Question 5 Imagine U = VTy and Income=20, Px-2 and Py 2. What is the optimal bundle? %3D x*=5, y*=5 O x*-5, y*-10 O x*-10, y"-5 O x*-10, y*=10 Question 6 With a Cobb-Douglas utility function, what must be true about the slope of the indifference curve associated with the optimal bundle and the slope of the budget constraint? the slope of the indifference curve is greater than the slope of the budget constraint, both in absolute value the slope of the indifference curve is less than the slope of the budget constraint, both in absolute value the slope of the indifference curve is equal to the slope of the budget constraint, both in absolute value O Both slopes are equal to zero

Question 5 Imagine U = VTy and Income=20, Px-2 and Py 2. What is the optimal bundle? %3D x=5, y=5 O x-5, y-10 O x-10, y"-5 O x-10, y*=10 Question 6 With a Cobb-Douglas utility function, what must be true about the slope of the indifference curve associated with the optimal bundle and the slope of the budget constraint? the slope of the indifference curve is greater than the slope of the budget constraint, both in absolute value the slope of the indifference curve is less than the slope of the budget constraint, both in absolute value the slope of the indifference curve is equal to the slope of the budget constraint, both in absolute value O Both slopes are equal to zero

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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