Student question Time Left : 00:09:39 5) Quasimodo consumes earplugs and other things. His utility function for earplugs x and money to spend on other goods y is given by ux,y=100x-x22+y What kind of utility function does Quasimodo have? What is his inverse demand curve for earplugs? (Implicitly, the price of money left over for other goods is 1) If the price of earplugs is $50, how many earplugs will he consume? If the price of earplugs is $80, how many earplugs will he consume? Suppose that Quasimodo has $4,000 in total to spend a month. What is his total utility for earplugs and money to spend on other things if the price of earplugs is $50?
5) Quasimodo consumes earplugs and other things. His utility function for earplugs x and money to spend on other goods y is given by
ux,y=100x-x22+y
What kind of utility function does Quasimodo have?
What is his inverse demand curve for earplugs? (Implicitly, the
If the price of earplugs is $50, how many earplugs will he consume?
If the price of earplugs is $80, how many earplugs will he consume?
Suppose that Quasimodo has $4,000 in total to spend a month. What is his total utility for earplugs and money to spend on other things if the price of earplugs is $50?
What is his total utility for earplugs and other things if the price of earplugs is $80?
How much does the utility decrease when the price changes from $50 to $80?
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