Romania has preferences represented by the utility function U(x, y) 2x and 2y. She consumes 10 units of good x and 6 units of good y. If her consumption of good x is lowered to 4, how many units of y must she have in order to be exactly as well off as before? The answer is 12 not sure how to get it

Q: Jack and Jill live in the same village where they both face the same price. Jack has preferences…

A:

Q: Pete consumes goods 1 and 2. Pete thinks that 3 units of good 1 is always a perfect substitute for 4…

A: The utility function is the mathematical relationship between the utility and bundles of…

Q: A consumer with the following utility function U = xy2 faces two constraints. The first is the…

A: Consumer theory is important in economics because it investigates how consumers might maximize…

Q: What is the marginal utility per dollar spent on the 6th strawberry? Which of the combinations of…

A: Utility shows the satisfaction.  MU is the marginal utility.  MU is calculated as the change in…

Q: Lara has preferences represented by the utility function U(x, y)  2x  2y. She consumes 10 units of…

A: here we calculate value of Y which are as follow-

Q: Suppose that Dale consumes only coffee and cheese, both of which have diminishing marginal utility.…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: Suppose that Ms. Jones is currently exhausting her money income by purchasing 4 units of A for $2 a…

A: Marginal Utility refers to the additional satisfaction or happiness a consumer recieves from…

Q: Suppose Emma consumes only 2 good X1 and X2 and her utility function is given be u=5x1x2 suppose at…

A: Utility function shows the relationship between utility and commodities that are consumed. The…

Q: Joyce consumes x1 and x2 together in fixed proportions. She always consumes 1 unit of x2 for 2 units…

A: The utility function is the mathematical relationship between the utility and the amounts of various…

Q: John consumes apples a where x is the number of apples and 5 bananas. W his? 25 apples, 25 bananas O…

A: If an individual has a set of alternatives that can be rank-ordered according to the preference of…

Q: Think of some other goods for which your preferences might be concave.

A: Concavity of the IC symbolizes that the MRS(marginal rate of substitution) of good X for Y rises…

Q: Consider the following economy with two goods, x and y, and two consumers, A and B. The tastes of…

A: Pareto -efficient points refers to those equilibrium points deviating from which no person can be…

Q: Can you quickly give workings of the following question please? Bob views apples and oranges as…

A: Indifference curve: It is a graphical presentation of all the possible combinations of two goods…

Q: a)Assume that the typical consumer always spends a small share of her overall budget on Vietnamese…

A: Total customers = 120,000 Price of other products = Pm= $1 Price of Vietnamese Meals = Pv The…

Q: Jane has a utility given as U = 4 C^2 F where C and F are the numbers of cloth and food. The prices…

A: Given utility function U=4C2F                     .........(1) Price of cloth  and food are Pc=4 and…

Q: I. You only consume two goods and your preferences are represented by utility function U(x1, x₂) =…

A: Monotonic preference refers to a preference ordering in which an individual's preference for one…

Q: Ann consumes two goods, r and y. Her utility function is given by: u(x, y) = (x+1)VJ. The price of a…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Mary has the utility function u(x, y) = Inx + x^2. Are her preferences strongly convex?

A: u (x,y) = ln x +x2

Q: Anna is indifferent between bread and rolls for her sandwiches. She believes that 2 slices of bread…

A: Guruji (1) According to the above given question, it's mentioned that 2 slices of bread is almost…

Q: A consumer with income I=120 facing prices pX = 4 and pY = 8 for two goods X and Y (for each good…

A: In utility maximization problem, a consumer attains his equilibrium or optimal consumption bundle…

Q: Suppose pizza(P) and hamburger(H) are perfect substitutes for Andy. He is always willing to…

A: Pizza (P) and hamburger (H) are perfect substitutes for consumer A.  For consumer A, 1 H = 2 P

Q: 10 9 IC, 8 IC, 10 12 Good Y The utility a person gets from consuming an additional unit of Good Y at…

A: An indifference curve shows the various combinations of two goods that give the consumer equal…

Q: Each week, Mary selects the quantity of two goods, X and Y, that she will consume in order to…

A: A budget constraint is a fundamental concept in economics that represents the limits or boundaries…

Q: Joe Bob from Workout Problem 4.12 has a cousin Don who consumes goods 1 and 2. Don thinks that 3…

A: For Don, 3 units of good 1 is always the perfect substitute for 2 units of good 2. This implies that…

Q: Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 (completeness,…

A: The question involves understanding the substitution effect when the price of a normal good (X)…

Q: Dalal consumes only two goods for lunch and dinner: risotto (R) and lamb machboos (M). Dalal’s…

A: ***Since the student has posted a question with multiple subparts, hence, the expert is required to…

Q: Roisin consumes only two goods, X and Y, and her utility function is given by U = XY. Her income is…

A: Condition for equilibrium combination: Marginal Rate of Substitution = Price Ratio MRS = MUx/Muy =…

Q: Tom is willing to forego two gallons of milk in order to try his first container of rice pudding.…

A: As, Tom has consumed 0 rice pudding containers until now, therefore, he will be willing to give up 2…

Q: the figure below shows a consumer maximizing utility at two different prices (the lett panel) and…

A: Whenever the price of a good increases, there are two effects that take place. One is the…

Q: Oscar buys only grapes and CDs, and is consuming his optimal bundle. Suppose that the price of CDs…

A: The price decrease of CDs will lead to an increase in Oscar's consumption of grapes. This can be…

Q: Rohan’s current marginal utility from consuming peanuts is 100 utils per ounce and his marginal…

A: Utility maximization means the consumption of a bundle of goods that provides maximum satisfaction…

Q: When John maximizes his utility, his consumption bundle is (2 burgers, 3 burritos) and his marginal…

A:

Q: Mike is a jellyfish wrangler.  In June and July he spent his budget on fish tanks and wet suits.…

A: Marginal Utility: - marginal utility is the utility derived by the consumption of an additional…

Q: Suppose that Mr. Umais spends his entire income on good X and Y. The marginal utility of each…

A: The marginal utility schedule of good X and good Y is given. The price of good X and good Y are…

Q: Alice is going to Wonderland and needs supplies. She has $100 and can buy only walnuts and raisins.…

A:

Q: 4. Tim wants to maximise his utility given his utility function of U (A, B) = A² B¹. He faces 20; M…

A: Utility is maximised by consuming the bundle where ratio of marginal utilities is equal to ratio of…

Q: Soppose Felix has 9dollars to spend on good x and y.The price ofgood Y is one.If consuming 6units of…

A: A want satisfying power of a commodity or service is known as its utility. Utility is a significant…

Q: Miss Coco consumes cheese cake and curry puff. Her consumption yields the following total utility as…

A: The entire satisfaction gained from the consumption of an item or service is referred to as utility…

Q: Joe is currently in consumer equilibrium by consuming cheese and crackers, such that the last…

A: Consumer equilibrium refers to the combination of goods and services consumed by an individual that…

Q: Suppose the marginal utiliy of a Coke is 15 utils and the price is $1. The marginal utility of a…

A: Utility means satisfaction.  Marginal utility is the utility derived from the consumption of an…

Q: Suppose Jack is currently consuming nine movies and nine concerts per month. It his utility function…

A: GIVEN   Suppose Jack is currently consuming nine movies and nine concerts per month. If his utility…

Q: Lisa consumes only two goods, pizzas and burritos. In equilibrium, her marginal utility per slice of…

A: In consumer demand theory, utility maximization requires the ratio of marginal utilities of two…

Q: Suppose that Priya has Cobb-Douglas utility and she spends 1/4 of her income (budget) on good 1, and…

A: The Cobb-Douglas utility function is a mathematical representation used in economics to describe…