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Ambrose has u = 400x^(1/2)+ y, m = 1000, pY= 2 and pX= 200. He will maximize utility with x = __________No diagram required.
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- Number of Sodas per day Total Utility Marginal Utilit 1 20 35 3 47 12 4 10 Refer to the table, The marginal utility of the second soda per day is L. (Answer should be in the form of numerical characters, e.g. 20) Enter your answer hereFast pls solve this above question correctly in 6 min i will give u like for sure. Average revenue is. A) price multiplied by the number of units sold. B) the extra revenue gained by selling one more unit. C) total revenue divided by the number of units sold. D) expected sales revenue in an average week, month or year.
- PLEASE SHOW SOLUTIONS AND PLEASE DO THIS TYPEWRITTEN FOR UPVOTEJane insists on consuming 4 bowls of yogurt with 2 bananas. If the price of banana is $1 per unit and the price of yogurt is $1 per bowl, then if Jane income is $m, the slope of the Engel curve for bananas will be (a) negatíve and constant. (b) negative and increasing. (c) zero. (d) positive and constant. (e) None of the above.Consider an economy with two goods, consumption c and leisure 1, and a representative consumer. The consumer is endowed with 24 hours of time in a day. A consumer's daily leisure hours are equal to 1 = 24-h where h is the number of hours a day the consumer chooses to work. The price of consumption p is equal to 1 and the consumer's hourly wage is w. The consumer faces an ad valorem tax on their earnings of 7 percent. The con- sumer also receives some exogenous income Y that does not depend on how many hours she works (e.g. an inheritance). The consumer's preferences over consumption and hours of work can be represented by the utility function U(c, h) = c-3h¹+, where 3 > 0 and p > 0 are parameters. 1+p
- Hella the Greek's preferences can be described by the utility function U(x, y) = (x^1/2 + 3^1//2)^2. (a) What is the indifference curve for a utility of 49? (b) By how much does utility increase when Hella increases consumption of good y by one (small) unit, when initially U = 49 and x = 1? (c) Holding utility constant at 49, if initially x = 1, how many additional (small) units of y does Hella have to consume if her consumption of x drops by 6 (small) units?2 3) For each utility function, determine the marginal utility with respect to x, marginal utility with respect to y, and the MRS. (3pts each) a) U(x, y)-3x+2y b) U(x, y) 10x¹/5 y c) U(x, y)=x+ y²Suppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each. Please detailed workin. Find a linear equation for the: (i). Demand curve. (ii). Demand function. (b). Find the price per unit when 30 units are demanded.
- A consumer is maximising her utility function: U(x, y) = (x¹/³+y¹/³)³, subject to the budget constraint x + 3y = 100. (a) Set up the Lagrangian function of this utility maximisation problem and derive the first-order conditions. (b) What are the utility maximizing amounts of x and y? Also, calculate the Lagrange multiplier. (c) What are the utility maximising amounts of x and y if the budget constraint changes to x + 3y = 50? Also, calculate the Lagrange multiplier.Exercise 1 A consumer's utility function is u(x, y) = x²y³ and the budget constraint is prx +Pyy ≤ w, where the parameters pr, Py and we are all strictly positive. (a) Solve the consumer's utility maximization problem. (b) Use the envelope theorem to estimate the change in the indirect utility function (i.e., the problem's value function) when the price py is changed to py + e, with e > 0.Consider the utility function uu(xx, yy) 10 for all bundles (xx, yy) (a) What are strict preferences? What are the indifferences? (b) Argue that the preferences represented by this utility function are strictly convex or that they are not. (c) Árgue that the preferences represented by this utility function are complete or that they are not. (d) Argue that the preferences represented by this utility function are strongly monotonic or they are not.