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7. (4 Points) Describe what the marginal rate of substitution of X for Y (MRSxy) telle...
7. (4 Points) Describe what the marginal rate of substitution of X for Y (MRSxy) telle us about a consumer's preferences between the two goods. 8. (4 Points) Suppose you have preferences over two goods, bottles of wine (good X) and slices of pizza (good Y). Explain what it means that for the bundle A = (3.15), the MRSxy = 2 9. For this question, use the utility function U(X,Y)= XY. (a) (2 Points) What is the marginal utility of...
7. (4 Points) Describe what the marginal rate of substitution of x for Y (MRSxy) to...
7. (4 Points) Describe what the marginal rate of substitution of x for Y (MRSxy) to us about a consumer's preferences between the two goods. 8 (4 Points) Suppose you have preferences over two goods, bottles of wine (good X) and slices of pizza (good Y). Explain what it means that for the bundle A = (3, 15), the MRSxy = 2. 9. For this question, use the utility function U(X,Y)= XY. (a) (2 Points) What is the marginal utility...
PLEASE ANSWER QUESTIONS (E) and (F). I already got the answer for the other questions but the...
PLEASE ANSWER QUESTIONS (E) and (F). I already got the answer for the other questions but the expert did not answer questions E and F. Thank you! (Use this information to answer a, b, c below) Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 3X1/2Y1/2 . Suppose consumption bundle A consists of 10 units of X and 30 units of Y, and consumption bundle B consists of 40 units of X and 20 units...
Question: Suppose your utility function from a given bundle of goods, (x.y), isWex.y) (y) (a) Suppose...
Question: Suppose your utility function from a given bundle of goods, (x.y), isWex.y) (y) (a) Suppose y 1. Make a table showing your utility for x 1, x-2x-3' and x (b) Is utility increasing from more units of x? (c) Is marginal utility increasing from more units of x? (d) Derive the equation describing the marginal utility for x, Mu (e) Plot a representative indifference curve that includes 3 bundles of goods of your choosing. Include on your graph the...
1. Price of x is 12 and price of y is 8. Answer the following questions...
1. Price of x is 12 and price of y is 8. Answer the following questions for a consumer who earns $600 and whose preference can be represented with the utility functions U(x,y) x0.4y0.6 = a) Write down the utility maximization problem. (2 points) b) Does the utility function represent convex preference? Explain. (2 points) c) Write down the budget constraint. What is the slope of the budget line? (2 points) d) What is the slope of the indifference curve...
For each of these utility functions, b. Compute the MRS. c. Do these tastes have...
For each of these utility functions,
b. Compute the MRS.
c. Do these tastes have diminishing marginal rates of
substitution? Are they convex?
d. Construct an indifference curve for each of these functions
for utility numbers U1 = 10 , U2 = 100 , U3 = 200 .
e. Do these utility functions represent different preference
orderings?
1. Consider the following utility functions: (i) U(x,y)- 6xy, (ii) U(x,y)=(1/5)xy, MU,--y and MU,--x ii) U(x,y)-(2xy)M 8xy2 and MUy -8x2y MU,-6y and...
(Use this information to answer a, b, c below) Suppose Mary’s utility function for two goods...
(Use this information to answer a, b, c below) Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 3X1/2Y1/2 . Suppose consumption bundle A consists of 10 units of X and 30 units of Y, and consumption bundle B consists of 40 units of X and 20 units of Y. a. Consumption bundle A lies on a higher/lower/same indifference curve than consumption bundle B. Show computations. b. Compute Mary’s MRSxy at consumption bundle A....
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution...
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. a) The consumers utility function is given...
* Note: The most relevant sections of the textbook are 3.1 and 3.2 but the material...
* Note: The most relevant sections of the textbook are 3.1 and 3.2 but the material builds on earlier content 1) Suppose that Nadeem has the same utility function as Lisa did in assignment 1 of U(x,y) - x""ybut the two goods are chickpea curry units/wk (represented by x) and rice units/wk (represented by y). As before, his marginal utility functions for x and y are respectively: MU_(x,y)==0)** [2] and MU,(x, y) =*)*** [2] In assignment 1, the marginal rate...
10. For this question, use the utility function U(X,Y)= In(X) + 3 In(Y). (a) (2 Points)...
10. For this question, use the utility function U(X,Y)= In(X) + 3 In(Y). (a) (2 Points) What is the marginal utility of X? (b) (2 Points) What is the marginal utility of Y? (c) (2 Points) What is the marginal rate of substitution of X for Y? (d) (2 Points) What is the equation for the slope of the indifference curves?
7. (4 Points) Describe what the marginal rate of substitution of X for Y (MRSxy) telle us about a consumer's preferences between the two goods. 8. (4 Points) Suppose you have preferences over two goods, bottles of wine (good X) and slices of pizza (good Y). Explain what it means that for the bundle A = (3.15), the MRSxy = 2 9. For this question, use the utility function U(X,Y)= XY. (a) (2 Points) What is the marginal utility of...
7. (4 Points) Describe what the marginal rate of substitution of x for Y (MRSxy) to us about a consumer's preferences between the two goods. 8 (4 Points) Suppose you have preferences over two goods, bottles of wine (good X) and slices of pizza (good Y). Explain what it means that for the bundle A = (3, 15), the MRSxy = 2. 9. For this question, use the utility function U(X,Y)= XY. (a) (2 Points) What is the marginal utility...
Question: Suppose your utility function from a given bundle of goods, (x.y), isWex.y) (y) (a) Suppose y 1. Make a table showing your utility for x 1, x-2x-3' and x (b) Is utility increasing from more units of x? (c) Is marginal utility increasing from more units of x? (d) Derive the equation describing the marginal utility for x, Mu (e) Plot a representative indifference curve that includes 3 bundles of goods of your choosing. Include on your graph the...
1. Price of x is 12 and price of y is 8. Answer the following questions for a consumer who earns $600 and whose preference can be represented with the utility functions U(x,y) x0.4y0.6 = a) Write down the utility maximization problem. (2 points) b) Does the utility function represent convex preference? Explain. (2 points) c) Write down the budget constraint. What is the slope of the budget line? (2 points) d) What is the slope of the indifference curve...
For each of these utility functions,
b. Compute the MRS.
c. Do these tastes have diminishing marginal rates of
substitution? Are they convex?
d. Construct an indifference curve for each of these functions
for utility numbers U1 = 10 , U2 = 100 , U3 = 200 .
e. Do these utility functions represent different preference
orderings?
1. Consider the following utility functions: (i) U(x,y)- 6xy, (ii) U(x,y)=(1/5)xy, MU,--y and MU,--x ii) U(x,y)-(2xy)M 8xy2 and MUy -8x2y MU,-6y and...
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. a) The consumers utility function is given...
* Note: The most relevant sections of the textbook are 3.1 and 3.2 but the material builds on earlier content 1) Suppose that Nadeem has the same utility function as Lisa did in assignment 1 of U(x,y) - x""ybut the two goods are chickpea curry units/wk (represented by x) and rice units/wk (represented by y). As before, his marginal utility functions for x and y are respectively: MU_(x,y)==0)** [2] and MU,(x, y) =*)*** [2] In assignment 1, the marginal rate...
10. For this question, use the utility function U(X,Y)= In(X) + 3 In(Y). (a) (2 Points) What is the marginal utility of X? (b) (2 Points) What is the marginal utility of Y? (c) (2 Points) What is the marginal rate of substitution of X for Y? (d) (2 Points) What is the equation for the slope of the indifference curves?
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