A. You have the following details: • The price of commodity: X is $2 • The price of commodity: Y is $3 • The income for the consumer: $ 23 1. Find the maximize utility for the following consumer? 2. Illustrate the budget constraint for this consumer? Qx Tux Qy Tuy 1. 7 13 11 2 23 3. 18 3 24 4. 22 4 33 32 39 6. 38 6. 40 7 46 7 45

Q: Q1. You have Rs.10. The price of samosa is Rs.1 per unit. The price of a steak sandwich is Rs.3 The…

A: Income= Rs10 Price of 1 samosa= Rs1 Price of steak= Rs3 Utility maximization:- It refers to notion…

Q: Price for X is $1 and Y is $2.  Budget is $9.            Good X                Good Y…

A: The utility maximizing level is given as MUx/Px= MUy/Py Good X   Good Y   Quantity MUx/Px…

Q: Troy has preferences for laptops (L), and drones (D). Laptops costs $750 a unit and drones costs…

A: Given, Laptop Cost $750 Drone cost- $2000 Total cost- $15000

Q: Mr. Abdulah enjoys Coffee (K) and Tea (T), with the utility function U (K, T) = 3K + 4T. Question: -…

A: Substitute goods are those goods that are similar and have similar features and used in place of one…

Q: (b) Suppose the price of coffee (PC) and the price of tea (PT) are both $3. If Alana has $12 to…

A: The curve that shows all the possible combinations of two products that a consumer can consume,…

Q: 7. Mr Kabelo has R1000 to spend on meat and rice. The price of meat is R250 per portion while that…

A: Note: Since you have asked more than one individual questions, we are going to answer the first…

Q: 3. Susan has the following utility function U(x,y) = xy, where x represents food and y represents…

A: *SOLUTION :-  * (3)

Q: 7. MRS and utility maximization Poornima lives in Miami and loves to eat desserts. She spends her…

A: The consumer will maximize utility at a point where marginal rate of substitution is equal to the…

Q: A consumer has $100 and would like to purchase food (F) and gas (G). Suppose their utility is given…

A: Given: U ( F,G ) = F 0.8 G 0.2 M= PF x F + PG x G 100 = PF x F + PGx G MUF= o.8 ( G / F ) 0.2 MUG…

Q: The table shows the marginal-utility schedules for goods A and B for a hypothetical consumer. The…

A: Here, it is given that a consumer spends his income in such a manner that helps in to get maximum…

Q: Pants Belts Marginal utility 220 180 140 100 60 Quantity 1 Quantity 1 Marginal utility 85 65 3 3 45…

A: Utility refers to the amount of satisfaction that an individual receives from the consumption of a…

Q: Donald derives utility from only two goods, carrots (Q.) and donuts (Qa). His utility function is as…

A: Utility is the satisfaction that a consumer derives from the consumption of a good. Indifference…

Q: Hot-dogs (P = $1) Apple pie slices (P=$2) Hot-dogs Total MUMU/P Apple pie Total MUMU/P…

A: We have price of hot dog is $1 and price of an apple pie slice is $2 and income of $9

Q: a. Suppose Fiona’s income is $100 per week, which she allocates between chocolates and books.…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…

Q: Economics 1. Imagine you have $1000 of income to spend on two goods, x1 and x2. ASSUME BOTH AR…

A: Income = 1000 Price of x2 = 20 Price of x1 in case 1 Px1 = 40 case 2  = 20 case 3 = 10

Q: 11) An individual consumes only two goods, X and Y. Which of the following expressions represents…

A: A consumer becomes indifferent when two items are combined because they both provide the same level…

Q: A. You have the following details: • The price of commodity: X is $2 • The price of commodity: Y is…

A: The objective of every consumer is to maximize the utility derived from the good or set of goods…

Q: 4. Indifference Curve and Budget Line Annie has an income of $160 an hour. Popcorn costs $5 a bag,…

A: Budget line refers to the line that shows all possible combination of goods and service can be…

Q: Ed is a substitute lecturer. Every day he chooses between how many hours to work (denoted by L) and…

A:

Q: Given the data in the below table, income of $13, a price of $1 for a gallon of gasoline and $2.00…

A: Given: Quantity of Gasoline MU of Gasoline MU of Gasoline per dollar Quantity of Pizza…

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: Q2. When do economists say that a consumer is in equilibrium, what factors can distort the…

A: 2)The phrase "consumer equilibrium" describes a situation in which a consumer is totally satisfied…

Q: PROBLEM You are choosing between two goods, X and Y, and your MU from each is shown in the table…

A: Marginal utility is the additional fulfillment a consumer gets from having another unit of a decent.…

Q: Q6. Consider the following chart (TU =Total Utility) Consumption of Goods TU, Consumption of Goody…

A: The satisfaction derived from consuming an item or service is referred to as utility in economics.…

Q: Suppose you have $12 to buy apples or oranges. The price of both apples and oranges is $2, and the…

A: Marginal Utility is the value of utility that consumers get from consuming an additional unit of the…

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: 1. Arya has an income of $150 per month. She spends on two goods: Burgers and Colas. The price of a…

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

Q: may explain to me step by step? tq 1. An individual consumes products X and Y and spends $25 per…

A: Budget equation: - it is the mathematical expression that represents a consumer’s affordable bundles…

Q: What do we mean by well-behaved preferences? How do the indifference curves look like for such…

A: Since the question you posted consists of multiple parts, we will answer the first three parts for…

Q: 1. If the consumer can only buy product x, how much will the consumer buy and what will be the total…

A: PX= $4 Py= $2 M= $20

Q: The table shows the marginal-utility schedules for goods A and B for a hypothetical consumer. The…

A: Marginal utility manifests the amount of utility derived from purchasing an extra unit of the good.…

Q: Jeremy consumes only two goods, X and Y, and faces the following utility function: U = XY. The…

A: Answer: Given, Utility function: U=XYMUX=YMUY=XInitial budgetI=$800Price of good X PX=$12.5Price of…

Q: What is the value of the x-intercept?  What is the value of the y-intercept?  What is the slope of…

A: Budget constraint is defined as the combinations of all the goods and services that a consumer…

Q: 5. The price of good x increases from 4 to 6. A consumer with an income of 120 buys 15 units of good…

A: Answer: Substitution effect: it shows the difference between quantity after the increase in price…

Q: (c) Now, the store where Robert goes for shopping has changed the prices to p, = 2 and py = 6,…

A: C). For drawing a budget line we need to find out the total expenditure on the commodities and the…

Q: Donald derives utility from only two goods, carrots (Qc) and donuts (Qd). His utility function is as…

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

Q: 3. Andy purchases only two goods, apples (a) and kumquats (k). He has an income of $40 and can buy…

A: If there are no savings and the total money income(M) is used to buy 2 goods(X and Y), the budget…

Q: 2) The above figure shows Bobby's indifference map for juice and snacks. Also shown are three budget…

A: Given: Income= M = $20, price of snacks= Ps= $0.5 As given the optimum bundle is obtained at MRS=…

Q: 6. Sarah likes food, z and clothing, y and has the following utility function: U(x,y) = 2x!/2y}/2.…

A:

Q: If the price of a soda is $2, the price of a hamburger is $6, and George has $14 of income, George's…

A: Utility is maximized when MUh/Ph = MUs/Ps  where H: Hamburger and S: Soda, and MU = Change in TU /…

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

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

A: Total utility refers to the total amount of satisfaction a consumer is able to get by consuming some…

Q: 44. Answer the next question(s) based on the table below showing the marginal utility schedules for…

A: Marginal Utility (MU) refers to the additional satisfaction enjoyed by consumer from consuming an…

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…