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5. Quasimodo from your workbook has the utility function U(x, m) = 100x-x2/2 + m, where x is his ...
Bernice has an income of 13. His utility function is given by u(x1, x2) = min(x1,...
Bernice has an income of 13. His utility function is given by u(x1, x2) = min(x1, x2). Let x1 be her consumption of sweat tea (in fluid ounces), and x2 is her money left for other stuff. Initially, the price of sweat tea is $2. Find her optimal choice of sweat tea and money. Then the price of sweat tea increases to $3. Find her new optimal choice. After you've done that, find the equivalent variation of the price change...
Question 5: Jess has the utility function U(xi,2)min2x,32. The price of x is pxi,the price of...
Question 5: Jess has the utility function U(xi,2)min2x,32. The price of x is pxi,the price of x2 is p and his income is 1. Find Jess's optimal bundle xf and x as a function of pxi Px,and m. 2. What's the proportion of consumption amounts between x and x? In other words, find 3. Suppose instead the utility function is U(xi , X2) min{x , x2 }, without solving for the optimal bundles, what's the proportion of consumption amounts betwee...
Consumer's Surplus A consumer has the utility function U(, y)v) where is the good in concern...
Consumer's Surplus A consumer has the utility function U(, y)v) where is the good in concern ail y is the money that can be spent on all other goods (so the price of y is normalized to be 1). The income of - this consumer is 100. Bi Pr X10 (In(x)y) (10%) Derive the demand function of z for this consumer. (10%) Calculate the price elasticity of the demand function in (b) Is it true that the absolute value of...
Consumer's surplus: A consumer has the utility function U(x,y) =e^((ln(X)+Y)^1/3) where X is the good in...
Consumer's surplus: A consumer has the utility function U(x,y) =e^((ln(X)+Y)^1/3) where X is the good in concern and Y is the money that can be spent on all other goods. (So the price of Y is normalized to be 1). The income of this consumer is 100. (a) (10pts) Derive the demand function of x for this consumer. Make sure that at every price of x, the consumer always has enough income to buy the amount of x as indicated...
1 pts Question 2 A consumer has preferences represented by the utility function: u(x1, x2)= x...
1 pts Question 2 A consumer has preferences represented by the utility function: u(x1, x2)= x x Market prices are pi = 3 and P2 = 4. The consumer has an income m 30. Find an expression for the consumer's Engel curve for good 1. x1(m). ооо D Question 3 1 pts
3. Suppose an individual has a utility function U=U(M, X)=10 MX^2, where U is her utility,...
3. Suppose an individual has a utility function U=U(M, X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX', where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours...
3. Suppose an individual has a utility function U=U(M,X)=10 MX^2, where U is her utility, M...
3. Suppose an individual has a utility function U=U(M,X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX, where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours for...
4. Andy's utility is represented by the function U(X,Y) - XY. His marginal utility of X...
4. Andy's utility is represented by the function U(X,Y) - XY. His marginal utility of X is MUx = Y. His marginal utility of Y is MUY = . He has income $12. When the prices are Px - 1 and Py -1, Andy's optimal consumption bundle is X* -6 and Y' = 6. When the prices are Px = 1 and P, = 4, Andy's optimal consumption bundle is X** = 6 and Y* 1.5. Suppose the price of...
13. In Problem 3, suppose Sam, a typical citizen, has the utility function U(m, d, h)...
13. In Problem 3, suppose Sam, a typical citizen, has the utility function U(m, d, h) -m+13 of where d is the number of hours per day that he spends driving around, h is the average number hours per day spent driving around by other people in his home town, and m is the amount of money he has left to spend on other stuff besides gasoline and auto repairs. Gas and auto repairs cost $1 per hour of driving....
Question 2 Question 2 (15 pts) A consumer has preferences represented by the utility function u(x,y)...
Question 2
Question 2 (15 pts) A consumer has preferences represented by the utility function u(x,y) -xlyi. (This means that a. What is the marginal rate of substitution? b. Suppose that the price of good x is 2, and the price of good y is 1. The consumer's income wWhat is the optimal quantity is 20. What is the optimal quantity of x and y the consumer will choose? c. Suppose the price of good x decreases to 1. The...
Question 5: Jess has the utility function U(xi,2)min2x,32. The price of x is pxi,the price of x2 is p and his income is 1. Find Jess's optimal bundle xf and x as a function of pxi Px,and m. 2. What's the proportion of consumption amounts between x and x? In other words, find 3. Suppose instead the utility function is U(xi , X2) min{x , x2 }, without solving for the optimal bundles, what's the proportion of consumption amounts betwee...
Consumer's Surplus A consumer has the utility function U(, y)v) where is the good in concern ail y is the money that can be spent on all other goods (so the price of y is normalized to be 1). The income of - this consumer is 100. Bi Pr X10 (In(x)y) (10%) Derive the demand function of z for this consumer. (10%) Calculate the price elasticity of the demand function in (b) Is it true that the absolute value of...
1 pts Question 2 A consumer has preferences represented by the utility function: u(x1, x2)= x x Market prices are pi = 3 and P2 = 4. The consumer has an income m 30. Find an expression for the consumer's Engel curve for good 1. x1(m). ооо D Question 3 1 pts
3. Suppose an individual has a utility function U=U(M, X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX', where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours...
3. Suppose an individual has a utility function U=U(M,X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX, where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours for...
4. Andy's utility is represented by the function U(X,Y) - XY. His marginal utility of X is MUx = Y. His marginal utility of Y is MUY = . He has income $12. When the prices are Px - 1 and Py -1, Andy's optimal consumption bundle is X* -6 and Y' = 6. When the prices are Px = 1 and P, = 4, Andy's optimal consumption bundle is X** = 6 and Y* 1.5. Suppose the price of...
13. In Problem 3, suppose Sam, a typical citizen, has the utility function U(m, d, h) -m+13 of where d is the number of hours per day that he spends driving around, h is the average number hours per day spent driving around by other people in his home town, and m is the amount of money he has left to spend on other stuff besides gasoline and auto repairs. Gas and auto repairs cost $1 per hour of driving....
Question 2
Question 2 (15 pts) A consumer has preferences represented by the utility function u(x,y) -xlyi. (This means that a. What is the marginal rate of substitution? b. Suppose that the price of good x is 2, and the price of good y is 1. The consumer's income wWhat is the optimal quantity is 20. What is the optimal quantity of x and y the consumer will choose? c. Suppose the price of good x decreases to 1. The...
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