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1. Carefully sketch the indifference curves corresponding to the utility functions and the utility levels...
For which of the following utility functions will the corresponding indifference curves slope downward at an...
For which of the following utility functions will the corresponding indifference curves slope downward at an increasing rate? a. ?= -X1/2 +Y2 b. ? = −?2 − ?2 c. ? = ?1/3Y2/3 d. ? = ?2/X1/2
For each of the following utility functions, draw an indifference map with 3 indifference curves. Be...
For each of the following utility functions, draw an indifference map with 3 indifference curves. Be sure to label your axes, and label your curves as IC1, IC2, and IC3, where U1 < U2 < U3. (5 points each) a. ?(?, ?) = 3? + 5? b. ?(?, ?) = ? 2 + ? 2 c. ?(?, ?) = −? 2 + ln(?) d. ?(?, ?) = min(3?, 5?)
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 functions, i) pick three utility levels and draw the precise indifference...
For each of the following functions, i) pick three utility levels and draw the precise indifference curves that are associated with the levels of your choice, ii) label the utility level of the lines--you cannot just draw random lines and assign arbitrary utility levels, and iii) give the name of preferences they represent (hint: see figures in textbook chapter 3) 2. u(x,2) -min(xi,x2) 5. u(xi, x2) -xjx2
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 =...
For each of the following functions, i) pick three utility levels and draw the precise indifference...
For each of the following functions, i) pick three utility levels and draw the precise indifference curves that are associated with the levels of your choice, ii) label the utility level of the lines -- you cannot just draw random lines and assign arbitrary utility levels, and iii) give the name of preferences they represent (hint: see figures in textbook chapter 3). 1. u(x1, 12) = I1 + 2.12 2. u(21, 22) = min(21, 22) 3. u(x1,22) = 21 4....
3) On ONE sketch, show the indifference curves through the point (1,1) for the following utility...
3) On ONE sketch, show the indifference curves through the point (1,1) for the following utility functions (a) ua(x,y)-12y/2 (b) ub(z, y)=x1/2+91/2 (b) tle(x, y) = z1/4 + yi/4 (d) ud(x, y)--1/x - 1/y
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
1. Consider the following utility functions (a) For each of these utility functions: i. Find the...
1. Consider the following utility functions (a) For each of these utility functions: i. Find the marginal utility of each good. Are the preferences mono- tone? ii. Find the marginal rate of substitution (MRS) iii. Define an indifference curve. Show that each indifference curve (for some positive level of utility) is decreasing and convex. (b) For the utility function u2(x1, x2), can you find another utility function that represents the same preferences? Find the relevant monotone trans formation f(u) (c)...
.Use separate graphs to sketch two indifference curves for people with each of the following utility...
.Use separate graphs to sketch two indifference curves for people with each of the following utility functions: U(x, y) = x + 2y. U(x, y) = min{x,2y}. What type of preferences are represented by a utility function of the form U(x, y) = square root of x+y? What about the utility function V(x,y) = 13x+13y? Consider the utility function u(x,y) = ?^2 ?^3. What kind of preferences does it represent? Is the function v(x,y) = ?^4 ?^5 a monotonic transformation...
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 functions, i) pick three utility levels and draw the precise indifference curves that are associated with the levels of your choice, ii) label the utility level of the lines--you cannot just draw random lines and assign arbitrary utility levels, and iii) give the name of preferences they represent (hint: see figures in textbook chapter 3) 2. u(x,2) -min(xi,x2) 5. u(xi, x2) -xjx2
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 =...
For each of the following functions, i) pick three utility levels and draw the precise indifference curves that are associated with the levels of your choice, ii) label the utility level of the lines -- you cannot just draw random lines and assign arbitrary utility levels, and iii) give the name of preferences they represent (hint: see figures in textbook chapter 3). 1. u(x1, 12) = I1 + 2.12 2. u(21, 22) = min(21, 22) 3. u(x1,22) = 21 4....
3) On ONE sketch, show the indifference curves through the point (1,1) for the following utility functions (a) ua(x,y)-12y/2 (b) ub(z, y)=x1/2+91/2 (b) tle(x, y) = z1/4 + yi/4 (d) ud(x, y)--1/x - 1/y
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
1. Consider the following utility functions (a) For each of these utility functions: i. Find the marginal utility of each good. Are the preferences mono- tone? ii. Find the marginal rate of substitution (MRS) iii. Define an indifference curve. Show that each indifference curve (for some positive level of utility) is decreasing and convex. (b) For the utility function u2(x1, x2), can you find another utility function that represents the same preferences? Find the relevant monotone trans formation f(u) (c)...
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