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+4Vy Consider the utility function (x, y) - Vx a) Is the assumption that more is...
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...
5. Consider the utility function U(x, y) = 2/x + y. 1) Is the assumption that...
5. Consider the utility function U(x, y) = 2/x + y. 1) Is the assumption that "more is better” satisfied for both goods? 2) What is MRS, for this utility function? 3) Is the marginal rate of substitution diminishing, constant, or increasing in x as the consumer substitutes x for y along an indifference curve? 4) Will the indifference curve corresponding to this utility function be convex to the origin, concave to the origin, or straight lines? Explain.
Please complete with steps. Thank you Q2) (based on textbook problem 3.19) Consider the utility function...
Please complete with steps. Thank you
Q2) (based on textbook problem 3.19) Consider the utility function 2va +3/ a) Find MU and MUy b) Is the assumption that more is better satisfied for both goods? c) Does the marginal utility of each good diminish, remain constant, or increase as the consumer buys more? d) What is MRS Is it diminishing, constant, or increasing as the consumer sub- e) On a graph with a on the horizontal axis and y on...
Q2) (based on textbook problem 3.19) Consider the utility function 2Vx +3v/y a) Find MU and...
Q2) (based on textbook problem 3.19) Consider the utility function 2Vx +3v/y a) Find MU and MU b) Is the assumption that more is better satisfied for both goods? c) Does the marginal utility of each good diminish, remain constant, or increase as the consumer buys more? d) What is MR.Sa,y? Is it diminishing, constant, or increasing as the consumer sub- stitutes x for y along an indifference curve? e) On a graph with r on the horizontal axis and...
Consider a utility function u(x,y) = Xayb, where 0くaく1 and 0 < b 〈 1. Also...
Consider a utility function u(x,y) = Xayb, where 0くaく1 and 0 < b 〈 1. Also assume that x,y>0 7.1. Derive the marginal utility of x and the marginal utility of y and state whether or not the assumption that more is better is satisfied for both goods. 7.2. Does the marginal utility of x diminish, remain constant, or increase as the consumer buys more x?What does it mean in words? 7.3. What is MRS.y? 7.4. Suppose a, b- Wht...
2. For each of the three utility functions below, answer these questions: Does the marginal utility...
2. For each of the three utility functions below, answer these questions: Does the marginal utility of good x diminish, remain constant, or increase as the consumer buys more x, holding good y constant? Justify. Does the MRS of x for y diminish, remain constant, or increase as the consumer substitutes good y for more of good x to the right along an indifference curve? Justify. . . a. U(x, y)xyb, where 0 < a < 1 and b> 0...
2. For each of the three utility functions below, answer these questions: Does the marginal utility...
2. For each of the three utility functions below, answer these questions: Does the marginal utility of good x diminish, remain constant, or increase as the consumer buys more x, holding good y constant? Justify. Does the MRS of x for y diminish, remain constant, or increase as the consumer substitutes good y for more of good x to the right along an indifference curve? Justify. . . a. U(x, y)xyb, where 0 < a < 1 and b> 0...
1. True or False, and explain briefly. 1) The assumption that more is better implies that...
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
2. For each of the three utility functions below, answer these questions: • Does the marginal...
2. For each of the three utility functions below, answer these questions: • Does the marginal utility of good x diminish, remain constant, or increase as the consumer buys more x, holding good y constant? Justify. • Does the MRS of x for y diminish, remain constant, or increase as the consumer substitutes good y for more of good x to the right along an indifference curve? Justify. a. ?(?, ?) = ? ?? ? , where 0 < a...
5. Consider the utility function U(x, y) = 2/x + y. 1) Is the assumption that "more is better” satisfied for both goods? 2) What is MRS, for this utility function? 3) Is the marginal rate of substitution diminishing, constant, or increasing in x as the consumer substitutes x for y along an indifference curve? 4) Will the indifference curve corresponding to this utility function be convex to the origin, concave to the origin, or straight lines? Explain.
Please complete with steps. Thank you
Q2) (based on textbook problem 3.19) Consider the utility function 2va +3/ a) Find MU and MUy b) Is the assumption that more is better satisfied for both goods? c) Does the marginal utility of each good diminish, remain constant, or increase as the consumer buys more? d) What is MRS Is it diminishing, constant, or increasing as the consumer sub- e) On a graph with a on the horizontal axis and y on...
Q2) (based on textbook problem 3.19) Consider the utility function 2Vx +3v/y a) Find MU and MU b) Is the assumption that more is better satisfied for both goods? c) Does the marginal utility of each good diminish, remain constant, or increase as the consumer buys more? d) What is MR.Sa,y? Is it diminishing, constant, or increasing as the consumer sub- stitutes x for y along an indifference curve? e) On a graph with r on the horizontal axis and...
Consider a utility function u(x,y) = Xayb, where 0くaく1 and 0 < b 〈 1. Also assume that x,y>0 7.1. Derive the marginal utility of x and the marginal utility of y and state whether or not the assumption that more is better is satisfied for both goods. 7.2. Does the marginal utility of x diminish, remain constant, or increase as the consumer buys more x?What does it mean in words? 7.3. What is MRS.y? 7.4. Suppose a, b- Wht...
2. For each of the three utility functions below, answer these questions: Does the marginal utility of good x diminish, remain constant, or increase as the consumer buys more x, holding good y constant? Justify. Does the MRS of x for y diminish, remain constant, or increase as the consumer substitutes good y for more of good x to the right along an indifference curve? Justify. . . a. U(x, y)xyb, where 0 < a < 1 and b> 0...
2. For each of the three utility functions below, answer these questions: Does the marginal utility of good x diminish, remain constant, or increase as the consumer buys more x, holding good y constant? Justify. Does the MRS of x for y diminish, remain constant, or increase as the consumer substitutes good y for more of good x to the right along an indifference curve? Justify. . . a. U(x, y)xyb, where 0 < a < 1 and b> 0...
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
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