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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(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
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)....
Lyndsay has utility given by u(2) -min IP, P2 -S1, and l $10, find Lyndsay's optimal...
Lyndsay has utility given by u(2) -min IP, P2 -S1, and l $10, find Lyndsay's optimal consumption of good1. (Hint: this is Leontief utility) x1 X2 3 7 Using the information from question 3, find Lyndsay's optimal of good 2.
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...
(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,...
h. U(1, 2 For the utility function above, find the consumer's optimal consumption bundle when prices...
h. U(1, 2 For the utility function above, find the consumer's optimal consumption bundle when prices of goods 1 and 2 are pl and p2, and the consumer has an income m. 1. 2. For the utility function above, find the consumer's optimal consumption bundle when prices of goods 1 and 2 are pl and p2, and the consumer has an endowment (el, e2) of the two goods. For each of your answers in question 2, write down the consumer...
* * 5. A consumer's preferences are given by the utility function U = x;'°*". The...
* * 5. A consumer's preferences are given by the utility function U = x;'°*". The price of good 1 is 3 and the price of 2 is 6, while her income is 36. The utility maximising bundle for the consumer is a. X* = 4, x* = 4 b. x1 = 4, x = 3 C. x1 = 2, x = 6 d. x1 = 8, x* = 2 e. None of the above * * N * *...
Lorelai's choice behavior can be represented by the utility function u(x1, 2) 0.9n(x)0.1x2. The prices of...
Lorelai's choice behavior can be represented by the utility function u(x1, 2) 0.9n(x)0.1x2. The prices of both xi 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, but at least linear in good x2) 2. Drawinwg indifference curves: you can copy down the graph on your paper using econgraphs. Set the preferences and parameters accordingly as given in the question. Click on...
d. U (1, ) (1a)(b-a For the utility function above, find the consumer's optimal consumption bundle...
d. U (1, ) (1a)(b-a For the utility function above, find the consumer's optimal consumption bundle when prices of goods 1 and 2 are pl and p2, and the consumer has an income m 1. 2. For the utility function above, find the consumer's optimal consumption bundle when prices of goods 1 and 2 are pl and p2, and the consumer has an endowment (el, e2) of the two goods For each of your answers in question 2, write down...
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
Lyndsay has utility given by u(2) -min IP, P2 -S1, and l $10, find Lyndsay's optimal consumption of good1. (Hint: this is Leontief utility) x1 X2 3 7 Using the information from question 3, find Lyndsay's optimal of good 2.
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...
(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,...
h. U(1, 2 For the utility function above, find the consumer's optimal consumption bundle when prices of goods 1 and 2 are pl and p2, and the consumer has an income m. 1. 2. For the utility function above, find the consumer's optimal consumption bundle when prices of goods 1 and 2 are pl and p2, and the consumer has an endowment (el, e2) of the two goods. For each of your answers in question 2, write down the consumer...
* * 5. A consumer's preferences are given by the utility function U = x;'°*". The price of good 1 is 3 and the price of 2 is 6, while her income is 36. The utility maximising bundle for the consumer is a. X* = 4, x* = 4 b. x1 = 4, x = 3 C. x1 = 2, x = 6 d. x1 = 8, x* = 2 e. None of the above * * N * *...
Lorelai's choice behavior can be represented by the utility function u(x1, 2) 0.9n(x)0.1x2. The prices of both xi 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, but at least linear in good x2) 2. Drawinwg indifference curves: you can copy down the graph on your paper using econgraphs. Set the preferences and parameters accordingly as given in the question. Click on...
d. U (1, ) (1a)(b-a For the utility function above, find the consumer's optimal consumption bundle when prices of goods 1 and 2 are pl and p2, and the consumer has an income m 1. 2. For the utility function above, find the consumer's optimal consumption bundle when prices of goods 1 and 2 are pl and p2, and the consumer has an endowment (el, e2) of the two goods For each of your answers in question 2, write down...
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