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- You have £20 per week to spend, and two possible uses for this money: telephoning friends back home, and drinking coffee. Each hour of phoning costs £2, and each cup of coffee costs £1. Your utility function is U(X,Y) = XY, where X is the hours of phoning you do, and Y the number of cups of coffee you drink. What are your optimal choices? What is the resulting utility level? You can use the standard result on the constrained maximization of such a function, but must state it clearly. Now suppose the price of telephone calls drops to £1 per hour. What are your optimal choices? What is the resulting utility level? How much income per week will enable you to achieve the same quantities at the new prices as the ones you chose before? What income will enable you to attain the same utility as you did before? Comment on your answer in the context of equivalent variation and compensating variation.Can you assist me with this? Troy has preferences for laptops (L), and drones (D). Laptops costs $750 a unit and drones costs $2000 a unit. Troy has $15000 to spend on both goods. Troy is a utility maximizer. Describe the utility maximization condition. Using the available information at what value is utility expected to be maximizedUtility Function: U(X,Y)=X1/2Y1/2 Budget Constraint: 2X+2Y=16 If the price of good X changes to Px=3, what is the Equivalent variation?
- Indifference map of a customer is given by formula Q1 = (3Q2 - c)2, and budget line by formula Q1 = -4Q2 + 10. Find the attainable combination of the goods with maximal utility for the customer.Describe the two approaches of utility analysis !You have k20per week to spend and two possible uses for this money,:telephoning friends back home and drinking coffee. Each hour of phoning costs k2 and each cup of coffee costs k1. Your utility functions U(X,Y)=XY,where X is the hours of phoning you do and Y the number of cups of coffee you drink. Now suppose the price of telephone calls drops to k1 per hour. What are your optimal choices? What is the resulting utility level
- First household m=$2,500 per month, spends $125 dollars per month on electricity. Second household m=$10,000 per month and spends $200 per month on electricity. p1=0.1 and p2=1 x1=consumption of electricity and x2=everything else The preferences over electricity and other goods is described by a Cobb- Douglas utility function. What are the parameters of the utility function for each of the two households?Casper consumes cocoa and cheese. Cocoa is sold in an unusual way. There is only one supplier, and the more cocoa you buy from him, the lower the price you have to pay per unit. In fact, x2x2 units of cocoa will cost Casper √x2x2 dollars. Cheese is sold in the usual way at a price of $2 per unit. Casper's income is $10 and his utility function is u(x1,x2)=x21x2u(x1,x2)=x12x2, where x1x1 is his consumption of cheese and x2x2 is his consumption of cocoa. (1) Sketch Casper's budget set. (2) Sketch some of his indifference curves. (3) Calculate the amount of cheese and the amount of cocoa that Casper demands at these prices and this income. Do not forget to check the corners. (Hint: Write down the Lagrangean for this problem and solve the maximization programEvaluate the one specific law which states that the marginal utility of a good orservice declines as more of the good or service is consumed in a specific timeperiod.
- You are given the following utility function and price of commodities q1 and q2: U = 3q1+q1q2-5q2-15 P1=3 and p2=2 If the corresponding bugdet is 20. i. Write the consumer's budget equation,augmented objective function, ii.construct a constrained utility maximization problem out of the information given above, Is the second order condition for a maximum satisfied? Iii. Find the optimum level of U and the levels of q1 and q2 that will satisfy the first order condition for a maximum.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 correctQ50 Marginal utility analysis predicts a downward-sloping demand curve for good X because... a. As PX rises, the consumer increases purchases of X such that MUX/PX is equal to MU/P for all other products. b. As PX falls, the ratio MUX/PX becomes smaller, causing the consumer to purchase more of good X. c. As PX falls, the consumer increases purchases of X until MUX/PX is equal to MU/P for all other products. d. Utility-maximising consumers equate the marginal utility received for each product consumed. e. All demand curves are downward sloping, regardless of the behaviour of consumers.
