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Marginal Rate of Technical Substitution
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Preferences and Utility Analysis
Before understanding what is preference and utility analysis, it is very important to understand the terms preference and utility separately.
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- A consumer's preferences are represented by the utility function If the budget constraint is P1X1 + P2X2 = M, determine the demand functions q1(P1, P2, M) and Q2(P1, P2, M). Determine also the indirect utility function V(P1,P2,M).True or false. Assuming utility positively depends on two goods, indifference curves can cross or intersect. True FalseDerive utility maximisation of a consumer using the tool of indifference curve analysis
- Which of the FF. statements is correct regarding the preference of the consumers when the income of the consumer can only be spent between apples and oranges? Assume that apples are written on the vertical axis while oranges are written on the horizontal axis A. when the consumer has few oranges, he is willing to trade more apple to get another orange B. when the consumer has so many oranges already, he will only exchange less apples for an orange C. the declining slope of the indifference curve shows the marginal value of oranges is declining D. all are correct E. none is correctSolve the utility maximization problem to find H* and Z* please!A consumer utility function is U=(x1,x2) Where X1 is the quantity of good 1 that is bought, X2 is the quantity of good 2 that is bought. The price of good 1 is $10 and the price for good 2 is $2. If the consumer's income is $100 what will the consumer's optimal utility level be? b. Using Lagrange multilplier method. optimise the utility function x0.25 y0.25 subject to the budget constraint 24=x/10+y
- If total utility increases as wealth increases, the first derivative of the utility function is negative. TRUE OR FALSEProve that the utility maximization conditions as suggested by the “marginal utility framework” are consistent with the “indifference curves approach”.for which utility function recardian equivalence does not hold?
- Draw a utility function which exhibits diminishing sensitivity but not loss aversionwhat is the derivative of the utility function UU = log (100-2PPii) + log(PPjj+PPdd) with respect to PPjj. Budget constaint XXii = 100 - 2PPiiIf u(x1, x2) = x1 + x2 represents the individual's preferences, then V(x1, x2) = -1/(x1 + x2) also represents the individual's preferences. True, Uncertain or False?
