Please answer question 2 and show the work.
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Please answer question 2 and show the work.
This is Q1 and answer for Q1 needed...
Please answer the following question. Please show all your work/explanation. This question asks you to recall...
Please answer the following question. Please show all your work/explanation. This question asks you to recall what you know about how we study the choices of individual consumers. We will focus on an American tourist consumer in Tehran who must decide how many Persian Rugs (R) and how many ounces of Saffron (S) to purchase. Assume our consumer has complete, transitive preferences over Rugs and Saffron and prefers more to less. Explain in words the meaning of these assumptions. Draw...
1 [75 points; Chapter 5] You are to solve the consumer choice problem for three different...
1 [75 points; Chapter 5] You are to solve the consumer choice problem for three different consumers. Each consumer has $150 to spend (income) and faces prices Px = $2 and Py = $3 for goods X and Y. Consumers I, II, and III have utility functions U'(X, Y) = X? + Y, U"(X, Y) = X12 + Yl2, and UTM(X, Y) = X´Y, respectively. For each consumer, do the following steps. a [15 points] Carefully express the consumer's choice...
Show Working please 3. Calculate the MRS for EACH of the following utility functions. (Remember MRS...
Show Working please
3. Calculate the MRS for EACH of the following utility functions. (Remember MRS is always negative with a downward sloping indifference curve) a. U (x1,x2) = 3x1 + 4x2 b. U (x1,x2) = 3x1x3 c. U (x1, x2) = 4x - 4x2 d. U (x1, x2) = 16x{ x e. U(x,y) = 2 Vx+2,77 f. U(x,y) = 3x2 /y g. U(x,y) = 16x4y3 4. Explain the following in words making reference to the indifference curve. a. (3,3)...
For full points, don'just write final answer down -- show key steps to getting ir 1....
For full points, don'just write final answer down -- show key steps to getting ir 1. (chapter 4: demand) Imagine a representative consumer whose utility for food (,) and housing (,) can be represented by a Cobb-Douglas form. In a general way.graph a consumer's budget constraint and indifference curve given prices and and the budget 2. Replicate the graph from problem 1, but then additionally depict an increase in the commer's budget and how the optimal consumption budget would change...
( Microecomincs Book ) The Answers with Details Q1 Miriam is a college student who spends all of her w...
( Microecomincs Book )
The Answers with Details
Q1 Miriam is a college student who spends all of her weekly allowance of S100 (income) on entertainment (X) and health food (Y). P.-S10, Py = $5. and Miriam is originally in equilibrium at point A on the graph below. Ia. Write down the equation for Miriam's weekly budget constraint and label the intersections of the constraint line on the X-axis and on the Y-axis. Health Food (Y) Yi Entertainment (X) Question...
Suppose an individual’s utility function for two goods X and Y is givenby U(X,Y) = X^(3/4)Y^(1/4)...
Suppose an individual’s utility function for two goods X and Y is givenby U(X,Y) = X^(3/4)Y^(1/4) Denote the price of good X by Px, price of good Y by Py and the income of the consumer by I. a) (2 points) Write down the budget constraint for the individual. b) (4 points) Derive the marginal utilities of X and Y. c) (3 points) Derive the expression for the marginal rate of substitution of X for Y. Write down the tangency...
Question: Hi.I need your answer for all from A to G for this question 2*. Assume...
Question: Hi.I need your answer for all from A to G for this question 2*. Assume that Bob has a budget constraint p1x1 + p2x2 = m, and that his preferences are represented by the Cobb-Douglas utility function U(x1, x2) = x1 c x2 d , where c>0 and d>0. State Bob’s optimization (utility maximization) problem. a) Set up the Lagrangian function. b) Derive the necessary conditions (the first-order conditions) for an optimal interior solution. c) Show that the MRS...
Please show your work Problem 1. [30 points) Jane's favorite flowers are tulips I and roses...
Please show your work
Problem 1. [30 points) Jane's favorite flowers are tulips I and roses 22. Suppose P1 = 10, P2 = 5 and Y = 100. a) (5) Write down Jane's budget constraint (an inequality) and plot all Jane's affordable bundles on the graph (her budget set). Find the slope of a budget line (number). b) [5] Jane's utility function is given by U(11, 12) = V(Intı + ln 12)2 + 7 Propose a simpler utility function that...
Hi.I need your answer for all from A to G for this question 2*. Assume that...
Hi.I need your answer for all from A to G for this question 2*. Assume that Bob has a budget constraint p1x1 + p2x2 = m, and that his preferences are represented by the Cobb-Douglas utility function U(x1, x2) = x1 c x2 d , where c>0 and d>0. State Bob’s optimization (utility maximization) problem. a) Set up the Lagrangian function. b) Derive the necessary conditions (the first-order conditions) for an optimal interior solution. c) Show that the MRS (the...
4- Bart's utility of consuming firecrackers (X) and everything else (Y) can be shown as U(X,Y)...
4- Bart's utility of consuming firecrackers (X) and everything else (Y) can be shown as U(X,Y) = 2 X +Y His marginal rate of substitution can be shown as? MRS = 1/ JE Y is a composite good of everything-but-not-firecracker that Bart buys with $1. His daily income is $20, and the price of firecracker is 50 cents. a. *How many firecrackers will he buy? Use an X-Y graph and sketch the budget constraint and the indifference curve passing through...
1 [75 points; Chapter 5] You are to solve the consumer choice problem for three different consumers. Each consumer has $150 to spend (income) and faces prices Px = $2 and Py = $3 for goods X and Y. Consumers I, II, and III have utility functions U'(X, Y) = X? + Y, U"(X, Y) = X12 + Yl2, and UTM(X, Y) = X´Y, respectively. For each consumer, do the following steps. a [15 points] Carefully express the consumer's choice...
Show Working please
3. Calculate the MRS for EACH of the following utility functions. (Remember MRS is always negative with a downward sloping indifference curve) a. U (x1,x2) = 3x1 + 4x2 b. U (x1,x2) = 3x1x3 c. U (x1, x2) = 4x - 4x2 d. U (x1, x2) = 16x{ x e. U(x,y) = 2 Vx+2,77 f. U(x,y) = 3x2 /y g. U(x,y) = 16x4y3 4. Explain the following in words making reference to the indifference curve. a. (3,3)...
For full points, don'just write final answer down -- show key steps to getting ir 1. (chapter 4: demand) Imagine a representative consumer whose utility for food (,) and housing (,) can be represented by a Cobb-Douglas form. In a general way.graph a consumer's budget constraint and indifference curve given prices and and the budget 2. Replicate the graph from problem 1, but then additionally depict an increase in the commer's budget and how the optimal consumption budget would change...
( Microecomincs Book )
The Answers with Details
Q1 Miriam is a college student who spends all of her weekly allowance of S100 (income) on entertainment (X) and health food (Y). P.-S10, Py = $5. and Miriam is originally in equilibrium at point A on the graph below. Ia. Write down the equation for Miriam's weekly budget constraint and label the intersections of the constraint line on the X-axis and on the Y-axis. Health Food (Y) Yi Entertainment (X) Question...
Please show your work
Problem 1. [30 points) Jane's favorite flowers are tulips I and roses 22. Suppose P1 = 10, P2 = 5 and Y = 100. a) (5) Write down Jane's budget constraint (an inequality) and plot all Jane's affordable bundles on the graph (her budget set). Find the slope of a budget line (number). b) [5] Jane's utility function is given by U(11, 12) = V(Intı + ln 12)2 + 7 Propose a simpler utility function that...
4- Bart's utility of consuming firecrackers (X) and everything else (Y) can be shown as U(X,Y) = 2 X +Y His marginal rate of substitution can be shown as? MRS = 1/ JE Y is a composite good of everything-but-not-firecracker that Bart buys with $1. His daily income is $20, and the price of firecracker is 50 cents. a. *How many firecrackers will he buy? Use an X-Y graph and sketch the budget constraint and the indifference curve passing through...
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