here's the utility function Let us introduce a second person, who has standard Cobb-Douglas utility UB...
can u answer the 2nd question please? utility function Let us introduce a second person, who has standard Cobb-Douglas utility UB = (x+B)•(x²B). Their endowments are wa= (6, 3) and WB = (3,6). You may assume p2 = 3p1. Find the amount person A consumes of good 1 in competitive equilibrium. Simplify decimals (no extra zeros). Find the contract curve (the set of all Pareto efficient points) for the setting in question 3. et ua = x+A+ 3x?
Please answer number 4 Question 3 1 pts Let us introduce a second person, who has standard Cobb-Douglas utility ug = (x+3). (x?). Their endowments are wa = (6, 3) and W3 = (3,6). You may assume p2 = 3p. Find the amount person A consumes of good 1 in competitive equilibrium. Simplify decimals (no extra zeros). Question 4 1 pts Find the contract curve (the set of all Pareto efficient points) for the setting in question 3. BIU A...
Person A and B both have Cobb-Douglas preferences, uA = (x1A)2/5 · (x2A)3/5and uB = x1B · x2B . Their endowments are wA = (0, 2) and wB = (4, 0). Find their demand functions and use market clearing to derive equilibrium price for good two, p2 (set p1=1, and enter your answer as a simplified decimal). Solve for the contract curve for the setting described in question 1.). Please write out its equation in the space below.
A person has a Cobb Douglas utility function for two goods X and Y. If the price of a X increases and the budget stays the same, the utility maximizing person __________. Cannot be determined from the information will consume less of Y will only consume Y will consume less of both goods will have lower utility
A person has a Cobb Douglas utility function for two goods X and Y. If the price of a X decreases and the budget stays the same, then a utility maximizing person O will only consume X* O will consume more of Y Cannot be determined from the information will consume more of both goods will have higher utility
1. answer it only numerical values. 2. A person has a Cobb Douglas utility function for two goods X and Y. If the price of a X increases and the budget stays the same, the utility maximizing person __________. Cannot be determined from the information will consume less of Y will only consume Y will consume less of both goods will have lower utility Sara has $40 in her budget. Given the following graph, what is the MRS of her...
Assume John has Cobb-Douglas utility function for bread (B) and whiskey (W): U= 2 BSWS Marginal utilities are as followed: MUB=B-05W. and MUw = 30.5W-0.5 a. Write down the expression for MRSow (i.e., you need to simplify the ratio and come up with a neat result) b. What is MRSBw at bundle A(4,4)? At bundle B(1,16)? C. Regarding MRSBw, we consider a movement along an indifference curve from the left to the righ (getting more of bread, the good on...