I need both the answer. If you provide Both the answer ASAP I will give you a thumbs up definitely. Question 9Patrick's preferences can be represented by U- 4X Y. Compute the slope of his indifference curvewhen X- 10, Y- 8.Question 10What is the Marginal Rate of Substitution for X with Y, given U 3XY 4?O 2Y/XO Since the utility function is not a Cobb-Douglas, we cannot find the MRO 6Y/X

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Answered: D] Question 9 Patrick's preferences can…

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 3SQP

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14 Can you help me solve this question? Thanks.
Suppose that the following utility function is given (x,Y) xY. Which of the following is correct? OYis a good and X is a bad and indifference curve is positively sloped. X is a good and Y is a bad and indifference curve is negatively sloped. O Both X and Y are bads and indifference curve is negatively sloped. Both X and Y are goods and indifference curve is negatively sloped
please only do: if you can teach explain each partc: what does it mean? can you show graphs: For these to be optimal choices with such preferences, the indifference curve through a must lie entirely on or above the budget line associated with (p, w), and simi- larly for r' for the budget line associated with (p', w'). how do you know this:Because each of these bundles lies below the other budget line, this implies that the indifference curves must cross, which is impossible. can you show graphs: note that (3,1) is a conver combination of x and x', so for conver preferences must be weakly preferred to x (the less preferred bundle between a and a'). But then the bundle (3,5/3) must be strictly preferred z, contradicting that is optimal given the initial budget set
Suppose the consumer's utility function is given by U(x,y) = X3/5y2/5, and the exogenous variables are given by M = 500, Px = 5, and Py = 4. Price of y changes to Py = 2. What is the income effect ony?O A.-14.53O B. +14.53O C. +24.21O D. +25.79O E. None of the above
Suppose the consumer's utility function is given by U(x,y) = X3/5y2/5, and the exogenous variables are given by M = 500, Px = 5, and Py = 4. Price of y changes to Py = 2. What is the income effect ony?O A.-14.53O B. +14.53O C. +24.21O D. +25.79O E. None of the above Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
Suppose that the following utility function is given U(X,Y) = x/3y1/2, Which of the following is correct? O We have convex preferences since Law of diminishing Marginal Rate of Substitution holds and indifference curves are bowed inward towards the origin We have convex preferences since Law of diminishing Marginal Utility holds and indifference curves are bowed outward from the origin O We have convex preferences since Law of diminishing Marginal Rate of Substitution fails to hold and indifference curves are bowed inward towards the origin O We have non-convex preferences since Law of diminishing Marginal Rate of Substitution holds and indifference curves are bowed inward towards the origin
Please solve all parts (d and e) Find the marginal rate of substitution of y for x [MRS(x,y)] for the following utility functions
Rosalia buys only two goods X₁ and x₂. Her utility function is Cobb-Douglas. Her optimal choices have which of the following properties? O One of the goods is an inferior good and the other is a normal good. O Her purchase of x₁ depends on her income and on the prices of both goods, p₁ and p2. O Her purchase of x₁ does not depend on income. O Her purchases for neither good depends on income. O Her purchase of x2 depends only on her income and on the price of that good, p2.
Question 1 Considering a consumer's indifference curves, which statement is true? O utility is the same along any given indifference curve O indifference curves can cross, but only at the axes O a consumer is indifferent between any bundles on an indifference curve O both a and care correct O all of the above Question 2 Consider a utility function given by U = X2 x2. what is the marginal utility of good 2? O MU; = x^ x;2 O MU; = X2 X;2 -1/2 O MU = O MU: = X x2 O MU: = x
Suppose that the following Cobb-Douglas utility function is given U(X,Y) = X³y/2, Which of the following is correct? O Law of diminishing Marginal Utility holds for good Y but not for good X while Law of Diminishing Marginal Rate of Substitution holds. Law of diminishing Marginal Utility holds for good X but not for good Y while Law of Diminishing Marginal Rate of Substitution holds. Law of diminishing Marginal Utility holds for good Y but not for good X while Law of Diminishing Marginal Rate of Substitution fails to hold. Law of diminishing Marginal Utility holds for both goods and Law of Diminishing Marginal Rate of Substitution holds as well
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D] Question 9 Patrick's preferences can be represented by U-4X'Y, Compute the slope of his indifference curve when X- 10, Y- 8.