(b)u(x, y, z) = x + - In(y) + In(z)m3if m > 흑Px2Pxh(Pxı Pyr Pzi m) =if m s.Pxif m >hy(Pxı Pyı Pzı m) =3m -P.imsPxPxPxif m >P2hz(Pxı Pyı Pzı m) =3m- Pxfms측pxPxThe following utility functions are definedover three goods, x, y, and z. Calculate thedemand functions for each good, h¡ for j = X,y, z,as functions of the prices px, Py, Pz,andincome, m.|

Demand for the goods is achieved at the optimal state where the Marginal Utility per dollar for…

Answered: The following utility functions are…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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CINESA, a government-owned power company that normally uses natural gas for electricity generation, is purchasing fuels other than natural gas and power from a commercially built wind farm, often at extra costs, which are transferred to the customer. Total monthly fuel and wind-power costs are now averaging $6,800,000. An engineer with the utility has calculated the average revenue for the past 24 months using three fuel-mix and wind-power situations: all gas, < 30% other or wind, and ≥ 30% other or wind. The table below shows the number of months for each situation and the associated revenue. If the same situation persists for the next 2 years, determine whether the utility’s revenue will be greater or less than the costs and by how much. Fuel/Wind Situation Months in Past 24 Average Revenue, $/Month All gas 12 $5,270,000 < 30% other/wind 9 $7,850,000 ≥ 30% other/wind 3 $12,130,000
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The following utility functions are defined over three goods, x, y, and z. Calculate the demand functions for each good, h¡ for j = X, y, z,as functions of the prices px, Py, Pz,and income, m.