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Consider my utility (U) functions for Qi and Q2: U-50Qi-2Q12 U2- 4002-4Q22 The market prices for...
Consider my utility(U) function for Q: U 60Q-30? (a) At what Q do I maximize U?...
Consider my utility(U) function for Q: U 60Q-30? (a) At what Q do I maximize U? (b) Graph the U function and directly below it graph my demand function for Q. (c) At the market price of PM 32, compute my: Total Utility (TU); Expenses (outlays); and Consumer Surplus (CS)
3) Consider the utility function U = 3FC. a. Carefully sketch the indifference curve for utility...
3) Consider the utility function U = 3FC. a. Carefully sketch the indifference curve for utility of 24. Label four market baskets on the indifference curve. (Hint: In Desmos, enter 24=3xy) b. Carefully sketch the indifference curve for utility of 48. Label four market baskets on the indifference curve. c. Which market basket gives highest utility: (0,10) or (2,8) or (5,5) or (9,2)? Rank the market baskets and identify them on your graph. 4) Consider the utility function U =...
Consider Anne from the previous question with the utility function U = X2Y2 and facing prices...
Consider Anne from the previous question with the utility function U = X2Y2 and facing prices Px and Py and income I. a. Write out the Lagrangian function used for deriving the compensated demand functions. b. Use the Lagrangian method to derive the compensated demand functions. Show your work.
Sally the Sleek’s preferences can be described by the utility function U(x, y) = x^2y^3/1000. Prices...
Sally the Sleek’s preferences can be described by the utility function U(x, y) = x^2y^3/1000. Prices are px = 4 and py = 3; she has an income of $80 to spend. (a) If Sally initially consumed 5 units of x and 20 units of y, how much additional utility does she get from spending one (small fraction of a) dollar more on good x? How much additional utility does she get from spending one (small fraction of a) dollar...
Question 1 Consider the following three utility functions defined over quantities of money. These functions are...
Question 1 Consider the following three utility functions defined over quantities of money. These functions are risk-neutral, risk-loving, and risk-averse. Match each utility function to its risk attitude u = x^2 [Choose) [Choose ] risk-averse risk loving risk-neutral u = log(x) [Choose ] u = x + 5 Consider two firms, a farm and a railroad, both of whom maximize expected profits. The railroad emits sparks from its engines which sometimes ignite fires on the farm. There is a 1/10...
5. (22 pts) Consider the three-commodity market model given by: Qi = 16 – 2p1 +...
5. (22 pts) Consider the three-commodity market model given by: Qi = 16 – 2p1 + 2p2 + P3 and Qi = 2p1 – 7 Q2 = 8+2p1 – P2 – P3 and Q2 = 4p2 – 4 Q% = 4+421 – P2 – 4p3 and Qs = 2p3 – 3 where Q4, Q and pi denote quantity demanded, quantity supplied and price of good i = 1, 2, 3, respectively. (a) What is the relationship among the three goods?...
4. consider the following utility functions a) for each of these utility function what is the equation of an indifferenc...
4. consider the following utility functions
a) for each of these utility function what is the equation of an
indifference curve ?
c) for each utility function show weather the function exhibits
the diminishing rate of substitution property
d) do the above utility function represent the same preference
ordering? why or why not?
c) Suppose the price of beer doubles, but the price of pizza and Tom's income stay the same. How much beer is Tom consuming as a percentage...
Consider a consumer whose utility function is given by U(x, y) = x^1/3 y^2/3, where x...
Consider a consumer whose utility function is given by U(x, y) = x^1/3 y^2/3, where x and y represent quantities of consumption of two consumer goods. (a) If the consumer’s income is $100 and the prices of x and y are both $1, how should the consumer maximize her utility? What is her maximum level of utility? (b) If the price of y rose to $2, what would be the resulting income and substitution effects? Illustrate your answer.
(8 points) Consider the following two market model Market 1: Q = 20 - P1+2Pz; Qi...
(8 points) Consider the following two market model Market 1: Q = 20 - P1+2Pz; Qi = 2P1 - 27 Market 2: Q9 = 18 – 2P, +3P; Q:= 2 + 4P, lave where Q' is the demand for good i and Q! is it's supply. Prepresents the price for good i. As you can see the the demand for a good is affected by not only its own price but also by the price of the other good. (a)...
PROBLEM #1 Consider a market with two firms that sell products that are identical. Su market dema...
PROBLEM #1 Consider a market with two firms that sell products that are identical. Su market demand is as follows: P-56-Q , where Q measures the total output produced by both firms (that is, Q=q +q.) and qi and q, are the quantities produced by firm 1 and firm 2, respectively. The per-unit cost of production is $6 for each firm, and so the firm's cost functions are 6q, and 6q, respectively. Each firm seeks to maximize profits. The firms...
Consider my utility(U) function for Q: U 60Q-30? (a) At what Q do I maximize U? (b) Graph the U function and directly below it graph my demand function for Q. (c) At the market price of PM 32, compute my: Total Utility (TU); Expenses (outlays); and Consumer Surplus (CS)
3) Consider the utility function U = 3FC. a. Carefully sketch the indifference curve for utility of 24. Label four market baskets on the indifference curve. (Hint: In Desmos, enter 24=3xy) b. Carefully sketch the indifference curve for utility of 48. Label four market baskets on the indifference curve. c. Which market basket gives highest utility: (0,10) or (2,8) or (5,5) or (9,2)? Rank the market baskets and identify them on your graph. 4) Consider the utility function U =...
Question 1 Consider the following three utility functions defined over quantities of money. These functions are risk-neutral, risk-loving, and risk-averse. Match each utility function to its risk attitude u = x^2 [Choose) [Choose ] risk-averse risk loving risk-neutral u = log(x) [Choose ] u = x + 5 Consider two firms, a farm and a railroad, both of whom maximize expected profits. The railroad emits sparks from its engines which sometimes ignite fires on the farm. There is a 1/10...
5. (22 pts) Consider the three-commodity market model given by: Qi = 16 – 2p1 + 2p2 + P3 and Qi = 2p1 – 7 Q2 = 8+2p1 – P2 – P3 and Q2 = 4p2 – 4 Q% = 4+421 – P2 – 4p3 and Qs = 2p3 – 3 where Q4, Q and pi denote quantity demanded, quantity supplied and price of good i = 1, 2, 3, respectively. (a) What is the relationship among the three goods?...
4. consider the following utility functions
a) for each of these utility function what is the equation of an
indifference curve ?
c) for each utility function show weather the function exhibits
the diminishing rate of substitution property
d) do the above utility function represent the same preference
ordering? why or why not?
c) Suppose the price of beer doubles, but the price of pizza and Tom's income stay the same. How much beer is Tom consuming as a percentage...
(8 points) Consider the following two market model Market 1: Q = 20 - P1+2Pz; Qi = 2P1 - 27 Market 2: Q9 = 18 – 2P, +3P; Q:= 2 + 4P, lave where Q' is the demand for good i and Q! is it's supply. Prepresents the price for good i. As you can see the the demand for a good is affected by not only its own price but also by the price of the other good. (a)...
PROBLEM #1 Consider a market with two firms that sell products that are identical. Su market demand is as follows: P-56-Q , where Q measures the total output produced by both firms (that is, Q=q +q.) and qi and q, are the quantities produced by firm 1 and firm 2, respectively. The per-unit cost of production is $6 for each firm, and so the firm's cost functions are 6q, and 6q, respectively. Each firm seeks to maximize profits. The firms...
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