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4. Graph a typical indifference curve for the following utility functions and determine whether they have...
Graph an indifference curve (IC) for the following utility functions and determine whether they obey the...
Graph an indifference curve (IC) for the following utility
functions and determine whether they obey the assumption of
diminishing MRS.
U(x, y) = In x + In y
For each of the following utility functions, draw an indifference map with 3 in curves. Be...
For each of the following utility functions, draw an indifference map with 3 in curves. Be sure to label your axes, and label your curves as IC1, IC2, and ICs, where difference 1 U2 U (X,Y)=3X+5Y U3. (5 points each) a. U(X, Y) U(X, Y) -X2 + ln(Y) min(3X,5Y) c. d.
For each of the following utility functions: Calculate MUx, MUy, MRSx,y; determine whether or not the...
For each of the following utility functions: Calculate MUx, MUy, MRSx,y; determine whether or not the property of “more is better” is satisfied for both goods; determine whether or not the marginal utility of x diminishes, remains constant, or increases as the consumer buys more x; determine whether or not the marginal rate of substitution diminishes, remains constant, or increases as the consumer substitutes x for y along an indifference curve; and sketch the graph of a typical indifference curve....
4. [25 POINTS]Use separate graphs to draw indifference curves for each of the following utility functions: (a) 6 POINTS...
4. [25 POINTS]Use separate graphs to draw indifference curves for each of the following utility functions: (a) 6 POINTS] U (x, y) = min{2x + y, 2y + x}. (b) [6 PoINts] U (x,y) = max{2.x + y, 2y + x}. (c) 6 POINTS] U (x,y) = x + min {x, y}. (d) 7 POINTS] In which of these cases are preferences convex?
4. [25 POINTS]Use separate graphs to draw indifference curves for each of the following utility functions: (a)...
Question 1 For the following utility functions (3 pts each for a, b, and c): •...
Question 1 For the following utility functions (3 pts each for a, b, and c): • Find the marginal utility of each good at the point (5, 5) and at the point (5, 15) • Determine whether the marginal utility decreases as consumption of each good increases (i.e., does the utility function exhibit diminishing marginal utility in each good?) • Find the marginal rate of substitution at the point (5, 5) and at the point (5, 15) • Discuss how...
1. Two consumers, Amr and Chris, have utility functions that depend on their consumption of 2...
1. Two consumers, Amr and Chris, have utility functions that depend on their consumption of 2 goods: Books on Monetary Economics (M), and Books on Economic Development (D): Amr's Utility M5D5 and Chris's Utility M2D c. Graph Amr's indifference curves for = 8 and U-18 with D on the horizontal axis. d. Graph Chris's indifference curves for U 8 and U -18 with D on the horizontal axis. e. Find a place where Amr's and Chris's indifference curves intersect, which...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
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.
carefully 1. Carefully sketch the indifference curves corresponding to the utility functions and the utility levels...
carefully
1. Carefully sketch the indifference curves corresponding to the utility functions and the utility levels given below (a) u1 2 and ug 8. (b) ulxi,x) x u8 and ug 512. (c) 2 ules,)InIns u1 0.6931 and ug 2.0794. 4 1. Carefully sketch the indifference curves corresponding to the utility functions and the utility levels given below. (a) u(x1,x2) xx u1 2 and u2 = 8. (b) u(x1,x2) x1x; u1 8 and u2 =512. (c) 2 u(x1,x2)=Inx1 +Inx2; u1 0.6931...
4. Problems 3.4 One way to show convexity of indifference curves is to show that for...
4. Problems 3.4 One way to show convexity of indifference curves is to show that for any two points (xi, yi) and (x2, y2) on an indifference curve that promises U -k, the utility associated with(, 2) is at least as great as k. In other words, one way to show convexity is to show that the following conditions hold and The following graph shows an indifference curve for the utility function U(x,y)-min(x,y), where U x,y) = min(x)) points (xı...
Graph an indifference curve (IC) for the following utility
functions and determine whether they obey the assumption of
diminishing MRS.
U(x, y) = In x + In y
For each of the following utility functions, draw an indifference map with 3 in curves. Be sure to label your axes, and label your curves as IC1, IC2, and ICs, where difference 1 U2 U (X,Y)=3X+5Y U3. (5 points each) a. U(X, Y) U(X, Y) -X2 + ln(Y) min(3X,5Y) c. d.
4. [25 POINTS]Use separate graphs to draw indifference curves for each of the following utility functions: (a) 6 POINTS] U (x, y) = min{2x + y, 2y + x}. (b) [6 PoINts] U (x,y) = max{2.x + y, 2y + x}. (c) 6 POINTS] U (x,y) = x + min {x, y}. (d) 7 POINTS] In which of these cases are preferences convex?
4. [25 POINTS]Use separate graphs to draw indifference curves for each of the following utility functions: (a)...
1. Two consumers, Amr and Chris, have utility functions that depend on their consumption of 2 goods: Books on Monetary Economics (M), and Books on Economic Development (D): Amr's Utility M5D5 and Chris's Utility M2D c. Graph Amr's indifference curves for = 8 and U-18 with D on the horizontal axis. d. Graph Chris's indifference curves for U 8 and U -18 with D on the horizontal axis. e. Find a place where Amr's and Chris's indifference curves intersect, which...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
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.
carefully
1. Carefully sketch the indifference curves corresponding to the utility functions and the utility levels given below (a) u1 2 and ug 8. (b) ulxi,x) x u8 and ug 512. (c) 2 ules,)InIns u1 0.6931 and ug 2.0794. 4 1. Carefully sketch the indifference curves corresponding to the utility functions and the utility levels given below. (a) u(x1,x2) xx u1 2 and u2 = 8. (b) u(x1,x2) x1x; u1 8 and u2 =512. (c) 2 u(x1,x2)=Inx1 +Inx2; u1 0.6931...
4. Problems 3.4 One way to show convexity of indifference curves is to show that for any two points (xi, yi) and (x2, y2) on an indifference curve that promises U -k, the utility associated with(, 2) is at least as great as k. In other words, one way to show convexity is to show that the following conditions hold and The following graph shows an indifference curve for the utility function U(x,y)-min(x,y), where U x,y) = min(x)) points (xı...
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