I need help with both the questions Bob has a utility function U (x, y) = /x1 +0.8₁√x2 +0.64√√x3 over his incomes x₁, x2, X3in the next three years.This function is an example ofexpected utilityquasi-hyperbolic utility functiondiscounted utilitynone of the above The costly self-control model implies thatBob will go home and surf the InternetBob will go home and studyBob will go home and watch TVBob will go to the party

Utility function: The utility function shows all those consumption bundles that give the quall level…

Bob has a utility function U(x, y) = √√x₁ +0.8√x2 +0.64√√x3 over his incomes x1, x2, x3 in the next three years. This function is an example of expected utility quasi-hyperbolic utility function O discounted utility none of the above

Bob has a utility function U(x, y) = √√x₁ +0.8√x2 +0.64√√x3 over his incomes x1, x2, x3 in the next three years. This function is an example of expected utility quasi-hyperbolic utility function O discounted utility none of the above

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 13QP

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Concept explainers

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.

Question

I need help with both the questions

Bob has a utility function U (x, y) = /x1 +0.8₁√x2 +0.64√√x3 over his incomes x₁, x2, X3
in the next three years.
This function is an example of
expected utility
quasi-hyperbolic utility function
discounted utility
none of the above

The costly self-control model implies that
Bob will go home and surf the Internet
Bob will go home and study
Bob will go home and watch TV
Bob will go to the party

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