Answer all the sub questions of the question below Consider two users, ASAM and BELON, who utilize Al chatbots with distinct preferences fortwo available chatbots:Chatbot 1: Fast, intelligent, creative, but there is a 5% chance of incorrect answers.Chatbot 2: Slower, less intelligent, but always correct.ASAM uses both chatbots but prefers Chatbot 1 more strongly, while BELON also uses bothbots but tends to value Chatbot 2 more.These utility functions represent their preferences:ASAM's Utility Function:UA (x1, x2) = 2x1.5 + x2.5BELON's Utility Function:UB (x1, x₂)Where X₁ and x2 denote the hours of use of Chatbot 1 and Chatbot 2, respectively.= = x0.5 +2x9.51. Indifference Curves: Sketch ASAM's and BELON's indifference curves. Discuss notablefeatures and differences between the curves for each consumer.2. ASAM's Optimal Usage (individual demand): Derive ASAM's optimal consumption ofeach chatbot. x ₁ and x 2 for ASAM, as a function of his budget of $m, and the price perhour of the chatbots p₁ and p2, respectively. Hint: you can use tangency conditionsdirectly.3. BELON's Optimal Usage (individual demand): Similarly, derive BELON's optimalconsumption of each chatbot. x ₁ and x 2 for BELON, as a function of his budget of $mgand the price per hour of the chatbots p₁ and p2, respectively. Hint: you can usetangency conditions directly.4. Market demand: Suppose the market has a total of 15 consumers. Ten consumers areidentical to ASAM, and ten are identical to BELON. Find the market demand curve forChatbot 1 as a function of mA, MB, andand p2.P15. Now assume mA = mB = $1000, and p₁-0.2 and p2=0.1. What is the total number ofminutes that consumers demand for Chatbot 1?

There are two chatbots : x1 & x2 Price of x1 = P1Price of x2 = P2 ASAM's Utility function : Ua =…

Consider two users, ASAM and BELON, who utilize Al chatbots with distinct preferences to two available chatbots: Chatbot 1: Fast, intelligent, creative, but there is a 5% chance of incorrect answers. Chatbot 2: Slower, less intelligent, but always correct. ASAM uses both chatbots but prefers Chatbot 1 more strongly, while BELON also uses bot bots but tends to value Chatbot 2 more.

Consider two users, ASAM and BELON, who utilize Al chatbots with distinct preferences to two available chatbots: Chatbot 1: Fast, intelligent, creative, but there is a 5% chance of incorrect answers. Chatbot 2: Slower, less intelligent, but always correct. ASAM uses both chatbots but prefers Chatbot 1 more strongly, while BELON also uses bot bots but tends to value Chatbot 2 more.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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