Could you solve last 3 questions please? (a)_Suppose we have preferences U(X, Y) = X² Y².. What is the utility at the bundle X = 5 and Y = 20?Create a table then graph/sketch the indifference curve through (5, 20). Interpret the MRS(with MRS = Y/X) at this bundle. <(b) _Let prices be Px = $5, Py = $5 and income M = $1000. Draw/sketch the budget constraint.Explain what the slope of the budget line means in economic terms.<(c) State the consumer's utility maximization problem and express this in words. What are the twoconditions (equations) that identify the optimum? Sketch this in a figure and explain.<(d) Use the information in (a) and (c) to show that demands are: X = ½ M/PX and Y = ½ M/PY.<(e) For the income and prices in (b), what is optimal X, Y, and utility? Show your work.(f) Suppose Px falls to $4 and Py rises to $7 but income stays at $1000. Does consumer utility riseor fall? Show and explain. <(g) Calculate the Compensating Variation that ensures the consumer is no worse off nor better offwith these price changes. Show and explain your work.

Compensating variation: When the price of a good changes and hence the consumption bundle, that new…

(e) For the income and prices in (b), what is optimal X, Y, and utility? Show your work.< (f) Suppose Px falls to $4 and Py rises to $7 but income stays at $1000. Does consumer utility rise or fall? Show and explain. (g) Calculate the Compensating Variation that ensures the consumer is no worse off nor better off with these price changes. Show and explain your work.<

(e) For the income and prices in (b), what is optimal X, Y, and utility? Show your work.< (f) Suppose Px falls to $4 and Py rises to $7 but income stays at $1000. Does consumer utility rise or fall? Show and explain. (g) Calculate the Compensating Variation that ensures the consumer is no worse off nor better off with these price changes. Show and explain your work.<

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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