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10. If u(x1,x2) = 44x{x}, what is the value of MRS(1, 6)? (Don't forget to include...
18. (20 points) Matt's utility is given by u(x,,x2) - minfx,, x2) + minfx3, x4 Which...
18. (20 points) Matt's utility is given by u(x,,x2) - minfx,, x2) + minfx3, x4 Which of the following four bundles (A, B, C, and D) will he most prefer? Bundles are written (x.x2,x3,x4) a. A b. B (2, 2, 2, 2) (6, 0, 0, 2) d. D (6,1,3, 1 af(x,y,z) 19. If f(x, y.z) 3x2 + 2xyz +8y*z + Vž, find o 692when x - 1. y 2, z 3 20. If u(x1, x2) -8x1 + 4x2, find the...
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...
What is the MRS for the following utility function U(x1, x2) = ln(x1) + ln(x1 +...
What is the MRS for the following utility function U(x1, x2) = ln(x1) + ln(x1 + x2) (show all the work). Does it satisfy the law of diminishing MRS?
What is the MRS of the utility function, u = x1 2/4 ∙ x2 1/4?
What is the MRS of the utility function, u = x1 2/4 ∙ x2 1/4?
What is the MRS of the utility function, u = x1 2/4 + x2 1/4 ?
What is the MRS of the utility function, u = x1 2/4 + x2 1/4 ?
1. Suppose U(X1, X2) = 2lnx, + 3lnx, and P, = 4, P2 = 1, and...
1. Suppose U(X1, X2) = 2lnx, + 3lnx, and P, = 4, P2 = 1, and m = 20. (15pts) a. Solve for the Utility maximizing amounts of x, and X2. b. Is this an interior or corner solution? c. Is the budget exhausted here? Yes/no d. Assume that the above prices and income have all doubled. How does this change your solution in a? e. Set up the Lagrangian for this problem (but do not solve it) 2. Suppose...
Matt's utility over consumption of goods 1, 2, 3, and 4 is given by +(+1, 12,...
Matt's utility over consumption of goods 1, 2, 3, and 4 is given by +(+1, 12, 13, 1s) = 2*2 + x2*4 How much utility will Matt get from consuming the bundle (1, 2, 1, 4)? Question 11 u (101, 102) = 3122 What is the value of MRS(4. 20)? (Don't forget to include a minus sign in your answer)
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...
Question 8 (1 point) Given that y = } (x1 + x2)c, what is y when...
Question 8 (1 point) Given that y = } (x1 + x2)c, what is y when x1 = 3, x2 = 5, and c = 6? Do not include y= in your answer. . BI U Format Question 7 (1 point) Find the equation of the line through (8,-6) which is perpendicular to the line y = -7. Give your answer in the form y = mx + b Format B I U Question 4 (1 point) Which of the...
1) Optimization problem 1 Max U(x, y) = x1^0.5 + x2^0.5 s.t. x1 + x2...
1) Optimization problem 1 Max U(x, y) = x1^0.5 + x2^0.5 s.t. x1 + x2 =16 Find the optimum bundle; check if there is a minimum or a maximum. 2) Give the interpretation of the expenditure function, explain and show its properties. Draw the diagram of the expenditure function. Derive the compensated demand function for x1 and x2 E( p, u) = p(p1. p2)^0,5 and the uncompensated demand function. 3) Derive the expenditure function when the direct utility function...
18. (20 points) Matt's utility is given by u(x,,x2) - minfx,, x2) + minfx3, x4 Which of the following four bundles (A, B, C, and D) will he most prefer? Bundles are written (x.x2,x3,x4) a. A b. B (2, 2, 2, 2) (6, 0, 0, 2) d. D (6,1,3, 1 af(x,y,z) 19. If f(x, y.z) 3x2 + 2xyz +8y*z + Vž, find o 692when x - 1. y 2, z 3 20. If u(x1, x2) -8x1 + 4x2, find the...
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...
1. Suppose U(X1, X2) = 2lnx, + 3lnx, and P, = 4, P2 = 1, and m = 20. (15pts) a. Solve for the Utility maximizing amounts of x, and X2. b. Is this an interior or corner solution? c. Is the budget exhausted here? Yes/no d. Assume that the above prices and income have all doubled. How does this change your solution in a? e. Set up the Lagrangian for this problem (but do not solve it) 2. Suppose...
Matt's utility over consumption of goods 1, 2, 3, and 4 is given by +(+1, 12, 13, 1s) = 2*2 + x2*4 How much utility will Matt get from consuming the bundle (1, 2, 1, 4)? Question 11 u (101, 102) = 3122 What is the value of MRS(4. 20)? (Don't forget to include a minus sign in your answer)
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...
Question 8 (1 point) Given that y = } (x1 + x2)c, what is y when x1 = 3, x2 = 5, and c = 6? Do not include y= in your answer. . BI U Format Question 7 (1 point) Find the equation of the line through (8,-6) which is perpendicular to the line y = -7. Give your answer in the form y = mx + b Format B I U Question 4 (1 point) Which of the...
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