I need help with this study question for my exam Question 1. Suppose there are two consumers, A and B, and two goods, X and Y. Theconsumers have the following initial endowments and utility functionsConsumer A:• X=6Y = 2UA (X,Y)= MIN (2X,Y)●●Consumer B:• X=2●Y=6• UB=2X + 5YSuppose the Price of X is Px = $1, and the Price of Y is Py = $2.Suppose each consumer sells their initial endowment and buys back their optimal bundle. Usingan Edgeworth Box, illustrateThe Budget Constraint● The Initial Endowment (W)A's Optimal Bundle (A)B's Optimal Bundle (B)●.●Label the initial endowment W, label A's optimal bundle A, and label B's optimal bundle B.Make sure your graph is clearly and accurately labeled.For the situation above, determine for each market if there is excess demand, excess supply, orthe market is in equilibrium (circle the correct answer). If there is excess demand or excesssupply, determine how much it is.Market for Good X:Excess Demand =Excess Supply=The Market is in EquilibriumMarket for Good Y:Excess Demand =Excess Supply=The Market is in Equilibrium

There are two consumers : A & B Utility function of A = min { 2X, Y } Endomwment : X = 6 , Y =…

Question 1. Suppose there are two consumers, A and B, and two goods, X and Y. The consumers have the following initial endowments and utility functions Consumer A: • X=6 Y=2 • UA (X,Y)= MIN (2X,Y) Consumer B:

Question 1. Suppose there are two consumers, A and B, and two goods, X and Y. The consumers have the following initial endowments and utility functions Consumer A: • X=6 Y=2 • UA (X,Y)= MIN (2X,Y) Consumer B:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.

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