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Maxim has utility function u(x1,x2)=max{x1+x2,3*x2}. Derive her
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- A consumer currently spends a given budget on two goods, X and Y, in such quantities that the marginal utility of X is 10 and the marginal utility of Y is 8. The unit price of X is $5 and the unit price of Y is $2. The utility-maximizing rule suggests that this consumer shouldQ50 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.Find the maximizing utility for the person consuming two commodities from the following information: Income: 10 OMRPrice of Qx= 2 OMR, Price of Qy= 1 OMR
- A consumer is in equilibrium and is spending income in such a way that the marginal utility of product X is 40 units and that of Y is 32 units. If the unit price of X is $5, then the price of Y must be:Between 1990 and 2000, a particular consumer's income increased by 25%, while the price of X and all other goods increased by 10%. It was observed that the consumer's consumption of X and all other goods both increased by 15%. A. The consumer did not regard X and all other goods as perfect complements. B. The consumer's preference cannot be represented by a Cobb-Douglas utility function. C. The consumer's preference can be represented by a Cobb-Douglas utility function. D. The consumer's preference cannot be represented by a quasilinear utility function. E. More than one of the above options is true. The answer for this question is D and I understand why D is correct. However, for options B and C, can someone explain how I should rule them out?Find the demanded bundle for a consumer whose utility function is. u( x y) = X3/2Y and her budget constraint is 3x+4y=100
- Suppose the market demand curve for pizza can be expressed as QD = 100 - 2P + 3Pb, where QD is the quantity of pizza demanded, P is the price of a pizza, and Pb is the price of a burrito. What is the slope of this demand function, and what information does the slope provide?..Consumer has the following utility function U(x,y) = x1/2y1/2 , where the price of good x is 1$ per unit, the price of good y is 4$ per unit, and the consumer’s income is 800$. Find the utility maximizing consumption levels of x and y.Tina consumes only two goods , x and y, and her utility function is u(x1,x2) = x12+x22. (1) Find the demand function that solves first order conditions with budget constraint. (2) Please show that Tina's utility function is not convex. (3) Find the utility at the corner (spending all money on either x1 or x2) and compare the utility with the solution of (1).
- Utility 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?Suppose the weighted marginal utility for two goods x and y at a position of consumer equilibrium 70. If the price of good x is r10 and the relevant marginal utility for y is 140 what is the price of good y and the relevant marginal utility for xA consumer currently spends a given budget on two goods, X and Y, in such quantities that the marginal utility of X is 15 and the marginal utility of Y is 8. The unit price of X is $3 and the unit price of Y is $2. The utility-maximizing rule suggests that this consumer should Multiple Choice a. decrease consumption of product X and increase consumption of product Y. b. increase consumption of product X and increase consumption of product Y. c. decrease consumption of product Y and increase consumption of product X. d. stick with the current consumption mix because it yields maximum utility.
