Suppose the utility function of a representative consumer in Europe is !(#, %) = 6)*+# + )*+%, where # isnon-GM food and % is GM. The marginal utilities are: -!. = 6/# and -!0 = 1/%. The prices are 2. =2 and 20 = 1 and the representative income 4 = 14.
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Suppose the utility function of a representative consumer in Europe is !(#, %) = 6)*+# + )*+%, where # is
non-GM food and % is GM. The
2 and 20 = 1 and the representative income 4 = 14.
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Solved in 2 steps
- A TV channel has estimated the demand for its service to be givenby the following function: Q=9.83p-1.2A2.5Y1.6P0-1.4whereQ = monthly sales in unitsP = price of the service in $A = promotional expenditure in $’000Y = average income of the market in $’000P0 = price of ‘home movies’ in $ The current price of the TV channel is $60, promotional expenditure is$120,000, average income is $28,000, and the price of ‘homemovies’ is$45.Indicate whether the following statements are true or false, givingyour reasons and making the necessary corrections h. Current sales are over a million units a month. i. The demand curve for the channel is given by:Q=9.83p-1.2j. The channel’s sales are more affected by the price of ‘home movies’ than by the price of its own service.k. If the channel increases its price this will reduce its profit.urgent pleaseThe demand function for electric fans is as follows: • Qx = 100 – 0.5Px + 0.03I + 3Py where: • Qx = quantity demanded of electric fans • Px = average price of an electric fan • I = average income • Py = average price of an air conditioner Assume that the average price of an electric fan is $50, an air conditioner costs $400 and average income is $4,000. Determine or calculate the following: 1. The slope of the demand curve, 2. If air-conditioners are complimentary or substitutionary to electric fans with respect to the coefficient and, 3. If electric fans are a normal or inferior good with respect to the income coefficient.
- A92) A consumer of two goods, either 1 or 2, has a utility function U (X1, X2) = x1 0,6.x2 0.4, where x denotes units of good 1 and x2 units of good 2. The price of good 1 is 5 euros per unit, the price of good 2 is 3 euros per unit and the consumer's income is 150 euros. Suppose only the price of good 1 changes and so does the new one price is p1‘ = 2. Then the Slutsky substitution effect with respect to good 1 is Choose one: A) Not defined B) 10.8 C) 8.8 D) 7.8 E) 9.8The demand equation for school lunches is x=100-10pwhere x is the number of lunches purchases and p is the price in dollars. Which of the following represents E(p)? A) p/10-p b) -p/10-p c) p/20-p d) -p/100-10p e) p2/100-10p
- 3If your income is R9 and the per unit price of X and Y is R2 and R1 respectively, what quantities of each good will you purchase to maximise utility? What total utility will you realise? Units of X MUX MUX / PX Units of Y MUY MUY / PY 1 10 5 1 8 8 2 8 4 2 7 7 3 6 3 3 6 6 4 4 2 4 5 5 5 3 1.5 5 4 4 6 2 1 6 3 212. A company finds that the rate at which
- A consumer can consume two goods, A and B, and has the utility function U-15A1/281/2, The consumer's budget is $900, the price of good A is $15 per unit and the price of good B is $45 per unit. (Assume A is the horizontal axis good and B is the vertical axis good. Both goods are infinitely divisible, but round numerical answers to 2 decimal places as necessary) What is the consumer's marginal rate of substitution? What is the consumer's marginal rate of transformation? What is the formula for the consumer's budget constraint? What is the consumer's utility-maximizing bundle given the utility function and budget constraint? A B HA consumer has a budget of $3000 in a given period, and wishes to buy two goods, X and Y, so as to maximise his utility. The price of good X is $5 and the price of good Y is $2, and his MRS is given by the formula 2Y/X. How many units of good X will he buy in that period?A consumer spends all her income of £120 on the two goods A and B. Good A costs £10 a unit and good B costs £15. What combination of A and B will she purchase if her utility function is U = 440$ BO5? %3D