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QUESTION 21 2.5 points Jane's utility function on bundles of two commotities (xy) is given by:...
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...
Question 5 2 pts Consider the utility function given by u(x, y) = xy. Which of...
Question 5 2 pts Consider the utility function given by u(x, y) = xy. Which of the following is the correct expression for the indirect utility function associated with these preferences? (hint: solve the UMP) V (PE, Py, I) = p.png O none of the other answer choices are correct o V (Pa, Py, 1) = 2 PEPA V (pas Py, I) = 1PER,
Sally consumes two goods, X and Y. Her preferences over consumption bundles are repre- sented by the utility function r...
Sally consumes two goods, X and Y. Her preferences over consumption bundles are repre- sented by the utility function r, y)- .5,2 where denotes the quantity of good X and y denotes the quantity of good Y. The current market price for X is px 10 while the market price for Y is Pr = $5. Sally's current income is $500. (a) Write the expression for Sally's budget constraint. (1 point) (b) Find the optimal consumption bundle that Sally will...
1. Consider an agent with preferences represented by the utility function: u(x,y) = xy (a) For...
1. Consider an agent with preferences represented by the utility function: u(x,y) = xy (a) For each pair of bundles, indicate which is preferred or if they are indifferent between the two. Show your work. (4 points) A (3,9) B(2,8) ------------ C(4,7) D(8,8) E (5,20) F(10,10) G(5,9) H(12,4) (b) Using the bundles in (a), make a list that orders the bundles according to the agent's preferences. Start the descending list with the most preferred bundle and end with the least...
A consumer of two goods (X and Y) has the following utility function: U(x,y)=xy-ay^2, whre x>=0...
A consumer of two goods (X and Y) has the following utility function: U(x,y)=xy-ay^2, whre x>=0 and y>=0 and a>0 is a parameter. (a) Are there bundles for which one of the goods is actually a "bad" (in the sense that consuming more of it reduces utility)? (b) Find the MRS.
Sally consumes two goods, X and Y. Her utility function is given by the expression U...
Sally consumes two goods, X and Y. Her utility function is given by the expression U = 2 · XY ^2 . The current market price for X is $10, while the market price for Y is $12. Sally’s current income is $900. a. Sketch a set of two indifference curves for Sally in her consumption of X and Y. b. Write the expression for Sally’s budget constraint. Graph the budget constraint and determine its slope. c. Determine the X,Y...
Question 1: Colin's utility function for goods X and Y is represented by U(XY) = X0.5Y0.5...
Question 1: Colin's utility function for goods X and Y is represented by U(XY) = X0.5Y0.5 . Assume his income is $1000 and the prices of X and Y are $50 and S100, respectively. a. Write an expression for Colin's budget constraint. b. Calculate the optimal quantities of X and Y that Colin should choose, given his budget constraint. Graph your answer. Suppose that government subsidy program lowers the price of Y from $100 per unit to $ 50 per...
QUESTION; Given Biwei’s utility function U=4XY, where X is consumption of beer and Y is consumption...
QUESTION; Given Biwei’s utility function U=4XY, where X is consumption of beer and Y is consumption of pizza. For this utility function, the marginal utility of X is MUx = 4Y; the marginal utility of Y is MUY = 4X. 1) Suppose Y = 3. Calculate Biwei’s utility for X = 2, 3, 10, and 11. For a given level of Y, does good X display diminishing marginal utility? 2) Suppose X = 3. Calculate Biwei’s utility for Y =...
2. Jane's utility function defined over two goods and y is U (x, y) = !/2y\/?...
2. Jane's utility function defined over two goods and y is U (x, y) = !/2y\/? Her income is M and the prices of the two goods are p, and Py. (e) Determine the substitution and income effects for good when ini- tially M = $12. Pa = $2, Py = $1, and then the price of good rises to $3. (f) Show the effects from the previous part graphically. (g) How many dollars is Jane willing to accept as...
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...
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...
Question 5 2 pts Consider the utility function given by u(x, y) = xy. Which of the following is the correct expression for the indirect utility function associated with these preferences? (hint: solve the UMP) V (PE, Py, I) = p.png O none of the other answer choices are correct o V (Pa, Py, 1) = 2 PEPA V (pas Py, I) = 1PER,
Sally consumes two goods, X and Y. Her preferences over consumption bundles are repre- sented by the utility function r, y)- .5,2 where denotes the quantity of good X and y denotes the quantity of good Y. The current market price for X is px 10 while the market price for Y is Pr = $5. Sally's current income is $500. (a) Write the expression for Sally's budget constraint. (1 point) (b) Find the optimal consumption bundle that Sally will...
1. Consider an agent with preferences represented by the utility function: u(x,y) = xy (a) For each pair of bundles, indicate which is preferred or if they are indifferent between the two. Show your work. (4 points) A (3,9) B(2,8) ------------ C(4,7) D(8,8) E (5,20) F(10,10) G(5,9) H(12,4) (b) Using the bundles in (a), make a list that orders the bundles according to the agent's preferences. Start the descending list with the most preferred bundle and end with the least...
Question 1: Colin's utility function for goods X and Y is represented by U(XY) = X0.5Y0.5 . Assume his income is $1000 and the prices of X and Y are $50 and S100, respectively. a. Write an expression for Colin's budget constraint. b. Calculate the optimal quantities of X and Y that Colin should choose, given his budget constraint. Graph your answer. Suppose that government subsidy program lowers the price of Y from $100 per unit to $ 50 per...
2. Jane's utility function defined over two goods and y is U (x, y) = !/2y\/? Her income is M and the prices of the two goods are p, and Py. (e) Determine the substitution and income effects for good when ini- tially M = $12. Pa = $2, Py = $1, and then the price of good rises to $3. (f) Show the effects from the previous part graphically. (g) How many dollars is Jane willing to accept as...
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...
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