ZuoTi.Pro
Question

i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis.

c) The consumers utility function is given by U(X,Y)-4X + 2Y and the given bundle is X-1 and y-3. i) MRS s) Draw your graph in this space:

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0y 2 iunbun い4(1) + 2( 3) すd,p.mu yhvisu +he d.,.宀.amL.mahum (u, ur I The Awin bandle dem a uhl(D a n 5 3 lo

0 0
Add a comment
Know the answer?
Add Answer to:
i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution...

    1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the in that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. a) The consumers utility function is given by...

  • 1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution...

    1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. a) The consumers utility function is given...

  • 3. Suppose there are two consumers, A and B. The utility functions of each consumer are...

    3. Suppose there are two consumers, A and B. The utility functions of each consumer are given by: Up(X,Y) = X + 2Y The initial endowments are: A:X=2; Y = 8 a) Using an Edgeworth Box, graph the initial allocation (label it "W") and draw the indifference curve for each consumer that runs through the initial allocation. Be sure to label your graph carefully and accurately. b) What is the marginal rate of substitution for consumer A at the initial...

  • what is the marginal rate of substitution (MRS)? a) The ratio of the amounts of the...

    what is the marginal rate of substitution (MRS)? a) The ratio of the amounts of the two goods at a point on the indifference curve. b) The amount of one good that the consumers is willing to trade for one unit of the other. c) The change in the consumers utility when one good is substituted for another. d) The slope of the indifference curve.

  • Consider the utility function U(x,y) = 3x+y, with MUx=3 and MUy=1 e) On a graph with...

    Consider the utility function U(x,y) = 3x+y, with MUx=3 and MUy=1 e) On a graph with x on the horizontal axis and y on the vertical axis, draw a typical indifference curve (it is not exactly to scale, but it needs to reflect accurately whether there is a diminishing MRS x,y). Also, indicate on your graph whether the indifference curve will intersect either or both exes. label the curve U1. f) on the same graph draw a second indifference curve...

  • Suppose a consumer views two goods, X and Y, as perfect complements. Her utility function is...

    Suppose a consumer views two goods, X and Y, as perfect complements. Her utility function is given by U = MIN [2X, Y]. Sketch the graph of the consumers indifference curve that goes through the bundle X = 7 and Y = 8. Put the amount of Y on the vertical axis, and the amount of X on the horizontal axis. Which of the three assumptions that we made about consumer preferences is violated in this case?

  • 4. Suppose that Noah's utility function is given by (a) Draw an indifference curve that goes...

    4. Suppose that Noah's utility function is given by (a) Draw an indifference curve that goes through the bundle (2,2), where xi is on the horizontal axis and z2 is on the vertical axis. (b) Draw another indifference curve that goes through the bundle (3, 3) on the same diaram as (a). Label carefully. (c) What kind of preference does Noah have about the two goods?

  • Consider the utility function U(x,y) = 3x+y, with MUx=3 and MUy=1 a) Is the assumption that...

    Consider the utility function U(x,y) = 3x+y, with MUx=3 and MUy=1 a) Is the assumption that more is better satisfied for both goods b) Does the marginal utility of x diminish, remain constant, or increase as the consumer buys more x? Explain. c)What is MRS x,y? d) Is MRS x,y diminishing, constant, or increasing as the consumer substitutes x for y along an indifference curve? e) On a graph with x on the horizontal axis and y on the vertical...

  • Consider the utility function U(x,y) = 3x+y, with MUx=3 and MUy=1 a) Is the assumption that...

    Consider the utility function U(x,y) = 3x+y, with MUx=3 and MUy=1 a) Is the assumption that more is better satisfied for both goods b) Does the marginal utility of x diminish, remain constant, or increase as the consumer buys more x? Explain. c)What is MRS x,y? d) Is MRS x,y diminishing, constant, or increasing as the consumer substitutes x for y along an indifference curve? e) On a graph with x on the horizontal axis and y on the vertical...

  • question 1, not question 2. ECNS 301 Homework # 3 Marginal Rate of Substitution 1. Fill...

    question 1, not question 2. ECNS 301 Homework # 3 Marginal Rate of Substitution 1. Fill in the following table. . Alicia likes watching DVDs (1) and listening to her favorite CDs (2). Her function is given by: (a) Find Alicia's Maringal Rate of Subsitution (MRS) for an abitrary bundle Make your life easier by taking a monotonic transformation of the utility fu (b) Plot Alicia's indifference curve that passes through the bundle (1,1). Find for this bundle and depict...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT