Need soon,, You are given the followingProduction Possibility Frontier (PPF):x2 + Y = 1728Suppose that the society's utilityfunction is given by: U = XYwhere X and Y are two commodities.(a) Derive the point on the PPF thatmaximises utility. Calculate the utilityassociated with this combination.(b) Assume the economy is nowopened to international trade. X andY are traded on the basis of one unitof Y for every unit of X [Hint: (Xp-Xc) = (Yc -Yp), where Xp and Ycare the respective amounts of goodsX and Y produced while Xc and Ycare the respective amounts of goodsX and Y consumed]. Write down theconstrained maximization problemand solve for optimal production,trade, and consumption.(c) Show that utility has increasedwith international trade.

at the society's utility iven by: U = XY dY are two commodities e point on the PPF that tility. Calculate the utility vith this combination. che economy is now hternational trade. X and I on the basis of one unit -y unit of X [Hint: (Xp

at the society's utility iven by: U = XY dY are two commodities e point on the PPF that tility. Calculate the utility vith this combination. che economy is now hternational trade. X and I on the basis of one unit -y unit of X [Hint: (Xp

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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