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3. Find the equation for the indifference curve through (8,2) when the utility function is U...
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 =...
Richie’s utility function is given by U=5X+2Y. Draw Richie’s indifference curve when U=10. What is the...
Richie’s utility function is given by U=5X+2Y. Draw Richie’s indifference curve when U=10. What is the marginal rate of substitution of X for Y? What is the marginal rate of substitution when X=1 and Y=5? When X=2 and Y=2.5?
4) Consider the utility function U = 2F + 5C. a. Carefully sketch the indifference curve...
4) Consider the utility function U = 2F + 5C. a. Carefully sketch the indifference curve for utility of 20. Label four market baskets on the indifference curve. (Hint: In Desmos, enter 20=2x+5y) b. Carefully sketch the indifference curve for utility of 40. 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.
4. Consider the utility function U(x, y) = x + ln y. (a) Find the marginal...
4. Consider the utility function U(x, y) = x + ln y. (a) Find the marginal rate of substitution, MRS of this function. Interpret the result (b) Find the equation of the indifference curve for this function (c) Compare the marginal utility of x and y. How do you interpret these functions? How might a consumer choose between x and y as she tries to increase utility by, for example, consuming more when their income increases?
please answer all questions 2. Draw the graph of an indifference curve map for the utility...
please answer all questions
2. Draw the graph of an indifference curve map for the utility function U(X,Y)= XY. Put good X on X-axis and good Y on Y-axis. Draw at least 3 indifference curves and label the utility level for each indifference curve. Explain why or why not do the indifference curves cross each other on the map.
4. Consider the utility function U(x,y) -Iny (a) Find the marginal rate of substitution, MRS of...
4. Consider the utility function U(x,y) -Iny (a) Find the marginal rate of substitution, MRS of this function. Interpret the result (b) Find the equation of the indifference curve for this function (c) Compare the marginal utility of x and y. How do you interpret these functions? How might a consumer choose between z and y as she tries to increase utility by, for example, consuming more when their income increases?
3. Suppose the utility function for two goods, x and y, is: U = U(x,y) =...
3. Suppose the utility function for two goods, x and y, is: U = U(x,y) = xłyż. a. Graph the indifference curve for U = 10. b. If x = 5, what must y equal to be on the U = 10 indifference curve? What is the MRS at this point? c. Derive a general expression for the MRS for this utility function. Show how it can be interpreted as the ratio of the marginal utilities. d. Does this individual...
Question 6 (Utility). Suppose a consumer's utility function is given by U(x, x)=x7x2 Draw an indifference...
Question 6 (Utility). Suppose a consumer's utility function is given by U(x, x)=x7x2 Draw an indifference curve with a value of 10 and an indifference curve with a value of 16. Label two points on each indifference curve as well as the axes. a) b) What is the marginal utility with respect to xi? What is the marginal utility with respect to x? What is the
8. Problems 3.8 k1/6 Suppose indifference curves for a utility function U are given by z...
8. Problems 3.8 k1/6 Suppose indifference curves for a utility function U are given by z --kısx-usy-As. The utility function U k associated with these indifference curves is Suppose indifference curves for a utility function U are given by y 0.51/x2 - 4 (x2-k) -0.5x The utility function U k associated with these indifference curves is Suppose indifference curves for a utility function U are given by z-- 2x The utility function U k associated with these indifference curves is
Let basket A be (x, y) = (4, 3). For each of the following utility functions...
Let basket A be (x, y) = (4, 3). For each of the following utility functions (a-d), answer the following questions (iiv): i) Determine the utility at basket A ii) Write out the equation for the indifference curve that basket A lies on. (simplify to y equals some function of x) iii) Find 3 other points that lie on the same indifference curve as A. iv) Calculate the MRSx,y at basket A and give an economic interpretation of what the...
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 =...
4) Consider the utility function U = 2F + 5C. a. Carefully sketch the indifference curve for utility of 20. Label four market baskets on the indifference curve. (Hint: In Desmos, enter 20=2x+5y) b. Carefully sketch the indifference curve for utility of 40. 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.
4. Consider the utility function U(x, y) = x + ln y. (a) Find the marginal rate of substitution, MRS of this function. Interpret the result (b) Find the equation of the indifference curve for this function (c) Compare the marginal utility of x and y. How do you interpret these functions? How might a consumer choose between x and y as she tries to increase utility by, for example, consuming more when their income increases?
please answer all questions
2. Draw the graph of an indifference curve map for the utility function U(X,Y)= XY. Put good X on X-axis and good Y on Y-axis. Draw at least 3 indifference curves and label the utility level for each indifference curve. Explain why or why not do the indifference curves cross each other on the map.
4. Consider the utility function U(x,y) -Iny (a) Find the marginal rate of substitution, MRS of this function. Interpret the result (b) Find the equation of the indifference curve for this function (c) Compare the marginal utility of x and y. How do you interpret these functions? How might a consumer choose between z and y as she tries to increase utility by, for example, consuming more when their income increases?
3. Suppose the utility function for two goods, x and y, is: U = U(x,y) = xłyż. a. Graph the indifference curve for U = 10. b. If x = 5, what must y equal to be on the U = 10 indifference curve? What is the MRS at this point? c. Derive a general expression for the MRS for this utility function. Show how it can be interpreted as the ratio of the marginal utilities. d. Does this individual...
Question 6 (Utility). Suppose a consumer's utility function is given by U(x, x)=x7x2 Draw an indifference curve with a value of 10 and an indifference curve with a value of 16. Label two points on each indifference curve as well as the axes. a) b) What is the marginal utility with respect to xi? What is the marginal utility with respect to x? What is the
8. Problems 3.8 k1/6 Suppose indifference curves for a utility function U are given by z --kısx-usy-As. The utility function U k associated with these indifference curves is Suppose indifference curves for a utility function U are given by y 0.51/x2 - 4 (x2-k) -0.5x The utility function U k associated with these indifference curves is Suppose indifference curves for a utility function U are given by z-- 2x The utility function U k associated with these indifference curves is
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