Part 2: Longer Problems 1. Suppose the utility function is U(x, y) = 36x1/2+y, the price of x is the price of y is py. Income is M. The marginal utility of x is MU and for y, MUy = 1. (a) Find the Marshallian Demands for x and y. (b) Find the Hicksian Demands for x and y. (c) Find the expenditure function. (d) Suppose Pa (Ū)? = Px and 18 x1/2 $3, py = $1 and M $120, what is the utility level =
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A: referencehttps://www.investopedia.com/terms/m/marginalcostofproduction.asp
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- Morgan has the following utility function: u(x, y) = 5 ln(x) + 3y. Her income is given by I = 15 and the prices originally are pr = 2 and py = 3. = (a) What are Morgan's Marshallian demands? (b) How much of each good is Morgan currently consuming? (c) What is the utility level that Morgan can achieve? (d) Assume the price of x increases to p = 4, find Morgan's new levels of consumption. X X (e) Find the total, substitution and income effects for good x caused by the price change. Consider this price change a "large" price change (Apz = Pz - Px=4-2=2).Consider a consumer with indirect utility function v(p, w) = w - B1p1 - B2p2 √P1P2 where 3₁ and 32 are nonnegative constants. (a) Find the consumer's expenditure function. (b) Find the Hicksian and Marshallian demands for Good 1. (c) Find expressions for the substitution and income effects on Good 1 associated with a marginal increase in the price of Good 2. (d) Suppose that the price of good 1 changes from pi to kp₁ where 0 < k < 1. Find the compensating variation of this price change.Problem 1 Suppose that an individual with income I cares about two goods, X and Y. The prices of the two goods are px and py. The individual has the utility function U(X,Y) = 5ln X + 3 ln Y. (a) Derive the Marshallian demands for the two goods. (b) Find the indirect utility function.
- Do not use chatgpt. Thank you!Just part (d)Suppose an individual has the following utility function: U(X,Y)= min{X, 2Y}, and they choose marshallian demands gx,gy. Suppose you have an increase in px. Which of the following is true about the change in demand for good X, gx? (a) No substitution effect, because they only consume one of the goods. (b) No substitution effect, because they always consume the goods in fixed proportion. (c) No income effect, because they only consume one of the goods. (d) No income effect, because they always consume the goods in fixed proportion. Which of the following production functions exhibits constant returns to scale? (a) f(k,l) = 0.310.7 (b) f(k, l) = kl (c) f(k, 1) = ln(k)+ln(1) (d) f(k, l) In(k) + In(1) =
- 3Please help with this questionConsider the utility functionU(x, y) = min{x, 2y}Find(a) the Marshallian demand functions for x and y,(b) the indirect utility function,(c) Use the expression for the indirect utility function that your found in part (b) to findthe expenditure function and the Hicksian demand for good x. [Note: Do not answerthis question by solving the expenditure minimization problem!]
- Typed answer by expert And 100%accurywith answerProblem 2 Joan has the following utility function: u(x, y) = 5x + 3y. (a) Find Jane's marshallian demands. (b) Find Jane's hicksian demands. Consider that income is I = $8, and prices are given as p = $4, Py = $2. (c) Does Jane have enough money to attain a utility level of 20? Justify your answer. (d) Assume thè price of y marginally increases. Find the total, income and substitution effect for r due to the change in py.K should be used to TL? 3. A consumer's preferences are represented by the utility function, U(X,Y)= Xay. Budget constraint is M = PxX+ P,Y. Based on this information; E a) Derive the Marshallian demand function. b) Calculate zero degree homogeneity for Marshallian demand for X. c) Derive the Hicksian demand function.