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8.3 Unanswered Consider u(x1, x2) = x95x95, I = 300,P1 = 25,p2 = 1. If Pidecreases...
8.5 Unanswered 5 Consider u(x1, x2) = x9.5x9.,1 = 300,P1 = 4,p2 = 1. If Piincreases from $4 to $9, what is the e...
8.5 Unanswered 5 Consider u(x1, x2) = x9.5x9.,1 = 300,P1 = 4,p2 = 1. If Piincreases from $4 to $9, what is the equivalent variation? Enter a number only, round to two decimals. If money needs to be taken away from the consumer include a negative sign. Type your response 8.6 Unanswered Consideru(x1, x2) = 2x0.5 + x2,1 = 200,21 = 1,p2 = 4. If P2 increases from $4 to $8, what is the compensating variation? Enter a number only,...
Consider u(x_{1},x_{2})=x_{1}^{0.5}x_{2}^{0.5},I=300,p_{1}=25,p_{2}=1. If p_{1}decreases from $25 to $9, what is the equivalent variation? Enter a number...
Consider
u(x_{1},x_{2})=x_{1}^{0.5}x_{2}^{0.5},I=300,p_{1}=25,p_{2}=1. If
p_{1}decreases from $25 to $9, what is the equivalent variation?
Enter a number only, round to two decimals. If money needs to be
taken away from the consumer include a negative sign.
8.3 Homework Unanswered 0.5 0.5 Consider u(x1, X2) = xx2,I 25,p2 = 1. If Pidecreases from $25 to $9, what is the 300,p1 equivalent variation? Enter a number only, round to two decimals. If money needs to be taken away from the consumer include a...
Consideru(x1, x2) = 2x0.5 + x2,1 = 200,p1 = 1,P2 = 4. If P2 increases from...
Consideru(x1, x2) = 2x0.5 + x2,1 = 200,p1 = 1,P2 = 4. If P2 increases from $4 to $8, what is the compensating variation? Enter a number only, round to two decimals. If money needs to be taken away from the consumer include a negative sign.
Consider,,,. If increases from $4 to $8, what is the compensating variation? Enter a number only, round to two decimal...
Consider,,,.
If
increases from $4 to $8, what is the compensating variation? Enter
a number only, round to two decimals. If money needs to be taken
away from the consumer include a negative sign.
Now consider what is the equivalent variation? Enter a number
only, round to two decimals. If money needs to be taken away from
the consumer include a negative sign.
We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe...
Consider ,,,. If increases from $4 to $9, what is the compensating variation? Enter a number only, round to two deci...
Consider
,,,.
If
increases from $4 to $9, what is the compensating variation? Enter
a number only, round to two decimals. If money needs to be taken
away from the consumer include a negative sign.
Now consider what is the equivalent variation? Enter a number
only, round to two decimals. If money needs to be taken away from
the consumer include a negative sign.
We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to...
Consider ,,,. If decreases from $25 to $9, what is the compensating variation? Enter a number...
Consider
,,,.
If
decreases from $25 to $9, what is the compensating variation?
Enter a number only, round to two decimals. If money needs to be
taken away from the consumer include a negative sign.
We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this image8.2 Homework • Unanswered Consider u(x1, x2) = x9.5x9.5,1 = 600,p1 = 25,P2 = 1....
8.8 Unanswered Right now you pay for university (e) and the composite good (c) and your utility level at your curr...
8.8 Unanswered Right now you pay for university (e) and the composite good (c) and your utility level at your current choice isUnitial. Suppose you get an education voucher for $5000 that you can only spend on university tuition. Suppose also that you would be better off if you got the $5000 in cash instead of as a voucher. The amount of cash that would leave you as well off as with the voucher is less than $5000 more than...
Consider two goods, good 1 and good 2. The consumer’s utility function is given by U(x1,x2)=V(x1)+x2....
Consider two goods, good 1 and good 2. The consumer’s utility function is given by U(x1,x2)=V(x1)+x2. Derive the ordinary demand function of good 1. When the market price of good 1 is given P1=P1' , derive the consumer’s surplus. If the price is changed to P1=P1", prove that the change measured by consumer’s surplus is the same as the Compensating variation. Also prove that it is the same as Equivalent variation.
Marvin has a Cobb-Douglas utility function, U=q20.5920.5 his income is Y = $500, and initially he...
Marvin has a Cobb-Douglas utility function, U=q20.5920.5 his income is Y = $500, and initially he faces prices of P1 = $1 and P2 = $4. If p1 increases from $1 to $4, what are his compensating variation (CV), change in consumer surplus (ACS), and equivalent variation (EV)? Marvin's compensating variation (CV) is $ . (Enter your response rounded to two decimal places and include a minus sign if necessary.) Marvin's change in consumer surplus (ACS) is $ U. (Enter...
1. Suppose that a consumer has a utility function U(x1,x2) = x0.5x0.5 . Initial prices are...
1. Suppose that a consumer has a utility function U(x1,x2) = x0.5x0.5 . Initial prices are P1=1 and P2 = 1, and income is m 100. Now, the price of good 1 increases to 2. (a) On the graph, please show initial choice (in black), new choice (in blue), compen- sating variation (in green) and equivalent variation (in red). (b) What is amount of the compensating variation? How to interpret it? (C) What is amount of the equivalent variation? How...
8.5 Unanswered 5 Consider u(x1, x2) = x9.5x9.,1 = 300,P1 = 4,p2 = 1. If Piincreases from $4 to $9, what is the equivalent variation? Enter a number only, round to two decimals. If money needs to be taken away from the consumer include a negative sign. Type your response 8.6 Unanswered Consideru(x1, x2) = 2x0.5 + x2,1 = 200,21 = 1,p2 = 4. If P2 increases from $4 to $8, what is the compensating variation? Enter a number only,...
Consider
u(x_{1},x_{2})=x_{1}^{0.5}x_{2}^{0.5},I=300,p_{1}=25,p_{2}=1. If
p_{1}decreases from $25 to $9, what is the equivalent variation?
Enter a number only, round to two decimals. If money needs to be
taken away from the consumer include a negative sign.
8.3 Homework Unanswered 0.5 0.5 Consider u(x1, X2) = xx2,I 25,p2 = 1. If Pidecreases from $25 to $9, what is the 300,p1 equivalent variation? Enter a number only, round to two decimals. If money needs to be taken away from the consumer include a...
Consideru(x1, x2) = 2x0.5 + x2,1 = 200,p1 = 1,P2 = 4. If P2 increases from $4 to $8, what is the compensating variation? Enter a number only, round to two decimals. If money needs to be taken away from the consumer include a negative sign.
Consider,,,.
If
increases from $4 to $8, what is the compensating variation? Enter
a number only, round to two decimals. If money needs to be taken
away from the consumer include a negative sign.
Now consider what is the equivalent variation? Enter a number
only, round to two decimals. If money needs to be taken away from
the consumer include a negative sign.
We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe...
Consider
,,,.
If
increases from $4 to $9, what is the compensating variation? Enter
a number only, round to two decimals. If money needs to be taken
away from the consumer include a negative sign.
Now consider what is the equivalent variation? Enter a number
only, round to two decimals. If money needs to be taken away from
the consumer include a negative sign.
We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to...
Consider
,,,.
If
decreases from $25 to $9, what is the compensating variation?
Enter a number only, round to two decimals. If money needs to be
taken away from the consumer include a negative sign.
We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this image8.2 Homework • Unanswered Consider u(x1, x2) = x9.5x9.5,1 = 600,p1 = 25,P2 = 1....
8.8 Unanswered Right now you pay for university (e) and the composite good (c) and your utility level at your current choice isUnitial. Suppose you get an education voucher for $5000 that you can only spend on university tuition. Suppose also that you would be better off if you got the $5000 in cash instead of as a voucher. The amount of cash that would leave you as well off as with the voucher is less than $5000 more than...
Marvin has a Cobb-Douglas utility function, U=q20.5920.5 his income is Y = $500, and initially he faces prices of P1 = $1 and P2 = $4. If p1 increases from $1 to $4, what are his compensating variation (CV), change in consumer surplus (ACS), and equivalent variation (EV)? Marvin's compensating variation (CV) is $ . (Enter your response rounded to two decimal places and include a minus sign if necessary.) Marvin's change in consumer surplus (ACS) is $ U. (Enter...
1. Suppose that a consumer has a utility function U(x1,x2) = x0.5x0.5 . Initial prices are P1=1 and P2 = 1, and income is m 100. Now, the price of good 1 increases to 2. (a) On the graph, please show initial choice (in black), new choice (in blue), compen- sating variation (in green) and equivalent variation (in red). (b) What is amount of the compensating variation? How to interpret it? (C) What is amount of the equivalent variation? How...
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