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: 1. John spends PLN 60 per week on two goods: x and y. The price of good x is PLN 2 and the price of…

A: Part (b)Problem:What will happen if Piotr's income increases by PLN 6 per week? What will be the new…

Q: Livi consumes both sushi (s) and green tea (t).  The following table shows her marginal utility…

A: The utility is the amount derived by consuming a product, which can satisfy human wants.Although the…

Q: Milo spends £27 on stamps (S) and maple candy (C). His preferences for these goods are given by the…

A: You have posted multiple parts of a question, so as per Bartleby policy only the first three parts…

Q: Cookie Monster always consumes cookies and milk in fixed proportions: 4 cookies to 8 ounces of milk.…

A: The objective of the question is to determine which combination of cookies and milk will provide the…

Q: Suppose that the consumer maximizes his utilitysuch that the marginal utilities of goods X and Y…

A: Concept Individuals and businesses use utility maximisation as a strategy to get the most…

Q: Explain why it is that as the consumer purchases more of a good, her marginal utility falls while…

A: Utility: - Utility is the satisfaction derived by any consumer by consuming a good or service.

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: Annie's current level of consumption, let MUp denote Annie's marginal utility from an additional…

A: Marginal utility (MU) is a concept in economics that implies the additional satisfaction or benefit…

Q: hich of the following statements is not true? A) If

A: When two goods are perfect complement, it means that both the goods are used together and the…

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

A: Rohan consumes two goods, i.e., peanuts and cashews. Rohan’s current marginal utility from consuming…

Q: Which of the following are true regarding the law of diminishing marginal utility? The more a person…

A: The marginal utility derived from each additional unit decreases as consumption increases, according…

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: Tanya has a budget of £21 to spend on toothbrushes and tooth paste. she does not receive any utility…

A: Answer - Given in the question - Income = 21 Price of Tooth paste = 5 Price of Tooth Brush = 1  Need…

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: please help

A: Consumer equilibrium condition: Slope of Indifference Curve = Slope of Budget Line Marginal Rate of…

Q: todd is a cattle rancher in june and july he spent his clothing budget on jeans and cowboy hats.…

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

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: Draw the following scenario: Assume that Sam has well-behaved preferences and consumes hamburgers…

A: When the price(P) of a normal good(here, steak) falls, its quantity demanded rises. It can be split…

Q: Peter consumes only chocolate ice cream and vanilla ice cream. He is spending all of his income. His…

A: Utility maximization is a strategic theme whereby people and firms get to attain the highest level…

Q: Jane has a budget of $15 to spend at the local scientific store. Her two favorite items are beakers…

A: Correct : a) 3 beakers & 3 petri dishes Utility is maximized at MUx/Px = MU/Py and expenditure…

Q: You are choosing between two goods, X and Y, and your marginal utility from each is as shown in the…

A: UNIT OF X MUx UNITS OF Y MUy 1 10 1 8 2 8 2 7 3 6 3 6 4 4 4 5 5 3 5 4 6 2 6 3 Given…

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: How does a consumer’s optimal choice of goods change if all prices and the consumer’s income double?

A: If prices and consumer’s income will be double then there is no effect in budget constraint and it…

Q: 2. Suppose John's utility function is UX,Y) = 4VXY , where X is consumption of beer and Y is…

A: A good has diminishing marginal utility when marginal utility decreases with increase in units of…

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: 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: 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: The price of goods A and B are 20 and 10 respectively. given that the marginal utility of commodity…

A: Marginal utility is the extra utility experienced with the consumption of an additional unit of 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: Mylie's total utility from singing the same song over and over is 70 utils after one repetition, 110…

A: To find total utility, we find the difference in two successive TU for each additional repetition.…

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: 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: A consumer is making purchases of products Alpha and Beta such that the marginal utility of product…

A: The Equilibrium condition for utility maximization: MUa/Pa = MUb/Pb The marginal utilities per…

Q: please help

A: Use equilibrium condition to solve for x and y in terms of prices Px and Py.

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: 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: Rubyhas just finished her economics exam and must decide whether to spend two hours going to the…

A: Given the marginal utility of beauty parlor = 36 utils Marginal utility from pizza = 24 utils…

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…