Whether the utility function U ( X, Y ) = ( AX 2 + BY R ) 1 R satisfies the More-Is-Better Principle or not.

Question

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Answer 1

Question

Chapter 4, Problem 8CP

a)

To determine

Whether the utility function U(X, Y)=(AX2+BYR)1R satisfies the More-Is-Better Principle or not.

b)

To determine

The consumer’s marginal rate of substitution at the bundle (X, Y).

c)

To determine

The given consumer’s preferences and the declining MRS property.

d)

To determine

The presence of perfect substitutes, when R = 1.

e)

To determine

The preferences associated with the given utility function and the Cobb-Douglas utility function.

f)

To determine

The case of perfect compliments, when R approaches -∞.

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Answer 2

Question

Chapter 4, Problem 8CP

a)

To determine

Whether the utility function U(X, Y)=(AX2+BYR)1R satisfies the More-Is-Better Principle or not.

b)

To determine

The consumer’s marginal rate of substitution at the bundle (X, Y).

c)

To determine

The given consumer’s preferences and the declining MRS property.

d)

To determine

The presence of perfect substitutes, when R = 1.

e)

To determine

The preferences associated with the given utility function and the Cobb-Douglas utility function.

f)

To determine

The case of perfect compliments, when R approaches -∞.

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Answer 3

Question

Chapter 4, Problem 8CP

a)

To determine

Whether the utility function U(X, Y)=(AX2+BYR)1R satisfies the More-Is-Better Principle or not.

b)

To determine

The consumer’s marginal rate of substitution at the bundle (X, Y).

c)

To determine

The given consumer’s preferences and the declining MRS property.

d)

To determine

The presence of perfect substitutes, when R = 1.

e)

To determine

The preferences associated with the given utility function and the Cobb-Douglas utility function.

f)

To determine

The case of perfect compliments, when R approaches -∞.

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Answer 4

Question

Chapter 4, Problem 8CP

a)

To determine

Whether the utility function U(X, Y)=(AX2+BYR)1R satisfies the More-Is-Better Principle or not.

b)

To determine

The consumer’s marginal rate of substitution at the bundle (X, Y).

c)

To determine

The given consumer’s preferences and the declining MRS property.

d)

To determine

The presence of perfect substitutes, when R = 1.

e)

To determine

The preferences associated with the given utility function and the Cobb-Douglas utility function.

f)

To determine

The case of perfect compliments, when R approaches -∞.

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Answer 5

Chapter 4, Problem 8CP

a)

To determine

Whether the utility function U(X, Y)=(AX2+BYR)1R satisfies the More-Is-Better Principle or not.

b)

To determine

The consumer’s marginal rate of substitution at the bundle (X, Y).

c)

To determine

The given consumer’s preferences and the declining MRS property.

d)

To determine

The presence of perfect substitutes, when R = 1.

e)

To determine

The preferences associated with the given utility function and the Cobb-Douglas utility function.

f)

To determine

The case of perfect compliments, when R approaches -∞.

Answer 6

Chapter 4, Problem 8CP

a)

To determine

Whether the utility function U(X, Y)=(AX2+BYR)1R satisfies the More-Is-Better Principle or not.

Answer 7

Chapter 4, Problem 8CP

a)

To determine

Whether the utility function U(X, Y)=(AX2+BYR)1R satisfies the More-Is-Better Principle or not.

Answer 8

b)

To determine

The consumer’s marginal rate of substitution at the bundle (X, Y).

Answer 9

b)

To determine

The consumer’s marginal rate of substitution at the bundle (X, Y).

Answer 10

c)

To determine

The given consumer’s preferences and the declining MRS property.

Answer 11

c)

To determine

The given consumer’s preferences and the declining MRS property.

Answer 12

d)

To determine

The presence of perfect substitutes, when R = 1.

Answer 13

d)

To determine

The presence of perfect substitutes, when R = 1.

Answer 14

e)

To determine

The preferences associated with the given utility function and the Cobb-Douglas utility function.

Answer 15

e)

To determine

The preferences associated with the given utility function and the Cobb-Douglas utility function.

Answer 16

f)

To determine

The case of perfect compliments, when R approaches -∞.

Answer 17

f)

To determine

The case of perfect compliments, when R approaches -∞.

Answer 18

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Answer 19

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Answer 20

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Answer 21

Ch. 4 - Prob. 1DQ Ch. 4 - Prob. 2DQ Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - Prob. 1P Ch. 4 - Prob. 2P Ch. 4 - Prob. 3P Ch. 4 - Prob. 4P Ch. 4 - Prob. 5P Ch. 4 - Prob. 6P

Whether the utility function U ( X, Y ) = ( AX 2 + BY R ) 1 R satisfies the More-Is-Better Principle or not.

Whether the utility function U(X, Y)=(AX2+BYR)1R satisfies the More-Is-Better Principle or not.

The consumer’s marginal rate of substitution at the bundle (X, Y).

The given consumer’s preferences and the declining MRS property.

The presence of perfect substitutes, when R = 1.

The preferences associated with the given utility function and the Cobb-Douglas utility function.

The case of perfect compliments, when R approaches -∞.

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Chapter 4 Solutions