Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
An individuals utility function is given by U = 900x₁ + 500x2 + 6x₁x2 − x² – x²/2, when the weekly amount of leisure is *₁ = 140 and earned income is x₂ = 800 X1 x2 answer the following: 1. The marginal utility of ₁ is

An individuals utility function is given by U = 900x₁ + 500x2 + 6x₁x2 − x² – x²/2, when the weekly amount of leisure is *₁ = 140 and earned income is x₂ = 800 X1 x2 answer the following: 1. The marginal utility of ₁ is

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
See similar textbooks
icon
Related questions
Question
An individuals utility function is given by U = 900x₁ + 500x2 + 6x₁x2x²-x²2/2, when the weekly amount of leisure is X1 140 and earned income is ₂ = 800 answer the following: - 1. The marginal utility of ₁ is 2. The marginal utility of x2 is 3. Use the small increments formula to estimate the change in the utility when ₁ decreases by 1 and 2 increases by 4. The change = 4. Does the law of diminishing marginal utility hold? 5. The MRCS at a given values is Enter non-integer numerical values as decimals to at least 3 decimal places. Note: you must use a. and not, for a decimal point.
Transcribed Image Text:An individuals utility function is given by U = 900x₁ + 500x2 + 6x₁x2x²-x²2/2, when the weekly amount of leisure is X1 140 and earned income is ₂ = 800 answer the following: - 1. The marginal utility of ₁ is 2. The marginal utility of x2 is 3. Use the small increments formula to estimate the change in the utility when ₁ decreases by 1 and 2 increases by 4. The change = 4. Does the law of diminishing marginal utility hold? 5. The MRCS at a given values is Enter non-integer numerical values as decimals to at least 3 decimal places. Note: you must use a. and not, for a decimal point.
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,
SEE MORE TEXTBOOKS