Question

Find the basket of goods r and y that will maximize your utility function æ2îẽ su expenditure on goods z and y is 30, with prices Pz -10 and p function y such that the total y-5.

Need help, please show work

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
Need help, please show work Find the basket of goods r and y that will maximize...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

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
  • Need help, please show work Find the basket of goods r and y that will maximize...

    Need help, please show work Find the basket of goods r and y that will maximize your utility expenditure on goods r and y is 30, with prices p 5 and Py function y such that the total 10

  • Need help, please show work Find the basket of goods r and y that will maximize...

    Need help, please show work Find the basket of goods r and y that will maximize your utility function vT such that the total expenditure on goods x and y is 20, with prices pz-1 and py- = 2.

  • Part 1: Find the basket of goods and that will maximize your utility function such that...

    Part 1: Find the basket of goods and that will maximize your utility function such that the total of and is 10. Part 2: Find the basket of goods and that will maximize your utility function such that the total of and is 12. 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 imageWe were unable to transcribe this...

  • Please i need help with all parts of the questions, Thanks. 1. Jane's utility function defined...

    Please i need help with all parts of the questions, Thanks. 1. Jane's utility function defined over two goods r and y is U(x, y)y-a Her income is M and the prices of the two goods are pa and py. (a) Find the Marshallian demand curves. (b) Find the Hicksian demand curves. (c) Find the indirect utility function (d) Find the expenditure function (e) Determine the substitution and income effects for good r when ini- tially M = $100, pr-$10,...

  • just need parts e,f,g 2. Jane's utility function defined over two goods x and y is...

    just need parts e,f,g 2. Jane's utility function defined over two goods x and y is U (x,y) = x/2y12. Her income is M and the prices of the two goods are p, and p. (a) Find the Marshallian demand curves. (b) Find the Hicksian demand curves. (c) Find the indirect utility function. (d) Find the expenditure function. (e) Determine the substitution and income effects for good r when ini- tially M =$12, P. = $2.P, = $1, and then...

  • Can you please show the work? Thank you so much. I really appreciate it. 3) Suppose...

    Can you please show the work? Thank you so much. I really appreciate it. 3) Suppose that an individual with income I cares about two goods, X and Y. The price of the two goods is Px and Py. Suppose an individual have the following utility function: U(X,Y)- min(X,Y) a) Find the Marshallian demand for X and Y. b) Find the indirect utility function. c) Find the expenditure function using the relationship between the indirect utility function and the expenditure...

  • i need help with (b) and (c)!!! thank u!!!! Jeanette has the following utility function: U= a*In(x) + b*In(y), where...

    i need help with (b) and (c)!!! thank u!!!! Jeanette has the following utility function: U= a*In(x) + b*In(y), where a+b=1 a) For a given amount of income I, and prices Px. Py, find Jeanette's Marshallian demand functions for X and Y and her indirect utility function. (6 points) b) From now on, you can use the fact that the utility parameters are a=0.2 and b=0.8. Find the Hicksian demand functions and the corresponding expenditure function. (6 points) c) Suppose...

  • 19. If f(x, y, z) = 4x2 + 3xyz + 2y3z + Vz, find the value...

    19. If f(x, y, z) = 4x2 + 3xyz + 2y3z + Vz, find the value of °(3.) Y2) when x = 1, y=2, z= 3. дх 20. If u(x1, x2) = 18x1 + 3x2, find the value of MRS(8,13). (Don't forget to include a minus sign when entering your answer!) unit unit unit 21. Bryan consumes only goods 1, 2, and 3 (in quantities X1, X2, and xz respectively) and as preferences over (X1, X2, X3) bundles that are...

  • Utility maximization with more than two goods Suppose that there four goods Q, R, X and Y , avail...

    Utility maximization with more than two goods Suppose that there four goods Q, R, X and Y , available in arbitrary non-negative quantities (so the the consumption set is R 4 +). A typical consumption bundle is therefore a vector (q, r, x, y), where q ≥ 0 is the quantity of good Q, r ≥ 0 is the quantity of good R, x ≥ 0 is the quantity of good X, and y ≥ 0 is the quantity of...

  • There are many similar answers to this question, but this one is a different number, please...

    There are many similar answers to this question, but this one is a different number, please help to solve this one 1 Expenditure Minimization (10 points) Sally the Sleek's preferences can be described by the utility function U(x, y) - y2/1024. Prices are Pz 2 and py 4. (a) If Sally initially consumed 10 units of z and 5 units of y, how much could she save if she consumed 8 more (small) units of r and kept utility constant?1...

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