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Show graphically both slutsky and Hicks analysis for fall in
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- differentiate between slutsky and hicks approach of decomposing price effect. draw two different diagrams ,one illustrating slutsky version of income and substitution effect and the other illustrating the hicks version of income and substitution effect.Using one diagram, illustrate and explain the income and substitution effects of a price decrease of an inferior good (non-giffen) using both the Hicksian and Slutsky decomposition. explainthe Marshallian Demands for the utility function U(x,y) =0.5x + 5ln ya) For this utility function calculate the Hicksian demand functions for x and y.b) Use your Marshallian and Hicksian demand functions to calculate the partial derivative of both Marshallian and Hicksian demand for x with respect to px and the partial derivative of Marshallian demand with respect to income.c) Use your answers for (b) to verify the Slutsky equation
- Graphically show what happens to 1. Slutsky decomposition (PE = SE + IE) graph if commodity X1 is inferior and its price rises (X2 is normal).2. Slutsky decomposition (PE = SE + IE) graph if commodity X1 is Giffen and its price rises (X2 is normal).3. Slutsky decomposition (PE = SE + IE) graph if both are normal goods and price of X1 rises.4. Hicksian decomposition (PE = SE + IE) graph if both are normal goods and price of X1 rises.5. Hicksian decomposition (PE = SE + IE) graph if commodity X1 is inferior and its price rises (X2 is normal).Show using well labeled diagrams how you would derive the Marshallian Demand curve and compensated demand curve holding utility constant for an Inferior good X for a consumer maximizing her welfare subject to a budget constraint.Explain how Hick's Paradox challenges the traditional assumption of monotonicity in consumer preferences and its implications for welfare economics.
- Harry has utility function u = min {x + 2y, y + 2x}. His income is 600. Harry pays pY= 4 for good Y and pX= 12 for good x. With a membership fee, Harry can purchase good x for pX= 6. Provide a labeled Indifference Curve diagram and supporting calculations to illustrate and quantify the maximum amount that Harry would pay for this membership. Underneath the Indifference, the Curve diagram provides a Demand Curve diagram that shows the ordinary (Marshallian) demand curve and compensated (Hicksian) demand curve. Illustrate and quantify the exact change and approximate change in consumer surplus.Define and explain the difference between Marshallian demand function and Hicksian demand function.Lionel eats ham (x) and cheese (y). The utility function U(x,y)=0.25x + 2y^0.5 represents his preferences.a) What is Lionel’s MRS? Holding y constant, how does his MRS change as ham (x) is increased?b) What does your answer in (a) imply about his indifference curves as you hold y constant and increase x? In (c) and (d) you are asked about the Marshallian and Hicksian Demands for cheese (y). Do NOT calculate the demand functions to answer these questions. Use your answers to (a) and (b) to explain your answer. c) Holding prices constant, what is the effect of an increase in income on his Marshallian demand for cheese (y)? Briefly explain your answer.d) Holding prices constant, what is the effect of an increase in utility on his Hicksian demand for cheese (y)? Briefly explain your answer.
- Consider an economy with 2 goods and 30 agents. There are 10 agentseach with the utility function u (x1; x2) = ln x1 + 2 ln x2 and endowments e = (3; 1).Also, the other 20 agents each have the utility function u (z1; z2) = 2 ln z1 + ln z2 andendowments e = (1; 2). Normalize p2 = 1. Calculate the Walrasian equilibrium pricep1*There are two expantions for preference reversals.(In Behavior Economics) -Scale Congruence -Prominence Could you explain about them easily?Define and explain Slutsky equation.