The utility function U(x, y) = x + y can be used to describe perfect substitutes preferences. For perfect substitutes, the demand for good x depends on its own price and on the price of y. If px > Py, the consumer only buys good y. If the px < py the consumer will specialize in good x, the demand will be the income divided by the price of x. If the prices are equal, the consumer is indifferent between buying x or y. Given this information: 1. Write a Python function which returns the demands of goods x, and y. The function should accommodate the income level, and the prices. 2. Plot the inverse demand curve for good x. Assume. p.. 20. I = 100. and D. is between 5 and 30.

The utility function U(x, y) = x + y can be used to describe perfect substitutes preferences. For perfect substitutes, the demand for good x depends on its own price and on the price of y. If px > Py, the consumer only buys good y. If the px < py the consumer will specialize in good x, the demand will be the income divided by the price of x. If the prices are equal, the consumer is indifferent between buying x or y. Given this information: 1. Write a Python function which returns the demands of goods x, and y. The function should accommodate the income level, and the prices. 2. Plot the inverse demand curve for good x. Assume. p.. 20. I = 100. and D. is between 5 and 30.

Operations Research : Applications and Algorithms

4th Edition

ISBN:9780534380588

Author:Wayne L. Winston

Publisher:Wayne L. Winston

Chapter11: Nonlinear Programming

Section11.1: Review Of Differential Calculus

Problem 6P

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