Question
In: Economics
Each unit of good X costs $2, and each unit of good Y costs $2. The...
Each unit of good X costs $2, and each unit of good Y costs $2. The following table contains information on Felix’s utility from goods X and Y.
|
Units of Good X |
Total Utility of Good X |
Units of Good Y |
Total Utility of Good Y |
|---|---|---|---|
|
(Utils) |
(Utils) |
||
| 1 | 28 | 1 | 22 |
| 2 | 54 | 2 | 40 |
| 3 | 78 | 3 | 52 |
| 4 | 100 | 4 | 60 |
| 5 | 120 | 5 |
64 |
Suppose Felix spends a total of $10 on good X and good Y each week.
To maximize his utility, Felix should purchase __________of good X and ____________ of good Y.
Given his budget, the maximum total utility Felix can obtain from the two goods is __________utils.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
A. A consumer has $360. Good X costs $4 each. Good Y costs $8 each. Draw...
A. A consumer has $360. Good X costs $4 each.
Good Y costs $8 each. Draw the budget line. Label it “budget line
A.” Preferences are perfect complements: utility = min{X,Y}. Both X
and Y are normal goods. Numerically solve the consumer’s budget
choice. Label it on the diagram, including the indifference curve,
and all solved numbers.
B. A consumer has $400. Good X costs $6 each.
Good Y costs $7 each. Draw a new budget line, on a new...
4. A. A consumer has $360. Good X costs $4 each. Good Y costs $8 each....
4. A. A consumer has $360. Good X costs $4 each. Good Y costs $8
each. Draw the budget line. Label it “budget line A.” Preferences
are perfect complements: utility = min{X,Y}. Both X and Y are
normal goods. Numerically solve the consumer’s budget choice. Label
it on the diagram, including the indifference curve, and all solved
numbers. B. A consumer has $400. Good X costs $6 each. Good Y costs
$7 each. Draw a new budget line, on a...
4. A. A consumer has $360. Good X costs $4 each. Good Y costs $8 each....
4. A. A consumer has $360. Good X costs $4 each. Good Y costs $8
each. Draw the budget line. Label it “budget line
A.” Preferences are perfect complements: utility = min{X,Y}.
Both X and Y are normal goods. Numerically solve the consumer’s
budget choice. Label it on the diagram, including the indifference
curve, and all solved numbers. B. A consumer has $400. Good X costs
$6 each. Good Y costs $7 each. Draw a new budget line, on a...
A. A consumer has $360. Good X costs $4 each. Good Y costs $8 each. Draw...
A. A consumer has $360. Good X costs $4 each.
Good Y costs $8 each. Draw the budget line. Label it “budget line
A.” Preferences are perfect complements: utility = min{X,Y}. Both X
and Y are normal goods. Numerically solve the consumer’s budget
choice. Label it on the diagram, including the indifference curve,
and all solved numbers.
B. A consumer has
$400. Good X costs $6 each. Good Y costs $7 each. Draw a new budget
line, on a new...
A consumer has budgeted a total of K100 to spend on two goods, X and Y. She likes to consume a unit of good X in combination with a unit of good Y.
A consumer has budgeted a total of K100 to spend on two goods,
X and Y. She likes to consume a unit of good X in combination with
a unit of good Y. Any unit of good X that she cannot consume in
combination with a unit of good Y is useless. Similarly, any unit
of good Y that she cannot consume in combination with good X is
useless. If the price of a unit of good X is K5...
If George spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility?
Use the following table to answer questions 5 and 6
that follow below (Make sure to show all your work for full
credit).Units of Good XTotal Utility of Good X (utils)Units of Good YTotal Utility of Good Y (utils)120119235232348340458445566549(a) If George spends $5 (total) a week on good X and good Y, and
if the price of each good is $1 per unit, then how many units of
each good does he purchase to maximize utility?(b) Given the number of...
When the price of good x increases by 2 and the price of good y increases...
When the price of good x increases by 2 and the price of good y
increases by 3, what happens to the slope of the budget constraint
(does it get steeper/flatter/stay the same)? Please show your
work.
The utility that Jane receives by consuming good X and good Y is given by u(X,Y)...
The utility that Jane receives by consuming good X and good Y is
given by u(X,Y) = XY.
5.1) Draw the indifference curve associated with a utility level
of 12 and the indifference curve associated with the utility level
of 36.
5.2) Suppose that X costs $1 per unit and Y $3 per unit. Jane
has $12 to spend on X and Y. Graph the budget line that she
faces.
5.3) Derive Jane’s demand functions. What is the
utility-maximizing choice...
The utility that James receives by consuming good X and good Y is given by u(X,Y)...
The utility that James receives by consuming good X and good Y
is given by u(X,Y) = XY.
5.1) Draw the indifference curve associated with a utility level
of 12 and the indifference curve associated with the utility level
of 36.
5.2) Suppose that X costs $1 per unit and Y $3 per unit. James
has $12 to spend on X and Y. Graph the budget line that he
faces.
5.3) Derive James' demand functions. What is the
utility-maximizing choice...
solve y' +(x+2/x)y =(e^x)/x^2 ; y(1)=0
solve
y' +(x+2/x)y =(e^x)/x^2 ; y(1)=0
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