given this utility function 95x10.3x20.2x30.25 first the first, second and cross order patial derivative with respect to each of the derivatives x1 x2 x3 what is the total utility derive if x1=24 x2=15 x3=5

given this utility function 95x10.3x20.2x30.25 first the first, second and cross order patial derivative with respect to each of the derivatives x1 x2 x3 what is the total utility derive if x1=24 x2=15 x3=5

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.3P

See similar textbooks

Related questions

Q: Table 1: Cross-country data In 2005 dollars Relative to US (US = 1) Capital pc GDP pc Capital pc GDP…

A: According to question - Production function : y = Ak1/3 Therefore , TFP = A = y./k1/3

Q: Two firms face the following profit matrix. Firm 1 Low Price High Price Low Price 2,0 0,7 Firm 2…

A: Firm 1 wants to match Firm2's price Firm 2 wants to play opposites

Q: Suppose the inverse demand function for a monopolist's product is given by P=100-2Q and the cost…

A: Demand: P=100-2Q Total Cost: C(Q)=10+2Q

Q: After the opening of trade, the Stopler-Samuelson theorem predicts Multiple Choice O rise in the…

A: When talking about international trade, there are numerous theories developed to explain the nature…

Q: Using the substitution effect, with a higher interest rate a borrower will Select one: O a. increase…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Just the bolded one please Using the above graph, The minimum level of output this firm would…

A: Costs that are fixed are those that don't change based on volume. The majority of fixed costs are…

Q: Cost minimization when output is unknown an total costs are known. A factory that you are managing…

A: Given information: Q = 2K0.5L0.5 ----------> Production function…

Q: To maximize economic profit, a competitive firm will produce a quantity where Group of answer…

A: A perfectly competitive firm is a price taker, which means it takes the price that is determined by…

Q: Compute the percentage changes for the following (enter your responses as integers): New Value…

A: According to the question, There are initial values given. There are new values given. We need…

Q: 2. Which is a better market structure, Monopoly or Oligopoly? Why?

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: T4

A: The economic components are a series of events and categories that act and react to one another to…

Q: pose we have two people in the market: A, B. Their utility functions are UA = = min{x₁,2). Solve…

A: The consumer chooses consumption of the 2 products therefore, marginal rate of substitution equals…

Q: The production of fabric generates toxic effluents related to the dyes used. This is typically…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first three subparts for you.…

Q: To combat income inequality and to generate increased tax revenues to fund expenditures, government…

A: The marginal tax rate of 90% of the income is considered a very good source of income for the…

Q: Price ($/ton) 439 400 330 300 1. Answer the following questions based on the below diagram of the…

A: The question is discussing the welfare effects due to international trade and tariffs.

Q: In which market structure would you find a great deal of advertising?

A: Market: In economics, a market is defined as a place where sellers of a commodity and buyers of a…

Q: At least at lower grades, schooling is O an investment in human capital. O a consumption good. O a…

A: Note: We will answer one question as the exact one was not mentioned. Please resubmit a new question…

Q: Consider a baseline long run steady state equilibrium where output is 22 trillion dollars, and the…

A: Equilibrium Equilibrium is the point in the market at which the demand and supply are equal to each…

Q: 3 Suppose the utility function is given by U(x₁,x₂) = (x²). Calculate the optimal con- sumption…

A: Utility function : U = ( x12x25 )5/4 Monotonic Transformation of the above utility function can be…

Q: V. Consider a perfectly competitive nonrenewable natural resource industry for which the marginal…

A: Nonrenewable natural resources are those resources which are not replenished quickly with the using…

Q: QUESTION 5 apitalized cost is an application of perpetuity. It is the sum of the first cost and the…

A: Salvage Value depicts the future value of a good in terms of absolute value in monetary terms and it…

Q: a. Calculate the unemployment rate for May 2022. (show your work) Use the Bureau of Labor Statistics…

A: a) Unemployment rate can be calculated as Number of people unemployed / labor force. b) By going…

Q: Suppose that there are 90 firms in a market, each with the following cost function: C(q) = 65+4q2…

A: Firm's total cost: C = 65+4q2 Market demand: D = 1260 - 39p

Q: 4-- Suppose a bank's balance sheet looks like this. The bank is required to hold reserves equal to…

A: Here, the given table shows the balance sheet of a bank and there is 10% reserve requirements in the…

Q: Fish 10 hours Alfredo Fish 12 hours Select one: O a. 2 Fish 10 hours Fish 12 hours 3,3 C 4,1 1,4 O…

A: This is the payoff matric which is payment matrix is a table where the strategies of one player are…

Q: The short run is Group of answer choices the length of time a CEO serves on a board the period in…

A: Answer to the question is as follows:

Q: An industry consists of three firms with sales of $25, $45, and $55. a. Calculate the…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: What is the lost consumer surplus due to the tax (in $millions)?

A: The lost consumer surplus is this yellow area Try find this area.

Q: Please solve it fast i will give double upvotes

A: Introduction In Heckscher - Ohlin theory, we know that if the countries has homothetic preferences…

Q: Question: Critics of floating exchange rates claim that trade deficits are determined by the ?

A: The value of a country's currency in relation to the currency of another country or economic zone is…

Q: 1-The excess burden of a tax refers to: Select one: a. how much producers lose in surplus from the…

A: Tax is a liability imposed by the government on the players in the market - consumers and producers.…

Q: Discuss the correlation between GDP growth and health outcomes. Compare short-term trends vs.…

A: Health economics refers to the role played by health of the people in economic growth. In other…

Q: 1. Real GDP decreases during (a).The movement from through to peak (b). The movement from below…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Announcers present music, news, and sports, and may provide commentary or interview guests about…

A: The median annual wage for announcers in May 2014 = $29,010 Wage of newscaster = $33,900 Amount to…

Q: Discuss the importance of studying Macroeconomics?

A: The macro economics considers the dynamic of the whole economic such as national output, inflation,…

Q: Price/unit (Pesos) 20 40 60 80 100 120 Quantity 30 (a) 60 (b) 90 (c) 120 (d) 150 (e) 180 (f)

A: The price elasticity of supply alludes to the reaction to a change in goods and service prices by…

Q: Table 1 shows the actual customer demand for hairdryers from Dyson company. The actual demand has…

A: In the simple moving average method (using 3 months), we directly take the average of last 3 months…

Q: explains that the two most important assumptions of economics are scarcity and cost. Please explain…

A: The study of scarcity and its effects on resource use, product and service production, output growth…

Q: Suppose that the direct demand and direct supply functions are x = √200 - p and x = √p - 38,…

A: equilibrium price and output are determined by the market forces demand and supply . When demand =…

Q: Demand equation of private limited tiles estimated as P = 8000 - 24Q. find the marginal revenue when…

A: Given the information: Demand equation, P = 8000 - 24Q Q = 1000

Q: On the following graph, plot Poornima's production function using the green points (triangle…

A: The marginal product of a business is the extra output made because of extra input put into the…

Q: 1. Give 1 problem associated with Monopoly market structure and explain why.

A: Monopoly refers to the market where the single firm exists in the market. Monopoly firm has market…

Q: An investment firm has $1 million to invest in stocks, bonds, certificates of deposit, and real…

A: An investment firm has $1,000,000 to invest and real estate over 6 years of time- Investment…

Q: If a firm's average variable cost curve decreases when the firm increases its output, then the firm…

A: Average variable not entirely settled by separating the total variable cost by the output.

Q: Provide the answer for the requirements Price/unit (Pesos) 20 40 60 80 100 120 below. Show all…

A: Derive the following with complete solution.a. Equilibrium quantityb. Equilibrium price

Q: In a graph depicting normally shaped demand and supply curves for the British pound, suppose that…

A: When price levels change what happens to export of U.S goods to U.K and import of U.K goods to U.S?…

Q: Firm 1 must decide whether to enter an industry in which firm 2 is an incumbent. To enter this…

A: A subgame perfect equilibrium is a refinement of a Nash equilibrium utilized in powerful games.

Q: What are the four main elements of macroeconomics.

A: Macroeconomics is the broader study in the field of economics which mainly deals with issues and the…

Q: The figure shows the demand curve for Price 8- 7- 6- 5- 3- 2- 04 0 10 20 30 40 50 60 70 80 90…

A: The consumer surplus is the benefits earned by the consumers in the market at the equilibrium or…

Q: Why do economists include only final goods in measuring GDP for a particular year? Why don’t they…

A: The measure that depicts the final value of goods and services that are being produced in an economy…

Question

given this utility function 95x₁^0.3x₂^0.2x₃^0.25

^{first the first, second and cross order patial derivative with respect to each of the derivatives x₁x₂ x₃}

^{what is the total utility derive if x₁=24 x₂=15 x₃=5}

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Given:

VIEW

First order partial derivative

VIEW

Second order partial derivative

VIEW

Cross order partial derivative

VIEW

Total utility derived

VIEW

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Solve; a consumer utility function is given as 64q10.5q20.25q30.4 2. derive the second-order partial derivatives of the utility function with respect to the three pairs of commodities
Find the marginal utility (MU) and marginal rate of substitution (MRS) of following utility functions. 1. U(x1,x2)=ln(x1)+x2,findMUx1,MUx2,andMRS(x1,x2) 2. U(x1,x2)=(2x21+x32)1/2,findMUx1,MUx2,andMRS(x1,x2)
For the utility function U = Qx0.31Qy(1-0.31) find the trade-off rate between good X and good Y at Qx= 7 and Qy=17 Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).
For the following utility function find the MRS at (x, y) = (2, 3) a) U(x, y) =2x +y b) U(x, y) =x^3 y^2 c) U(x, y) =min(x, 2y) Solve subparts (c )correctly
When utility function U(q1, q2)=min{ 34.6 q1, 17 q2} and q1= 33 and q2= 60 are given, find utility level consumer gains?
Suppose that the consumer maximizes his utilitysuch that the marginal utilities of goods X and Y are; MUx=80-16x MUy=60-2y Let Px=P4,Py=P2 and I=P80 Find the utility maximizing quantities X and Y
What is the logarithmic transform of the utility function U=xα1xβ2xγ3 given the budget constraint px1x1+px2x2+px3x3=M . Select one: a. ln U=ln xα1+ln xβ2+ln xγ3 b. ln U=ln xγ1+ln xβ2+ln xα3 c. ln U=α ln x1−β ln x2−γ ln x3 d. ln U=α ln x1+β ln x2+γ ln x3
Utility functions of a consumer: U = 20x10.4x20.4 Specify:a. marginal utility of each item.b. If the consumption of x1seee is 80 and x2 as much as 60 units, the price of Px120 and Px2 25, Determine if there is a balance of consumption?
For the following utility function find the MRS at (x, y) = (2, 3) a) U(x, y) =2x +y b) U(x, y) =x^3 y^2 c) U(x, y) =min(x, 2y)
What is the logarithmic transform of the utility function U=xα1xβ2xγ3U=x1αx2βx3γ given the budget constraint px1x1+px2x2+px3x3=Mpx1x1+px2x2+px3x3=M. Select one: a. ln U=ln xα1+ln xβ2+ln xγ3ln U=ln x1α+ln x2β+ln x3γ b. ln U=α ln x1−β ln x2−γ ln x3ln U=α ln x1−β ln x2−γ ln x3 c. ln U=α ln x1+β ln x2+γ ln x3ln U=α ln x1+β ln x2+γ ln x3 d. ln U=ln xγ1+ln xβ2+ln xα3
Sarah has the following utility function: u(x, y) = 10x + 12y.
What kind of preferences are represented by a utility function of theform u(x1, x2) = √x1 + x2? What about the utility function v(x1, x2) =13x1 + 13x2?