Homework Answers
As per HOMEWORKLIB RULES in case of multiple questions only the first question is to be answered
Kindly ask rest of the questions in a separate post
Add Answer to:
1. Solve the maximization problem: mary = 29.252.0,75 s.t.100 – 2.11 - 4.02 = 0 (1)...
1. Solve the maximization problem: maxy = 20,25,975 s.t.100 - 201 - 4x2 = 0 (1)...
1. Solve the maximization problem: maxy = 20,25,975 s.t.100 - 201 - 4x2 = 0 (1) 2. Suppose that Jeff cares only about basketball (B) and football (F). His utility function is U =B04F06 The price of a basketball ticket is $5, and the price of a football ticket is $10. Jeff has a budget of $100. What is the solution to Bruce's maximization problem? 3. Find level set and tangent line at (1,1) of the function: y = x...
M 4. Consider the utility maximization problem max U(x,y) = x +y s.t. x + 4y...
M 4. Consider the utility maximization problem max U(x,y) = x +y s.t. x + 4y = 100. (a) Using the Lagrange method, find the quantities demanded of the two goods. (b) Suppose income increases from 100 to 101. What is the exact increase in the optimal value of U(x, y)? Compare with the value found in (a) for the Lagrange multiplier. (C) Suppose we change the budget constraint to px + y = m, but keep the same utility...
1. Consider the utility maximization problem max ?^? + ? s.t. ?? + ? = ? (i.e., the price of good ? is 1), where the co...
1. Consider the utility maximization problem max ?^? + ? s.t. ?? + ? = ? (i.e., the price of good ? is 1), where the constants ?, ?, and ? are positive, and the constant ? ∈ (0,1). A. Find the (Marshallian) demand functions, ?∗(?,?) and ?∗(?,?). B. Find the partial derivatives of the demand functions w.r.t. ? and ?, and check their signs. C. Set ? = 1/2. What are the demand functions in this case? What is...
Question 1. Suppose that Bruce cares only about barbecued chicken (B) and fish (F). His utility...
Question 1. Suppose that Bruce cares only about barbecued chicken (B) and fish (F). His utility function is u = 30.470.6. The price of barbecued chicken is $5, and the price of fish is $10. Bruce has a budget of $100. (a) Write down the consumers maximization problem. (b) What are the consumption quantities of B and F that will maximize Bruce's utility?
9. Consider the utility maximization problem max x + y s.t. px + y =m, where...
9. Consider the utility maximization problem max x + y s.t. px + y =m, where the constants p, 9, and m are positive, and the constant a € (0,1). (a) Find the demand functions, x* (p, m) and y* (p, m). (b) Find the partial derivatives of the demand functions w.r.t. p and m, and check their signs. (c) How does the optimal expenditure on the x good vary with p?8 (d) Put a = 1/2. What are the...
L I L I JUNULUI! SM 4. Consider the utility maximization problem max U(x,y) = (x...
L I L I JUNULUI! SM 4. Consider the utility maximization problem max U(x,y) = (x + y s.t. x+4y= 100. (a) Using the Lagrange method, find the quantities demanded of the two goods. (1) Suppose income increases from 100 to 101. What is the exact increase in the optimal value of U(x,y)? Compare with the value found in (a) for the Lagrange multiplier (c) Suppose we change the budget constraint to px + 4y=m, but keep the same utility...
6. Consider the following constrained maximization problem: 2 5 tu (х, у) x7y7 max х,у s.t...
6. Consider the following constrained maximization problem: 2 5 tu (х, у) x7y7 max х,у s.t Рxх + pуy < м 3, py = 4, M = 12. Answer the following questions with px a. Write down the Lagrangian function b. Derive the first order conditions c. Derive the optimality condition from those conditions d. Write the other optimality condition (since there should be two in order for us to solve for two unknowns) e. Find the optimal values for...
Suppose the following equations represent an individual’s utility maximization problem: U(X,Y) = X0.5 + Y0.5 And the bu...
Suppose the following equations represent an individual’s utility maximization problem: U(X,Y) = X0.5 + Y0.5 And the budget constraint is: I = PxX + PyY (a) Set up the individual’s maximization problem using the Lagrange technique. (b) Find the individual’s demand function for X and Y (Derive from first order condition). (c) Find the indirect utility function. (d) Find the expenditure function. (e) Find the share of X and Y on expenditure. (f) Find the marginal utility of income.
14. Suppose Jack has an income of $12 to buy two goods: sandwiches and sodas. The...
14. Suppose Jack has an income of $12 to buy two goods: sandwiches and sodas. The price of a bottle of soda is $1, and the price of a sandwich is $2. Draw Jack’s budget line (BL1) given his income is $12. (Measure sodas on the X-axis and sandwiches on the Y-axis.) Assume Jack’s utility function is U(x,y)=xy (x is the consumption amount of sodas and y is the consumption amount of sandwiches). Jack’s marginal utility of consuming sodas and...
1. Consider the utility maximization problem maxx+a Iny s.l. px + 4y = m, where 0...
1. Consider the utility maximization problem maxx+a Iny s.l. px + 4y = m, where 0 <a<m/p. (a) Find the solution (** y*). (b) Find the indirect utility function U*p,,m,a), and compute its partial derivatives wrtp, m, and a (c) Verify the envelope theorem.
1. Solve the maximization problem: maxy = 20,25,975 s.t.100 - 201 - 4x2 = 0 (1) 2. Suppose that Jeff cares only about basketball (B) and football (F). His utility function is U =B04F06 The price of a basketball ticket is $5, and the price of a football ticket is $10. Jeff has a budget of $100. What is the solution to Bruce's maximization problem? 3. Find level set and tangent line at (1,1) of the function: y = x...
M 4. Consider the utility maximization problem max U(x,y) = x +y s.t. x + 4y = 100. (a) Using the Lagrange method, find the quantities demanded of the two goods. (b) Suppose income increases from 100 to 101. What is the exact increase in the optimal value of U(x, y)? Compare with the value found in (a) for the Lagrange multiplier. (C) Suppose we change the budget constraint to px + y = m, but keep the same utility...
Question 1. Suppose that Bruce cares only about barbecued chicken (B) and fish (F). His utility function is u = 30.470.6. The price of barbecued chicken is $5, and the price of fish is $10. Bruce has a budget of $100. (a) Write down the consumers maximization problem. (b) What are the consumption quantities of B and F that will maximize Bruce's utility?
9. Consider the utility maximization problem max x + y s.t. px + y =m, where the constants p, 9, and m are positive, and the constant a € (0,1). (a) Find the demand functions, x* (p, m) and y* (p, m). (b) Find the partial derivatives of the demand functions w.r.t. p and m, and check their signs. (c) How does the optimal expenditure on the x good vary with p?8 (d) Put a = 1/2. What are the...
L I L I JUNULUI! SM 4. Consider the utility maximization problem max U(x,y) = (x + y s.t. x+4y= 100. (a) Using the Lagrange method, find the quantities demanded of the two goods. (1) Suppose income increases from 100 to 101. What is the exact increase in the optimal value of U(x,y)? Compare with the value found in (a) for the Lagrange multiplier (c) Suppose we change the budget constraint to px + 4y=m, but keep the same utility...
6. Consider the following constrained maximization problem: 2 5 tu (х, у) x7y7 max х,у s.t Рxх + pуy < м 3, py = 4, M = 12. Answer the following questions with px a. Write down the Lagrangian function b. Derive the first order conditions c. Derive the optimality condition from those conditions d. Write the other optimality condition (since there should be two in order for us to solve for two unknowns) e. Find the optimal values for...
1. Consider the utility maximization problem maxx+a Iny s.l. px + 4y = m, where 0 <a<m/p. (a) Find the solution (** y*). (b) Find the indirect utility function U*p,,m,a), and compute its partial derivatives wrtp, m, and a (c) Verify the envelope theorem.
Most questions answered within 3 hours.
-
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 2 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 3 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 3 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 3 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 3 hours ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 3 hours ago -
A manufacturer of banana chips would like to know whether its
bag filling machine works correctly...
asked 3 hours ago -
Complete the chapter case, "Turnover Analysis".
Chapter Case
Turnover Analysis
You recently completed your company’s new...
asked 3 hours ago -
What is the pH of solutions having the following H3O+
concentrations? Identify each as acidic, basic,...
asked 4 hours ago -
How does over-voltage of the diode usually occur?
asked 4 hours ago -
If you step on a dirty nail, your doctor will recommend you
update your Tetanus vaccination....
asked 4 hours ago -
Suppose that decreases in the price of milk lead to decrease s
in the retail prices...
asked 4 hours ago