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- Ricky has utility function u=x'y. This implies that MUx=2xy. MUy=x². His income is 100. The price of y is 10. (a) Find his demand for x at price 20. (b) Find his demand for x at price 30. (c) Write down his demand function for x: that is, write down his demand for x as a function of the price of x.A consumer with I dollars budget has the utility u(x,y) = x(y+1) over amounts of cake (x) and ice cream (y) she consumes. The prices are px , py respectively. (a) Derive her demand for cake (x), as a function of prices px , py and her budget I. (b) Looking at the demand function in (a), is cake a normal good or an inferior good? Are cake and ice cream complements or substitutes? (c) Calculate the (i) (own) price, (ii) income, (iii) cross- price elasticity of demand for cake at the point where I = 80, px =10, py = 20.Suppose that consumers experience a 5 percent increase in income and purchasing walking shoe increases by 6 percent. Based on your answer to the previous question, are walking shoes normal or inferior goods? Normal goods Inferior goods None of above
- A consumer has utility (see image) on ice creams (x) and cakes (y). (a) Are the indifference curves bowed towards the origin? (b) Derive his demand function (as a function of prices px, py and budget I) for ice cream (x). (c)(Looking at the demand function you found in (b), Is ice cream a normal good? Are ice cream and cakes substitutes or complements? Calculate the income elasticity of market demand at the point px = 2, py = 1 and I = 12.Normal goods are those for which demand decreases asA) the price of a substitute falls. B) the price of a complement falls. C) the good's own price rises. D) income decreases.Constant Elasticity of Substitution utility function U(x. y) = (x^a*y^ (1-a))^b + y. I am looking for a this form of CES utility function to derive demand functions. (Note = > a is alfa, b is lambda).
- Questions 1. Will's utility from vacations (91) and meals (92) is given by the function U(V, M) = 91 x 92. Last year, the price of vacations was $200 and the price of meals was $50. This year, the price of meals rose to $75, while the price of vacations remained the same. Both years, Will had an income of $1500. (a) What is the compensating variation for the price change in meals? (b) What is the equivalent variation for the price change in meals?Multiple answers may be correct.Assume one person has the following utility function : = x f yz and the total income y 2 xpx+ yPy + zpz u( x, y, z, What are the values of income (y) and prices (px.Py,Pz) will be when a person's demand strictly positive quantity of good x?
- If a 5 percent decrease in the price of Good A results in an increase of 8 percent in the quantity demanded of Good B, then it can be concluded that Goods A and B areThe utility function is max(2x,y). If the price of x is 1, the price of y is p, and his income is m, how much y does he demand? Please show your workA consumer's utility function is given by (x₁+x₂); with MU and MU wherex, and x, denote the quantities of good 1 and good 2 consumed. 1 2 Calculate the utility maximizing quantity of good 1 if income is 397, price for good 1 is 6 and price for good 2 is 8. Please round your answer to the closest integer.
