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Lyndsay has utility given by u(2) -min IP, P2 -S1, and l $10, find Lyndsay's optimal...
1.) Liz has utility given by u(x2,x1)=x1^7x2^8. If P1=$10, P2=$20, and I = $150, find Liz’s...
1.) Liz has utility given by u(x2,x1)=x1^7x2^8. If P1=$10, P2=$20, and I = $150, find Liz’s optimal consumption of good 1. (Hint: you can use the 5 step method or one of the demand functions derived in class to find the answer). 2.) Using the information from question 1, find Liz’s optimal consumption of good 2 3.) Lyndsay has utility given by u(x2,x1)=min{x1/3,x2/7}. If P1=$1, P2=$1, and I=$10, find Lyndsay’s optimal consumption of good 1. (Hint: this is Leontief utility)....
1. (20 points) Mac has utility over x; and x2 given by u(x1, x2) = min...
1. (20 points) Mac has utility over x; and x2 given by u(x1, x2) = min . If P. = $1. P. = $1. and I = $100. find the value of xı* (Hint: This is Leontief utility, the kind with right-angled indifference curves) 2. (10 points) If P, = $4, P2 = $2, and I = $20, and my utility is given by u(x1, x2) = 4x1 + 3x2, find x* (Note: I'm asking for optimal consumption of Good...
5. Anya has utility given by u(x1,x2) Anya's optimal consumption of good 1. (Hint: this is...
5. Anya has utility given by u(x1,x2) Anya's optimal consumption of good 1. (Hint: this is linear utility) 18х, + 9х2. If Р, 3D $5, Р2 3D $2, аnd I $20, find -- - Using the information from question 5, find Anya's optimal consumption of good 2 6.
5. Anya has utility given by u(x1,x2) Anya's optimal consumption of good 1. (Hint: this is linear utility) 18х, + 9х2. If Р, 3D $5, Р2 3D $2, аnd I $20, find...
Christine has utility given by u(x,2)- 2+4Vxz. If P $20, P2 $10, and 1- $180, find...
Christine has utility given by u(x,2)- 2+4Vxz. If P $20, P2 $10, and 1- $180, find Christine's optimal consumption of good 1. (Hint: You'll need to use the 5 step method to answer this question Using the information from question 7, find Christine's optimal consumption of good 2
Christine has utility given by u(x1, x2) = 1X1 + 4/X2. If P, = $10, P,...
Christine has utility given by u(x1, x2) = 1X1 + 4/X2. If P, = $10, P, = $20, and 1 = $180, find Christine's optimal consumption of good 1. (Hint: You'll need to use the 5 step method to answer this question). Using the information from question 7, find Christine's optimal consumption of good 2
My utility is given by u(x1, x2) = 2x194x2-2 + In(x1) + [min{x1, x2)] + 2x2...
My utility is given by u(x1, x2) = 2x194x2-2 + In(x1) + [min{x1, x2)] + 2x2 + x1!! True, False, or Cannot Be Determined: When P1 = $2,P2 = $4, and I = $100, my optimal consumption bundle is (x1,x2) = (25,15).
1) Eor each of the utility functions below, find the optimal consumption bundle if pi-3 and...
1) Eor each of the utility functions below, find the optimal consumption bundle if pi-3 and p2-2 and m-240 a. u(x)-2x2 b. u(x)-xix22 c. d, e. u(x)- 2x1+X2 u(x)-min(x1,2%) u(x)-x1-X22 y(x)-max(x1,x2) X(X1,X2 2) Suppose p1-2, p2-7 for the first 2 units and p2 4 for the rest. a) Ifm-54 and u(x) -X1+3x2, then what is the optimal consumption bundle? b) Ifm-22 and u(x) - min(3xı, 2x2), , thenwhat is the optimal consumption bundle? Erom Workouts: 5.3,5.6,5.7 3)
(10 points) Wendy's utility over consumption bundles (x1, x2) is given by u(x1,x2) = VX1 +...
(10 points) Wendy's utility over consumption bundles (x1, x2) is given by u(x1,x2) = VX1 + 21X2. If the price of good 1 is $2/unit, the price of good 2 is $1/unit and income is $120, what is Wendy's optimal consumption of Good 2? (You can use the 5 step method to solve this problem). (10 points) When u(x1, x2) = min ), at prices and income P1, P2, and I, demand for good 1 is given by xi (P1,...
Problem 3 Text: Suppose the utility function of the consumer is u(x1,x2)=min{x1,x2}. Further, suppose pi=$4, P2=$2...
Problem 3 Text: Suppose the utility function of the consumer is u(x1,x2)=min{x1,x2}. Further, suppose pi=$4, P2=$2 and 1=$18. Based on this information, answer the following questions (questions 16-25). Questions: 16. What is the optimal quantity of Good 1 chosen by the consumer? 17. What is the optimal quantity of Good 2 chosen by the consumer? 18. What is the optimal quantity of Good 1 chosen by the consumer if pı decreases to $1?
Question 2: Lorelai's choice behavior can be represented by the utility function u(x1, 2)0.9Inx)0.1x2 The prices...
Question 2: Lorelai's choice behavior can be represented by the utility function u(x1, 2)0.9Inx)0.1x2 The prices of both x1 and x2 are $5 and she has an income of $40. 1. What preference does this utility function represent? (Hint: the utility is function is not linear, 2. Drawinwg indifference curves: you can copy down the graph on your paper using econgraphs. Set but at least linear in good x2) the preferences and parameters accordingly as given in the question. Click...
1. (20 points) Mac has utility over x; and x2 given by u(x1, x2) = min . If P. = $1. P. = $1. and I = $100. find the value of xı* (Hint: This is Leontief utility, the kind with right-angled indifference curves) 2. (10 points) If P, = $4, P2 = $2, and I = $20, and my utility is given by u(x1, x2) = 4x1 + 3x2, find x* (Note: I'm asking for optimal consumption of Good...
5. Anya has utility given by u(x1,x2) Anya's optimal consumption of good 1. (Hint: this is linear utility) 18х, + 9х2. If Р, 3D $5, Р2 3D $2, аnd I $20, find -- - Using the information from question 5, find Anya's optimal consumption of good 2 6.
5. Anya has utility given by u(x1,x2) Anya's optimal consumption of good 1. (Hint: this is linear utility) 18х, + 9х2. If Р, 3D $5, Р2 3D $2, аnd I $20, find...
Christine has utility given by u(x,2)- 2+4Vxz. If P $20, P2 $10, and 1- $180, find Christine's optimal consumption of good 1. (Hint: You'll need to use the 5 step method to answer this question Using the information from question 7, find Christine's optimal consumption of good 2
Christine has utility given by u(x1, x2) = 1X1 + 4/X2. If P, = $10, P, = $20, and 1 = $180, find Christine's optimal consumption of good 1. (Hint: You'll need to use the 5 step method to answer this question). Using the information from question 7, find Christine's optimal consumption of good 2
My utility is given by u(x1, x2) = 2x194x2-2 + In(x1) + [min{x1, x2)] + 2x2 + x1!! True, False, or Cannot Be Determined: When P1 = $2,P2 = $4, and I = $100, my optimal consumption bundle is (x1,x2) = (25,15).
1) Eor each of the utility functions below, find the optimal consumption bundle if pi-3 and p2-2 and m-240 a. u(x)-2x2 b. u(x)-xix22 c. d, e. u(x)- 2x1+X2 u(x)-min(x1,2%) u(x)-x1-X22 y(x)-max(x1,x2) X(X1,X2 2) Suppose p1-2, p2-7 for the first 2 units and p2 4 for the rest. a) Ifm-54 and u(x) -X1+3x2, then what is the optimal consumption bundle? b) Ifm-22 and u(x) - min(3xı, 2x2), , thenwhat is the optimal consumption bundle? Erom Workouts: 5.3,5.6,5.7 3)
(10 points) Wendy's utility over consumption bundles (x1, x2) is given by u(x1,x2) = VX1 + 21X2. If the price of good 1 is $2/unit, the price of good 2 is $1/unit and income is $120, what is Wendy's optimal consumption of Good 2? (You can use the 5 step method to solve this problem). (10 points) When u(x1, x2) = min ), at prices and income P1, P2, and I, demand for good 1 is given by xi (P1,...
Problem 3 Text: Suppose the utility function of the consumer is u(x1,x2)=min{x1,x2}. Further, suppose pi=$4, P2=$2 and 1=$18. Based on this information, answer the following questions (questions 16-25). Questions: 16. What is the optimal quantity of Good 1 chosen by the consumer? 17. What is the optimal quantity of Good 2 chosen by the consumer? 18. What is the optimal quantity of Good 1 chosen by the consumer if pı decreases to $1?
Question 2: Lorelai's choice behavior can be represented by the utility function u(x1, 2)0.9Inx)0.1x2 The prices of both x1 and x2 are $5 and she has an income of $40. 1. What preference does this utility function represent? (Hint: the utility is function is not linear, 2. Drawinwg indifference curves: you can copy down the graph on your paper using econgraphs. Set but at least linear in good x2) the preferences and parameters accordingly as given in the question. Click...
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