2. Mrs. Robinson considers 8 cliffins (c) to be equivalent to 3 wiggins (w): a. Write...

2. Mrs. Robinson considers 8 cliffins (c) to be equivalent to 3 wiggins (w):

a. Write down a utility function UR(c, w) that represents Mrs. Robinson’s preferences over cliffins and wiggins.

b. The price of cliffins and the price of wiggins are pc and pw, respectively, and Mrs. Robinson has an income equal to Y. Suppose pc/pw =1/4. Solve for Mrs. Robinson’s Marshallian demand functions for cliffins and wiggins.

c. Mrs. Banks, a friend of Mrs. Robinson’s, has the following expenditure function (EB): EB(pc, pw, UB) = 2UB 1/2pc 1/2pw 1/2 UB denotes Mrs. Banks’ utility; as before, pc and pw denote the prices of cliffins and wiggins, respectively. What is the minimum level of expenditure Mrs. Banks must incur to attain a utility level of UB = 49 if pc = 4 and pw = 25?

d. Suppose pc rises to $9 and pw falls to $16. By how much (in dollars) has Mrs. Banks’ cost of living changed relative to before (i.e. compared to part c)?

e. Solve for Mrs. Banks’ Hicksian demand functions for cliffins and wiggins. (4 points).

Expert Solution

8 cliffs+3wiggins=11cw

a. (c,w )=(8,3)

b. pc/pw=1/4

c=1

w=4

c. pc=1/2

pw=1/2

UB=1/2

(pc,pw,UB)=(1/2,1/2,1/2)

d.pc=9,pw=16

pc/pw=9/16

ans=0.5625

Rahul Sunny answered 2 years ago

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2. Mrs. Robinson considers 8 cliffins (c) to be equivalent to 3 wiggins (w): a. Write...

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