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Consider the following
U(X,Y) = X5Y5
Find the solution of the maximization problem.
Step by step
Solved in 2 steps
- Given the utility function Log Y = 0.42logX1 + 0.58logX2 Find the demand functionConsider a market with two goods, x and z. The consumer’s utility function is U = x^0,2z^0,8. Derive the demand function for x and z.Suppose the market demand curve for pizza can be expressed as QD = 100 - 2P + 3Pb, where QD is the quantity of pizza demanded, P is the price of a pizza, and Pb is the price of a burrito. What is the slope of this demand function, and what information does the slope provide?..
- Use the following general linear demand relation: Qd = 100 − 5P + 0.004M − 5PR where P is the price of good X, M is income, and PR is the price of a related good, R. What is the demand function when M = $50,000 and PR = $10? Qd = 350 − 5P Qd = 300 − 5P Qd = 200 − 5P Qd = 100 − 5P None of the choices is correct.Explain the logic that guides the construction of a linear demand function.What is the demand for goods L and Y given the utility function U(L,Y) = L+2Y where the price of L is $1 dollar per unit and the price of y is $Z per unit.
- Let the demand function for a product be Q = 50- 5P. The inverse demand function of this demand function is :Ken has a utility function for tennis rackets (X) and tennis balls (Y) of the form U(X,Y)=min(4X,2Y). His Hicksian demand for X is given by :Consider the demand function D(p) = 99.0 - 4.0p. When the price changes from p1 = 4.0 to p2 = 8.0, what is the change in the consumer's surplus? Give your answer to one decimal. 1300
- There are three individuals in an economy. The demand functions for these individuals are given as follows: X1 = 22 - 2P, X2 = 8 - P, X3 = 28 - 2P. What is the market demand when P = 10? (a) X = 30 - 3P (b) X = 50 - 4P (c) X = 28 - 2P (d) X = 36 - 3P (e) X = 58 - 5PFor a particular commodity, the demand function is q=100−5p. a. Find ε when p=5. ε=From the demand function Qdx = 12 + 2Px (Px is given in dollars), derive (a) the individual’s demandschedule and
