Chapter 14, Problem 23RE

Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

Chapter
Section

Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

Utility Suppose that the utility function for two goodsX and y is given by U   =   x 2 y .(a) Write the equation of the indifference curve for a consumer who purchases 6 units of X and 15 units of Y.(b) If the consumer purchases 60 units of Y, how many units of X must be purchased to retain the same level of utility?

(a)

To determine

To calculate: The equation of the indifference curve for a consumer who purchases 6 units of X and 15 units of Y. Suppose that the utility function for two goods X and Y is given by U=x2y.

Explanation

Given Information:

The utility function for two goods X and Y is given by U=x2y.

Formula used:

The value of a function of two variables f(x,y) at the point (x,y)=(a,b) is f(a,b).

Calculation:

Consider the problem, the utility function for two goods X and Y is given by U=x2y.

Thus, U is a function of two variables x and y, where x represents X and y represents Y.

The provided function is U(x,y)=x2y.

Also, a consumer purchases 6 units of X and 15 units of Y.

Thus, the provided point is (x,y)=(6,15)

(b)

To determine

To calculate: The number of units of X must be purchased to retain the same level of utility if the consumer purchases 60 units of Y. Suppose that the utility function for two goods X and Y is given by U=x2y and the consumer purchases 6 units of X and 15 units of Y.

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