A consumer has a utility function given by U(x, y) = 3x? + 4y². The price of good x is 3 and the price of good y is 2. The consumer has an income of 240. What is the maximum utility they can achieve given their budget? a. None of these b. 19,200 c. 57,600 O d. 240,000 e. 1600

Q: Suppose a consumer's utility function is u(x, y) = ;V+), with x and y the 6. amounts of two goods…

A: U(x,y) = 12x+12y2Px = 1Py = 2M = 300

Q: 12. A consumer likes two goods, x and y, and has the following utility function, U= 2√√xy. What is…

A: Slope of IC is the MRS where we can find the MRS using the marginal utilities of goods.

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Q: 3. Natasha's preferences are represented by the utility function U(QA, QB) = 2QAQB, where QA stands…

A: here we calculate optimal affordable consumption bundle which are as follow-

Q: 1.) A consumer signifies his preferences toward product x and y through the following marginal…

A: The utility function shows the total utility received by an individual when he consumes different…

Q: Consider a consumer with an income of M = 200 in an economy with 3 goods. Let the prices be p1 = 4,…

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Q: 3. Consider the utility function u(x, y) = - (v41) (a) Find the equation for the marginal utility…

A: Answer-

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A:

Q: m 4.2 Nadia likes spare ribs, R, and Fried chicken, C. Her utility function is    U(R,C)=10R^2 C…

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A: Utility function refers to the the amount of utility that could be utilized by by the different…

Q: Let the following table represents the total utility of a given consumer, in the cardinal utility…

A: Since you posted a question with multiple sub-parts, we will solve first three sub-parts for you. To…

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A: The utility function would result in the consumption of the goods that would result in the demand…

Q: Consider a consumer with the utility function U (x, y) = x" y where x is the quantity of good X and…

A: Optimal consumption bundle is where MUx / MUy = Px / Py Where MUx = Marginal utility from good x MUy…

Q: 3. Assuming a price of X (Px) and a price of Y (Py) are $ 1 each, the individual's income is $ 8 per…

A: The law of marginal utility states that as we consume more and more of a particular commodity, the…

Q: 4. If an individual's preferences are described by the utility function U(X1, X2 ) = X;? + X2?, a)…

A:

Q: 6. Assume that utility is given by U(x, y) = 20.30.7 and Income I, price of good x = p. and price of…

A: Introduction We have given a utility function with the income constraint. Uncompensated demand…

Q: Denver Bluff High School has $60,000 to spend on computers and other goods so its budget equation is…

A: We are going to find optimal bundle and marginal rate of substitution using utility maximisation…

Q: Question 2 (Choice). Suppose a consumer's utility function is given by: U(xi, x:) = min{9xi, x;} The…

A: Answer a) Fixed proportion of utility function U(x1, x2) = min{9x1, x2} For such functions, 9x1 = x2…

Q: 2. A consumer spends her entire income on two goods, r and y. Her preferences are represented by the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: There are two goods, apples and bananas. The price of apples is PA = $2,and the price of bananas is…

A:

Q: Peter har this utility function 0,5 リ=x05 Where U is utility and x, and x, and the volume of goods 1…

A: "Consumer will buy commodities in order to maximize utility at a point where the ratio of marginal…

Q: 5. A consumer has the following demand function and budget constraint U(x, y) = (x + 2)(y +1). Px+…

A: Marshallian demand depends on prices of the goods and income.

Q: Denver Bluff High School has $60,000 to spend on computers and other goods so its budget equation is…

A: We are going to use utility maximisation method to answer this question.

Q: 8. A consumer bas utility function u(z, y) = VIy, for two goods, X and Y, where c is some positive…

A:

Q: Andy purchases only two goods, apples (a) and kumquats (k). He has an income of $80 and can buy…

A: *ANSWER:-

Q: 2. Suppose John's utility function is UX,Y) = 4VXY , where X is consumption of beer and Y is…

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Q: Suppose a consumer has the following utility function: U(x1,x2) = alnx1 + (1-a)lnx2. The price of…

A: We have  Ux1, x2=alnx1+1-alnx2 When a= 1/2 or a=0.5 Ux1, x2=0.5lnx1+0.5lnx2             ............…

Q: 2) A consumer has the utility function U(Q₁, Q₂) = Q1Q2 and can buy good X at 1 TL a unit and good Y…

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Q: 6 To find the Marshallian quantities demanded given that the utility function is: x subscript 1…

A: Utility functions shows the relationship between utility and consumption of commodities.

Q: There are two goods, apples and bananas. The price of apples is PA = $2,and the price of bananas is…

A:

Q: Solve the attachment. image

A: Given: Consumer's income is = $400 The price of X is = $10 The price of Y is = $2 Consumption of…

Q: 5. A consumer's utility function is U = In x, +2 In x; Find the values of x1 and x2 which maximize U…

A: Indifference curve is a curve that is used to depict the satisfaction derived by a consumer from…

Q: 2. Ernest wants to achieve a utility level of 100. His utility function is U = XY. What is the least…

A: here we calculate the least amount of money that Ernest can spend to achieve a utility level of 100…

Q: (2) Consider the utility function u(x, y) := x'/³y²/3 for all nonnegative I and y. Given the budget…

A: Disclaimer: Since you have posted multiple questions, I am providing you with the answer to the…

Q: 1. Muhammad enjoys going to the aquarium (x) and playing basketball (y). His preferences on x and y…

A:

Q: b. A consumer purchases two goods, the amounts of which are x and y. Her marginal utility of…

A: UTILITY FUNCTION: In economics, utility is the satisfaction or gratification that users get by…

Q: Problems 7 1 1 1 1. Marco's utility function is given by U= X®Y8. MUx 8 =xY, MUy =xóY. Given Marco's…

A: 1.a) It is given that A consumer will always prefer that good whose marginal utility(MU) of the…

Q: U=X^0.7*Y^0.8 utility function (EXAMPLE: U=XL In the Utility function given above, U=Utility level,…

A: Given  U = X0.7Y0.8 And Budget line 5X+10Y=800

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A: We are going to represent the utility function for perfect complement and its maximisation to answer…

Q: Using the information in the table, assume the consumer has a weekly budget of $3, the price of a…

A: Consumer utility refers to the satisfaction that a consumer gain after consuming goods and services.…

Q: Denver Bluff High School has $60,000 to spend on computers and other goods so its budget equation is…

A: a) The utility function, U =(C,X) = C (X)^2 The budget line equation, C+ X= 60,000 According to this…

Q: Teddy has preferences for stuffed animals (x) and audiobooks (9) illustrated by the utility function…

A: Given, Utility function, U(x,y) = x23y13 a) The given utility function is Cobb Douglas utility…

Q: Utility is given by U(x1; x2) = x1x2. Marginal utilities are MU1 = x2, and MU2 = x1. The price of x1…

A: Disclaimer :- as you posted multipart questions we are supposed to solve the first 3 questions only…

Q: 5. Consider a consumer whose utility function is u(x,y) = sqrt(xy) (MRS(x,y)=y/x) a. Assume the…

A: a) Utility maximizing condition: MRS = PXPY Given, the utility function: u = xy MRS =yx Price of…