Please show me how to solve this problem and the steps on how you graphed it. I am lost.
Please show me how to solve this problem and the steps on how you graphed it....
4) A consumer’s utility function is u(x, y) = min{x, 3y} (a) Find the consumer’s optimal choice for x, y as functions of income I and prices px,py. (b) Sketch the demand curve for y as a function of other price px when py = 10, I = 100. Suggestion: a picture showing the budget set, optimal choice and indifference curve. (I need help with the sketching which is the second part)
Please solve question 7 using MRS and price ratio method. Please clarify the steps you use and slowly solve the problem. I am very lost. In Problems 5 - 7, you are given the utility function u(x, y), income I and two sets of prices: initial prices pa.Py and final prices prpy. For each problem, you are to find: (a) the optimal choice at the initial prices (b) the optimal choice at the final prices (c) the change optimal choice...
Please solve Question 6 using MRS and price ratio method. Please explain and clarify steps as I am completely lost with this problem. In Problems 5 - 7, you are given the utility function u(x, y), income I and two sets of prices: initial prices pa.Py and final prices prpy. For each problem, you are to find: (a) the optimal choice at the initial prices (b) the optimal choice at the final prices (c) the change optimal choice at final...
In Part (a) of Problems 1 - 3, you can use the results of HW 2 - you do not have to derive the optimal choice from scratch. (The point of these problems is the sketches of the demand functions.) 1) A consumer's utility function is u(x,y) 3 3 (a) Find the consumer's optimal choice for x, y as functions of income prices px, py and income 1. (b) Sketch the demand curve for x as a function of functions...
1) A consumer's utility function is 3r3 3y Prices are Pa-2,Py - 32 (a) Find the consumer's optimal choice for x, y as functions of income I (b) Sketch the demand curves for x, y as functions of income I.
4) A consumer's utility function is (a) Find the consumer's optimal choice for x, y as functions of income I and prices pa,Pv. 10 (b) Sketch the demand curve for y as a function of other price pz when py I-100
Textbook: Nicholson & Snyder, Microeconomic Theory, 12th edition. 1) A consumer's utility function is a(z, y) = (a) Find the consumer's optimal choice for x, y as functions of income prices Pa Py and income I. (b) Sketch the demand curve for r as a function of functions of its own price Pr when Py 16, I-256. (c) Sketch the demand curve for x as a function of the other price py when p,-1, 1 = 81.
i need help with part c!!!!!!!! plz show me how u solve it Michael has the following Utility function: U=X04Y06 a) For a given amount of income I, and prices Px, Py, find Michael 's Marshallian demand functions for X and Y b) Are and Y normal or inferior goods? c) Find the Hicksian demand functions. Vand V and the prices of these goods are Px
3) A consumer's utility function is u(x,y)22 (a) Find the consumer's optimal choice for x, y as functions of income I and (b) Sketch the demand curves for x, y as functions of income I when prices prices pa,Py. (Be careful!) are p 16,Py 2. (Be careful!)
2) A consumer's utility function is a(x,y) = (a) Find the consumer's optimal choice for x as a function of income I and prices px,Py' (b) Sketch the demand curve for x as a function of its own price Pz when py = 10, 1 = 100. (It may be easiest to plot a few points.)