1. Liz has utility given by ?(?1,?2)=?1^7?2^3. If ?1=$10,?2=$15,and I = $100, find Liz’s optimal consumption...

1. Liz has utility given by ?(?1,?2)=?1^7?2^3. If ?1=$10,?2=$15,and I = $100, 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).

a) Using the information from question 1, find Liz’s optimal consumption of good 2.

3. Lyndsay has utility given by ??(?1,?2)=min {?1,?2}. If ?1=$2,?2=$4, ? ?=$12, find Lyndsay’s optimal consumption of good 1. (Hint: this is Leontief utility).

a) Using the information from question 3, find Lyndsay’s optimal consumption of good 2.

5. Anya has utility given by ??(?1,?2)=12?1+9?2. If ?1=$4,?2=$2, ?=$20, find Anya’s optimal consumption of good (Hint: this is linear utility).

a) Using the information from question 5, find Anya’s optimal consumption of good 2.

Solutions

Expert Solution

if you like the work please appreciate thank you !

Rahul Sunny answered 2 weeks ago

Next > < Previous

Related Solutions

Given the surface x= (3 (y-1)^2)+ (2 (z+ 3)^2)+ 7. Find an equation of the tangent...

Given the surface x= (3 (y-1)^2)+ (2 (z+ 3)^2)+ 7. Find an equation of the tangent plane at the point(12,2,2) in four ways: a) By using the surface as given,x=h(y,z) b) By writing the surface as z=f(x,y)(only keep the square root whose sign corresponds to the point(12,2,2)). c) By writing the surface as y=g(x,z)(only keep the square root whose sign corresponds to the point(12,2,2)).

Given that the set X = 1, 2, 3, 5, 6, 10, 15, 30) and Poset...

Given that the set X = 1, 2, 3, 5, 6, 10, 15, 30) and Poset (X, ≼). The relation ≼ is defined as follows: (x, y X) x ≼ y ↔ x factor of y Question i). Draw a Hasse diagram of the Poset. ii). Specify maximum, Maximum, Minimum, Minimum (if any) elements iii). Is the relation "≼" a Lattice? Explain !

3. For the given data 10, 8, 3, 2, 3, 10, find (a) Median (b) Mean...

3. For the given data 10, 8, 3, 2, 3, 10, find (a) Median (b) Mean (c) Mode (d) Standard deviation (e) Range (f) Interquartile range, IQR 4. For the date 4, 16, 20, 24, 38, 57, 59, 60, 60, 74, compute the 10% trimmed mean. 5. Let ? and ? be any two events with their probabilities as ?(?) = 0.42 and ?(?)= 0.24. (a) Find ? (??? ?) (b) If the two given events are mutually exclusive, find...

2, 9, 15, 5, 11, 7, 11, 7, 5, 10 find the population mean, the population...

2, 9, 15, 5, 11, 7, 11, 7, 5, 10 find the population mean, the population variance and the population standard deviation

3 6 4 8 1 10 2 9 11 12 15 22 3 6 7 5...

3 6 4 8 1 10 2 9 11 12 15 22 3 6 7 5 8 1 12 14 Each column represents a different treatment given to sick rats. Each cell is a different rat. Use statistical analysis and use post hoc testing using contrasts to find the best treatment. Treatment 1: vitamins Treatment 2: prescription pills Treatment 3: brain surgery Treatment 4: shock therapy Treatment 5: dietary changes

1. Given a binomial distribution, find the probability of 10 successes out of 15 trials, given...

1. Given a binomial distribution, find the probability of 10 successes out of 15 trials, given p= .85 2. 40% of the population have brown eyes. find the probability that out of 25 people randomly selected at the most 15 have brown eyes. 3. a test consists of 25 multiple choice questions with 5 possible answers, 1 of standard deviation and the probability of getting 8 correct.

Given the vectors u1 = (2, −1, 3) and u2 = (1, 2, 2) find a...

Given the vectors u1 = (2, −1, 3) and u2 = (1, 2, 2) find a third vector u3 in R3 such that (a) {u1, u2, u3} spans R3 (b) {u1, u2, u3} does not span R3

Given: x y -5 1 -4 5 -3 4 -2 7 -1 10 0 8 1...

Given: x y -5 1 -4 5 -3 4 -2 7 -1 10 0 8 1 9 2 13 3 14 4 13 5 18 What are the confidence limits (alpha = 0.05) for the true mean value of Y when X = 3?

For the data set 1 2 3 4 7 7 7 8 11 12 12 15...

For the data set 1 2 3 4 7 7 7 8 11 12 12 15 15 16 17 17 17 18 20 20 22 24 24 25 26 26 26 26 27 30 32 32 33 34 34 36 38 39 43 44 45 46 47 47 48 51 52 52 53 54 54 54 55 56 58 58 59 61 63 65 65 67 69 70 73 75 75 76 77 77 79 80 81 82 82 (a)...

Given the following code: for (i=2;i<100;i=i+1) { a[i] = b[i] + a[i]; /* S1 */ c[i-1]...

Given the following code: for (i=2;i<100;i=i+1) { a[i] = b[i] + a[i]; /* S1 */ c[i-1] = a[i] + d[i]; /* S2 */ a[i-1] = 2 * b[i]; /* S3 */ b[i+1] = 2 * b[i]; /* S4 */ } a. List all the dependencies by their types (TD: true-data, AD: anti-data, OD: output-data dependencies). b. Show how Software Pipelining can exploit parallelism in this code to its fullest potential. How many functional units would be sufficient to achieve the...

Subjects