – λ (pxx + pyy – I)

ax^a-1y^b/bx^ay^b-1 =a/b(y/x) =px/py

(Note : ax^a-1y^b/bx^ay^b-1 = MRS of utility function)

a/b (y/x) = px/py

Step 3 :Now use the above equation to get y in terms of x and px, py

y= x(px/py)a/b

Step 4: Put this value of y in budget constraint to get the value of x

Px.x + xpx(a/b) = I

Or x* = a/a+b (I /px)

Step 5: Use this value of x* find out the value of y*

We get y* as b/a+b (I/py)

Note : ( Formula for MRS = dU/dx/dU/dy)

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shubham mishra

Tuesday, 28 March 2017