please only do: if you can teach explain steps of how to solve each part: A consumer of two goods has utility u(#₁, #₂) = ₁22. She can purchase each good i = 1,2at a price of p; dollars per unit. Alternatively, she can buy a discount card for fixed fee of cdollars that allows her to purchase good 1 at a price of p₁/2 dollars per unit. (The discountcard has no effect on the price of good 2.) The discount card is of no value to the consumerexcept insofar as it reduces the price she pays for good 1.(0)Find this consumer's Marshallian demand for each c > 0.Solution: If w √2c/(√2-1). Therefore,using the expression from class for the Marshallian demand with Cobb-Douglas utility,we havex(p, w) =2(w-c) W-Cpi "P2WUsing the identity v(p, e(p, u)) =4 this consumer's expenditure function for each c > 0.Solution: From part (a), this consumer's indirect utility function isw²v(p, w) = max.w>√že√2-1otherwise.=u, this corresponds toe(p, u) = min {2√/p1p2u, √2p₁p2u+c}.

In economics, the word "demand" refers to a consumer's desire for a particular commodity or service.…

mer of two goods has utility U(X1, 2) = X1X2. She can purchase each good ce of p; dollars per unit. Alternatively, she can buy a discount card for fixed fee of c that allows her to purchase good 1 at a price of p₁/2 dollars per unit. (The discount s no effect on the price of good 2.) The discount card is of no value to the consumer nsofar as it reduces the price she pays for good 1. Find this consumer's Marshallian demand for each c> 0. lution: If w

mer of two goods has utility U(X1, 2) = X1X2. She can purchase each good ce of p; dollars per unit. Alternatively, she can buy a discount card for fixed fee of c that allows her to purchase good 1 at a price of p₁/2 dollars per unit. (The discount s no effect on the price of good 2.) The discount card is of no value to the consumer nsofar as it reduces the price she pays for good 1. Find this consumer's Marshallian demand for each c> 0. lution: If w

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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