# Consider two goods x and y- Suppose the utility function is u(x-y) - x.docx

C

Consider two goods x and y. Suppose the utility function is u(x,y) = x^0.75 y^0.25 which gives you the marginal rate of substitution MRS = -3y/x. Suppose the price of both goods are Px = \$3 and Py = \$5 per unit. The budget is I = \$60. Solve the consumer choice problem by setting up two equations. A. How many units of x and y will the consumer buy? B. How much will the consumer spend on good x and good y? C. Derive MRS = -3y/x from the utility function. D. Re-do part A if the budget is I = \$120. Based on your answer, are goods x and y normal goods or inferior goods, and why? A. How many units of x and y will the consumer buy? B. How much will the consumer spend on good x and good y? C. Derive MRS = -3y/x from the utility function. D. Re-do part A if the budget is I = \$120. Based on your answer, are goods x and y normal goods or inferior goods, and why? .

3- Suppose that there are two goods- X and Y- The price of X is \$2 per.docx von
3- Suppose that there are two goods- X and Y- The price of X is \$2 per.docxHarryyQZColemane
2 views1 Folie
ECO 303 1 of 3Stony Brook University Fall 2016Alejandro .docx von
ECO 303 1 of 3Stony Brook University Fall 2016Alejandro .docxSALU18
9 views18 Folien
Suppose you have the following utility function U (x,y) = x2y2 and y.pdf von
Suppose you have the following utility function U (x,y) = x2y2 and y.pdfinfo961251
4 views1 Folie
Chapter--StudentfrrF1.Graph the linear inequality.docx von
Chapter--StudentfrrF1.Graph the linear inequality.docxchristinemaritza
3 views9 Folien
DTINGLEYWarning.docx von
DTINGLEYWarning.docxsagarlesley
2 views163 Folien
2- Consider a consumer who purchases two goods- x and y- The consumer'.docx von
2- Consider a consumer who purchases two goods- x and y- The consumer'.docxDavidxyNSimpsons
2 views1 Folie

## Similar a Consider two goods x and y- Suppose the utility function is u(x-y) - x.docx

2. (24 points) Suppose there are two consumers, A and B, and two goo.pdf von
2. (24 points) Suppose there are two consumers, A and B, and two goo.pdfchughakshit42
2 views1 Folie
13 views1 Folie
Suppose that there are two goods- X and Y- The price of X is \$2 per un.docx von
Suppose that there are two goods- X and Y- The price of X is \$2 per un.docxLeonard34FBellc
5 views1 Folie
1. Solve an equation + 2 = 2. Solve for A .docx von
1. Solve an equation + 2 = 2. Solve for A .docxjackiewalcutt
3 views2 Folien
2 views1 Folie
2- Suppose Mary-'s utility function for two goods X and Y is given by-.docx von
2- Suppose Mary-'s utility function for two goods X and Y is given by-.docxtristans3
3 views1 Folie

### Similar a Consider two goods x and y- Suppose the utility function is u(x-y) - x.docx(20)

2. (24 points) Suppose there are two consumers, A and B, and two goo.pdf von chughakshit42
2. (24 points) Suppose there are two consumers, A and B, and two goo.pdf
chughakshit422 views
support5813 views
Suppose that there are two goods- X and Y- The price of X is \$2 per un.docx von Leonard34FBellc
Suppose that there are two goods- X and Y- The price of X is \$2 per un.docx
Leonard34FBellc5 views
1. Solve an equation + 2 = 2. Solve for A .docx von jackiewalcutt
1. Solve an equation + 2 = 2. Solve for A .docx
jackiewalcutt3 views
kathrynj22 views
2- Suppose Mary-'s utility function for two goods X and Y is given by-.docx von tristans3
2- Suppose Mary-'s utility function for two goods X and Y is given by-.docx
tristans33 views
yebegashet12 views
math homework problems ranging from algebra to calculus..need to see.docx von bunnyfinney
math homework problems ranging from algebra to calculus..need to see.docx
bunnyfinney10 views
Consider a representative consumer in the dynamic model of Chapter 9..pdf von praveenvezella1
Consider a representative consumer in the dynamic model of Chapter 9..pdf
praveenvezella12 views
cgraciela12 views
8 Do the following Consider a Hicksian consumers problem w.pdf von aayushmaany2k14
8 Do the following Consider a Hicksian consumers problem w.pdf
aayushmaany2k144 views
Problem 3Use the following to answer the questions belowz is th.pdf von ajantaopt
Problem 3Use the following to answer the questions belowz is th.pdf
ajantaopt2 views
Grade RubricPoint UniversityBUSI 555 Cost Management & Decision Ma.docx von whittemorelucilla
Grade RubricPoint UniversityBUSI 555 Cost Management & Decision Ma.docx
Lesson 1: Systems of Linear Equations (slides) von Matthew Leingang
Lesson 1: Systems of Linear Equations (slides)
Matthew Leingang616 views
(40 points) Consider an individual who purchases two goods. Let x den.pdf von Chetnafabfashion
(40 points) Consider an individual who purchases two goods. Let x den.pdf

## Más de CharlesXMLAllano

Data Fitting (20 points in total) An environmental biologist studying.docx von
Data Fitting (20 points in total) An environmental biologist studying.docxCharlesXMLAllano
14 views1 Folie
Data Confidence and Published SNP Frequency Data How confident are you.docx von
Data Confidence and Published SNP Frequency Data How confident are you.docxCharlesXMLAllano
5 views1 Folie
Data collected by a price reporting agency from more than 90-000 gasol.docx von
Data collected by a price reporting agency from more than 90-000 gasol.docxCharlesXMLAllano
5 views1 Folie
Data concerning Marchman Corporation's single product appear below- Th.docx von
Data concerning Marchman Corporation's single product appear below- Th.docxCharlesXMLAllano
3 views1 Folie
Data colected on the yearly registrafions for a Six Sigma seminar at t.docx von
Data colected on the yearly registrafions for a Six Sigma seminar at t.docxCharlesXMLAllano
2 views1 Folie
dasperiet destrityben- Itivisceffoent if yerapon for 200n7 W- while th.docx von
dasperiet destrityben- Itivisceffoent if yerapon for 200n7 W- while th.docxCharlesXMLAllano
1 view1 Folie

### Más de CharlesXMLAllano(20)

Data Fitting (20 points in total) An environmental biologist studying.docx von CharlesXMLAllano
Data Fitting (20 points in total) An environmental biologist studying.docx
CharlesXMLAllano14 views
Data Confidence and Published SNP Frequency Data How confident are you.docx von CharlesXMLAllano
Data Confidence and Published SNP Frequency Data How confident are you.docx
Data collected by a price reporting agency from more than 90-000 gasol.docx von CharlesXMLAllano
Data collected by a price reporting agency from more than 90-000 gasol.docx
Data concerning Marchman Corporation's single product appear below- Th.docx von CharlesXMLAllano
Data concerning Marchman Corporation's single product appear below- Th.docx
Data colected on the yearly registrafions for a Six Sigma seminar at t.docx von CharlesXMLAllano
Data colected on the yearly registrafions for a Six Sigma seminar at t.docx
dasperiet destrityben- Itivisceffoent if yerapon for 200n7 W- while th.docx von CharlesXMLAllano
dasperiet destrityben- Itivisceffoent if yerapon for 200n7 W- while th.docx
Darwin was influenced by many people and events- Which of the followin.docx von CharlesXMLAllano
Darwin was influenced by many people and events- Which of the followin.docx
Damon Industries manufactures 15-000 components per year- The manufact.docx von CharlesXMLAllano
Damon Industries manufactures 15-000 components per year- The manufact.docx
Dan Watson started a small merchandising business in Year-1- The busin.docx von CharlesXMLAllano
Dan Watson started a small merchandising business in Year-1- The busin.docx
CYSTIC FIBROSIS 1- Explain the Disease or Disorder- What is it- 2- H.docx von CharlesXMLAllano
CYSTIC FIBROSIS 1- Explain the Disease or Disorder- What is it- 2- H.docx
d- Prepare the journal entries needed to record the first interest pay.docx von CharlesXMLAllano
d- Prepare the journal entries needed to record the first interest pay.docx
d- Draw a logic circuit from the simplified Boolean expression (use AN.docx von CharlesXMLAllano
d- Draw a logic circuit from the simplified Boolean expression (use AN.docx
d- The KwikTite Corporation operates many factories- Each factory is l.docx von CharlesXMLAllano
d- The KwikTite Corporation operates many factories- Each factory is l.docx
D- Bases for the classificanion of igneass rockt Clasulicarion of ighe.docx von CharlesXMLAllano
D- Bases for the classificanion of igneass rockt Clasulicarion of ighe.docx
d- The company is loath to write off customer accounts receivable even.docx von CharlesXMLAllano
d- The company is loath to write off customer accounts receivable even.docx
d- Sheet 3- This dataset includes the observational data between two j.docx von CharlesXMLAllano
d- Sheet 3- This dataset includes the observational data between two j.docx
d- -0228 What is the answer for P(Z-0-25) - a- -25 b- -75.docx von CharlesXMLAllano
d- -0228 What is the answer for P(Z-0-25) - a- -25 b- -75.docx
d) Trace the following recursive method for the function call -factori.docx von CharlesXMLAllano
d) Trace the following recursive method for the function call -factori.docx
d) (10 points) Final answer- worst O best O in general O.docx von CharlesXMLAllano
d) (10 points) Final answer- worst O best O in general O.docx
Cynthia Knott's oyster bar buys fresh Louisiana oysters for \$3 per pou.docx von CharlesXMLAllano
Cynthia Knott's oyster bar buys fresh Louisiana oysters for \$3 per pou.docx

## Último

Creative Restart 2023: Leonard Savage - The Permanent Brief: Unearthing unobv... von
Creative Restart 2023: Leonard Savage - The Permanent Brief: Unearthing unobv...Taste
55 views21 Folien
Papal.pdf von
Papal.pdfMariaKenney3
68 views24 Folien
ANGULARJS.pdf von
ANGULARJS.pdfArthyR3
51 views10 Folien
Guidelines & Identification of Early Sepsis DR. NN CHAVAN 02122023.pptx von
Guidelines & Identification of Early Sepsis DR. NN CHAVAN 02122023.pptxNiranjan Chavan
40 views48 Folien
Retail Store Scavenger Hunt.pptx von
Retail Store Scavenger Hunt.pptxjmurphy154
52 views10 Folien
EILO EXCURSION PROGRAMME 2023 von
EILO EXCURSION PROGRAMME 2023info33492
202 views40 Folien

### Último(20)

Creative Restart 2023: Leonard Savage - The Permanent Brief: Unearthing unobv... von Taste
Creative Restart 2023: Leonard Savage - The Permanent Brief: Unearthing unobv...
Taste55 views
ANGULARJS.pdf von ArthyR3
ANGULARJS.pdf
ArthyR351 views
Guidelines & Identification of Early Sepsis DR. NN CHAVAN 02122023.pptx von Niranjan Chavan
Guidelines & Identification of Early Sepsis DR. NN CHAVAN 02122023.pptx
Niranjan Chavan40 views
Retail Store Scavenger Hunt.pptx von jmurphy154
Retail Store Scavenger Hunt.pptx
jmurphy15452 views
EILO EXCURSION PROGRAMME 2023 von info33492
EILO EXCURSION PROGRAMME 2023
info33492202 views
Monthly Information Session for MV Asterix (November) von Esquimalt MFRC
Monthly Information Session for MV Asterix (November)
Esquimalt MFRC107 views
JQUERY.pdf von ArthyR3
JQUERY.pdf
ArthyR3105 views
Nelson_RecordStore.pdf von BrynNelson5
Nelson_RecordStore.pdf
BrynNelson546 views
BÀI TẬP BỔ TRỢ TIẾNG ANH 11 THEO ĐƠN VỊ BÀI HỌC - CẢ NĂM - CÓ FILE NGHE (FRIE... von Nguyen Thanh Tu Collection
BÀI TẬP BỔ TRỢ TIẾNG ANH 11 THEO ĐƠN VỊ BÀI HỌC - CẢ NĂM - CÓ FILE NGHE (FRIE...
NodeJS and ExpressJS.pdf von ArthyR3
NodeJS and ExpressJS.pdf
ArthyR348 views
UNIT NO 13 ORGANISMS AND POPULATION.pptx von Madhuri Bhande
UNIT NO 13 ORGANISMS AND POPULATION.pptx
Interaction of microorganisms with vascular plants.pptx von MicrobiologyMicro
Interaction of microorganisms with vascular plants.pptx
INT-244 Topic 6b Confucianism von S Meyer
INT-244 Topic 6b Confucianism
S Meyer45 views

### Consider two goods x and y- Suppose the utility function is u(x-y) - x.docx

• 1. Consider two goods x and y. Suppose the utility function is u(x,y) = x^0.75 y^0.25 which gives you the marginal rate of substitution MRS = -3y/x. Suppose the price of both goods are Px = \$3 and Py = \$5 per unit. The budget is I = \$60. Solve the consumer choice problem by setting up two equations. A. How many units of x and y will the consumer buy? B. How much will the consumer spend on good x and good y? C. Derive MRS = -3y/x from the utility function. D. Re-do part A if the budget is I = \$120. Based on your answer, are goods x and y normal goods or inferior goods, and why? A. How many units of x and y will the consumer buy? B. How much will the consumer spend on good x and good y? C. Derive MRS = -3y/x from the utility function. D. Re-do part A if the budget is I = \$120. Based on your answer, are goods x and y normal goods or inferior goods, and why?
Aktuelle SpracheEnglish
Español
Portugues
Français
Deutsche