Question
In: Economics
Suppose that the utility function is equal to U(XY)= 3YX2 . What is the slope of...
Suppose that the utility function is equal to U(XY)= 3YX2 . What is the slope of the indifference curve when Y = 3 and X = 3? Assume that good X is on the horizontal axis and good Y is on the vertical axis.
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
Suppose that the utility function is equal to U(XY)= 2YX2 . What is the slope of...
Suppose that the utility function is equal to U(XY)=
2YX2 . What is the slope of the
indifference curve when Y = 5 and X = 2? Assume
that good X is on the horizontal axis and good Y
is on the vertical axis.
Suppose that the utility function is equal to U(XY)= 2YX2 . What is the slope of...
Suppose that the utility function is equal to U(XY)=
2YX2 . What is the slope of the
indifference curve when Y = 2 and X = 7? Assume
that good X is on the horizontal axis and good Y
is on the vertical axis.
1.4/7
2.7
3.3
4.1
1. Suppose that the utility function is equal to U(XY)= 2YX2 . What is the slope...
1. Suppose that the utility function is equal to U(XY)=
2YX2 . What is the slope of the
indifference curve when Y = 2 and X = 7? Assume
that good X is on the horizontal axis and good Y
is on the vertical axis.
A. 7
B.3
C. 1
D. 4/7
2.Kyle's utility function is U = 2X +
3Y, where X is units of good X, and
Y is units of good Y. What is the marginal
utility...
Suppose that a consumer’s utility function is U(x, y) = xy . The marginal utilities for...
Suppose that a consumer’s utility function is
U(x, y) = xy . The marginal
utilities for this utility function are MUx=
y and MUy= x. The price of
y is Py = 1. The price of x is
originally Px = 9 and it then falls to
Px = 4. The consumer’s income
is I = 72.
(15 points) What x-y combination (xA*,
yA*) maximizes utility in the original situation where
Px = 9? Why?
(15 points) What x-y combination (xC*,...
Jim’s utility function is U(x, y) = xy. Jerry’s utility function is U(x, y) = 1,000xy...
Jim’s utility function is U(x, y) = xy. Jerry’s utility function
is U(x, y) = 1,000xy + 2,000. Tammy’s utility function is U(x, y) =
xy(1 - xy). Oral’s utility function is -1/(10 + xy. Billy’s utility
function is U(x, y) = x/y. Pat’s utility function is U(x, y) =
-xy.
a. No two of these people have the same preferences.
b. They all have the same preferences except for Billy.
c. Jim, Jerry, and Pat all have the same...
Suppose you have $16 and your utility function is U(x,y) = xy. What do prices have...
Suppose you have $16 and your utility function is U(x,y) = xy.
What do prices have to be for your optimal consumption bundle to be
x = 2 and y = 1? Show your work.
Esther consumes goods X and Y, and her utility function is U(X,Y)=XY+Y For this utility function,...
Esther consumes goods X and Y, and her utility
function is
U(X,Y)=XY+Y
For this utility function,
MUX=Y
MUY=X+1
a. What is Esther's MRSXY?
Y/(X + 1)
X/Y
(X + 1)/Y
X/(Y + 1)
b. Suppose her daily income is $20, the price of X is $4
per unit, and the price of Y is $1 per unit. What is her
best choice?
Instructions: Enter
your answers as whole numbers.
X =
Y =
What is Esther's utility when her...
Suppose that a consumer has utility given by U(X, Y ) = XY + 10Y and...
Suppose that a consumer has utility given by U(X, Y ) = XY +
10Y and income of $100 to spend on goods X and Y.
The prices of X and Y are both $1 per unit. Use a Lagrangian to
solve for the optimal basket of goods.
Suppose that the price of X increases to $5 per unit. Use a
Lagrangian to solve for the new optimal basket of goods. Find the
total effect of the price change on...
Let assume that a consumer has a utility function u(x, y) = xy, and px =...
Let assume that a consumer has a
utility function u(x, y) = xy, and px = 1 dollar, py = 2 dollars
and budget=50. Derive the followings. (3 points each)
1) Marshallian demands of x and y
2) Hicksian demands of x and y
3) Indirect utility function
4) Expenditure function
5) Engel curve
Suppose that an individual has a utility function of the form U = Y½ where U...
Suppose that an individual has a utility function of the form U
= Y½ where U is utility and Y is income.
a) Calculate the utility level for Y values of $10,000,
$40,000, $90,000, $160,000, and $250,000 and then plot the
individual’s total utility function.
b) This individual is currently earning $90,000 but has
a 50-50 chance of earning either $40,000 or $160,000 in a new
job.
i) Calculate the expected income and utility from the
new...
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