Please help me on Question 9,and 10 Utility Surface: TU TUX + TU.Y 6.5 21.5 13.5...
Hi there, I need help on Questions 11 and 12 Utility Surface: TU TUX + TU.Y 6.5 21.5 13.5 13 12 10 21 21.5 18 Y 2 Y_1 Y.0 15 18 12 15 15.5 X 1 1. Draw two indifference curves and identify the respective levels of utility. 2. Arrive at the marginal utility stracture of good X and good Y (use table below) Units of good MU-X: IS-12 6-5 MULY 1 3. Identify consumer equilibrium in general @ algebraically...
I need help on number 6 and 7 Utility Surface: TU TUX + TU.Y 6.5 13.5 18.5 13 18 21 Y 2 Y_1 Y 0 10 15 18 12 15 15.5 1. Draw two indifference curves and identify the respective levels of utlity. 2. Arrive at the marginal utility structure of good X and good Y (use table below) NU.Y Units of 2 IS-12 6-5 MU.Y 5.5-45 3. Identify consumer equilibrium in general algebraically and@ in a diagram 4. F...
Utility Surface: TU = TU,Xt TU_T Y-4 6.5 13.5 13 12 10 18.5 18 17 15 12 X 2 21.5 21.5 20.5 18.5 15.5 X 4 21 Y 2 Y 1 Y O 18 15 X 1 3. Identify consumer equilibrium in general @) algebraically and (i) in a diagram. 4. Find original consumer equilibrium when Mo 2s : p 1 Py -13. Identify the maximum utlity (Uo)and the utilty maximizing commodity bundle (F) maximizing commodity bundle (EM) 4) and...
Utility Surface: TU = TU,Xt TU_T Y-4 6.5 13.5 13 12 10 18.5 18 17 15 12 X 2 21.5 21.5 20.5 18.5 15.5 X 4 21 Y 2 Y 1 Y O 18 15 X 1 7. Arrive at the income clasticity of demand for the good and identify the type of good. 8. Find new consumer equilibrium when M 2S :y1.Identify the maximum utility (P)and the utility 3 X 3 x Identity the 9. Draw two graphs that...
3 , 4 , 5 and 6 ECON 2023 Spring 2019: Homework #1 Let the utility derived from goods X and Y be as follows for a rational individual: Unit of Good TU X TU Y 8 utils 5.5 utils 15 utils 10.5 utils 21 utils 15 utils 26 utils 19 utils 30 utils 22.5 utils 33 utils 25.5 utils 35 utils 28 utils 36 utils 30 utils 36 utils 31.5 utils What is a 'commodity bundle' (you can assume...
ECON 2023 Spring 2019: Homework #1 Let the utility derived from goods X and Y be as follows for a rational individual Unit of Good TU X TU Y 8 utils 5.5 utils 15 utils 10.5 utils 21 utils 15 utils 26 utils 19 utils 30 utils 22.5 utils 33 utils 25.5 utils З5 utils 28 utils 36 utils 30 utils 36 ubils 31.5 utils 1. Wh 2. What is the functional form of the utility function in a two-commodity...
3,2 ,5 and 6 ECON 2023 Spring 2019: Homework #1 Let the utility derived from goods X and Y be as follows for a rational individual: Unit of Good TUX TU_Y 8 utils 15 utils 21 utils 26 utils 30 utils 33 utils 35 utils 36 utils 36 utils 5.5 utils 10.5 utils 15 utils 19 utils 22.5 utils 25.5 utils 28 utils 30 utils 31.5 utils 2 4 6 8 9 1. 2. What is a 'commodity bundle' (you...
1. (24 total points) Suppose a consumer’s utility function is given by U(X,Y) = X1/2*Y1/2. Also, the consumer has $72 to spend, and the price of Good X, PX = $4. Let Good Y be a composite good whose price is PY = $1. So on the Y-axis, we are graphing the amount of money that the consumer has available to spend on all other goods for any given value of X. a) (2 points) How much X and Y...
(Use this information to answer a, b, c below) Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 3X1/2Y1/2 . Suppose consumption bundle A consists of 10 units of X and 30 units of Y, and consumption bundle B consists of 40 units of X and 20 units of Y. a. Consumption bundle A lies on a higher/lower/same indifference curve than consumption bundle B. Show computations. b. Compute Mary’s MRSxy at consumption bundle A....
Question-3 Suppose the consumer’s utility function is given by U (x1 , x2 ) = x1x 2 2 . Let the prices of good 1, good 2 be p1 , p2 , and suppose this consumer wants to reach a level of utility U (a) [2] Formulate the consumer’s problem in terms of the Lagrangian (b) [5] Derive the Hicksian demands for this consumer (c) [3] What is the expenditure for this consumer. (d) [5] Show that x H (...