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5. Anya has utility given by u(x1,x2) Anya's optimal consumption of good 1. (Hint: this is...
1.) Liz has utility given by u(x2,x1)=x1^7x2^8. If P1=$10, P2=$20, and I = $150, find Liz’s...
1.) Liz has utility given by u(x2,x1)=x1^7x2^8. If P1=$10, P2=$20, and I = $150, find Liz’s optimal consumption of good 1. (Hint: you can use the 5 step method or one of the demand functions derived in class to find the answer). 2.) Using the information from question 1, find Liz’s optimal consumption of good 2 3.) Lyndsay has utility given by u(x2,x1)=min{x1/3,x2/7}. If P1=$1, P2=$1, and I=$10, find Lyndsay’s optimal consumption of good 1. (Hint: this is Leontief utility)....
Christine has utility given by u(x1, x2) = 1X1 + 4/X2. If P, = $10, P,...
Christine has utility given by u(x1, x2) = 1X1 + 4/X2. If P, = $10, P, = $20, and 1 = $180, find Christine's optimal consumption of good 1. (Hint: You'll need to use the 5 step method to answer this question). Using the information from question 7, find Christine's optimal consumption of good 2
1. (20 points) Mac has utility over x; and x2 given by u(x1, x2) = min...
1. (20 points) Mac has utility over x; and x2 given by u(x1, x2) = min . If P. = $1. P. = $1. and I = $100. find the value of xı* (Hint: This is Leontief utility, the kind with right-angled indifference curves) 2. (10 points) If P, = $4, P2 = $2, and I = $20, and my utility is given by u(x1, x2) = 4x1 + 3x2, find x* (Note: I'm asking for optimal consumption of Good...
Lyndsay has utility given by u(2) -min IP, P2 -S1, and l $10, find Lyndsay's optimal...
Lyndsay has utility given by u(2) -min IP, P2 -S1, and l $10, find Lyndsay's optimal consumption of good1. (Hint: this is Leontief utility) x1 X2 3 7 Using the information from question 3, find Lyndsay's optimal of good 2.
(10 points) Wendy's utility over consumption bundles (x1, x2) is given by u(x1,x2) = VX1 +...
(10 points) Wendy's utility over consumption bundles (x1, x2) is given by u(x1,x2) = VX1 + 21X2. If the price of good 1 is $2/unit, the price of good 2 is $1/unit and income is $120, what is Wendy's optimal consumption of Good 2? (You can use the 5 step method to solve this problem). (10 points) When u(x1, x2) = min ), at prices and income P1, P2, and I, demand for good 1 is given by xi (P1,...
2. Find the optimal bundle for utility given by u(x1, 2) bу рі — 1, р2...
2. Find the optimal bundle for utility given by u(x1, 2) bу рі — 1, р2 — 3 and m min x1, 32 and a budget described 300 3. Find the optimal bundle for utility given by u(x, y) 40 In x 200. (Note that x is inside the ln function but y is not.) nd a budget described by Y X Ра — 2, р, — 4, and m
Suppose a consumer has a utility function U (x1,x2) = Inxi + x2. The consumer takes...
Suppose a consumer has a utility function U (x1,x2) = Inxi + x2. The consumer takes prices (p1 and p2) and income (I) as given 1) Find the demand functions for x1 and x2 assuming -> 1. What is special about Р2 these demand functions? Are both goods normal? Are these tastes homothetic? <1. You probably P2 2) Now find the demand functions for x1 and x2 assuming assumed the opposite above, so now will you find something different. Explain....
Question 2: Lorelai's choice behavior can be represented by the utility function u(x1, 2)0.9Inx)0.1x2 The prices...
Question 2: Lorelai's choice behavior can be represented by the utility function u(x1, 2)0.9Inx)0.1x2 The prices of both x1 and x2 are $5 and she has an income of $40. 1. What preference does this utility function represent? (Hint: the utility is function is not linear, 2. Drawinwg indifference curves: you can copy down the graph on your paper using econgraphs. Set but at least linear in good x2) the preferences and parameters accordingly as given in the question. Click...
Lorelai's choice behavior can be represented by the utility function u(x1, 2) 0.9n(x)0.1x2. The prices of...
Lorelai's choice behavior can be represented by the utility function u(x1, 2) 0.9n(x)0.1x2. The prices of both xi and x2 are $5 and she has an income of $40. 1. What preference does this utility function represent? (Hint: the utility is function is not linear, but at least linear in good x2) 2. Drawinwg indifference curves: you can copy down the graph on your paper using econgraphs. Set the preferences and parameters accordingly as given in the question. Click on...
My utility is given by u(x1, x2) = 2x194x2-2 + In(x1) + [min{x1, x2)] + 2x2...
My utility is given by u(x1, x2) = 2x194x2-2 + In(x1) + [min{x1, x2)] + 2x2 + x1!! True, False, or Cannot Be Determined: When P1 = $2,P2 = $4, and I = $100, my optimal consumption bundle is (x1,x2) = (25,15).
Christine has utility given by u(x1, x2) = 1X1 + 4/X2. If P, = $10, P, = $20, and 1 = $180, find Christine's optimal consumption of good 1. (Hint: You'll need to use the 5 step method to answer this question). Using the information from question 7, find Christine's optimal consumption of good 2
1. (20 points) Mac has utility over x; and x2 given by u(x1, x2) = min . If P. = $1. P. = $1. and I = $100. find the value of xı* (Hint: This is Leontief utility, the kind with right-angled indifference curves) 2. (10 points) If P, = $4, P2 = $2, and I = $20, and my utility is given by u(x1, x2) = 4x1 + 3x2, find x* (Note: I'm asking for optimal consumption of Good...
Lyndsay has utility given by u(2) -min IP, P2 -S1, and l $10, find Lyndsay's optimal consumption of good1. (Hint: this is Leontief utility) x1 X2 3 7 Using the information from question 3, find Lyndsay's optimal of good 2.
(10 points) Wendy's utility over consumption bundles (x1, x2) is given by u(x1,x2) = VX1 + 21X2. If the price of good 1 is $2/unit, the price of good 2 is $1/unit and income is $120, what is Wendy's optimal consumption of Good 2? (You can use the 5 step method to solve this problem). (10 points) When u(x1, x2) = min ), at prices and income P1, P2, and I, demand for good 1 is given by xi (P1,...
2. Find the optimal bundle for utility given by u(x1, 2) bу рі — 1, р2 — 3 and m min x1, 32 and a budget described 300 3. Find the optimal bundle for utility given by u(x, y) 40 In x 200. (Note that x is inside the ln function but y is not.) nd a budget described by Y X Ра — 2, р, — 4, and m
Suppose a consumer has a utility function U (x1,x2) = Inxi + x2. The consumer takes prices (p1 and p2) and income (I) as given 1) Find the demand functions for x1 and x2 assuming -> 1. What is special about Р2 these demand functions? Are both goods normal? Are these tastes homothetic? <1. You probably P2 2) Now find the demand functions for x1 and x2 assuming assumed the opposite above, so now will you find something different. Explain....
Question 2: Lorelai's choice behavior can be represented by the utility function u(x1, 2)0.9Inx)0.1x2 The prices of both x1 and x2 are $5 and she has an income of $40. 1. What preference does this utility function represent? (Hint: the utility is function is not linear, 2. Drawinwg indifference curves: you can copy down the graph on your paper using econgraphs. Set but at least linear in good x2) the preferences and parameters accordingly as given in the question. Click...
Lorelai's choice behavior can be represented by the utility function u(x1, 2) 0.9n(x)0.1x2. The prices of both xi and x2 are $5 and she has an income of $40. 1. What preference does this utility function represent? (Hint: the utility is function is not linear, but at least linear in good x2) 2. Drawinwg indifference curves: you can copy down the graph on your paper using econgraphs. Set the preferences and parameters accordingly as given in the question. Click on...
My utility is given by u(x1, x2) = 2x194x2-2 + In(x1) + [min{x1, x2)] + 2x2 + x1!! True, False, or Cannot Be Determined: When P1 = $2,P2 = $4, and I = $100, my optimal consumption bundle is (x1,x2) = (25,15).
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