Suppose we observe an individual making the following choices at three different prices: Do these choices satisfy the SARP? Choose one: yes no Prices Choices px = (5,1) X = (6,6) p = (6,6) Y = (2,8) p² = (2,7) Z = (7,2)

Consider the following utility functions. G(x,y) = -1/[ min (6x,2y)+1] H(x,y) = min (6x,6y)² L(x,y) = min (6x,2y) - 10000000000 3 U(x,y) = min (3x, y)³ W(x,y) = min (6x, y)³ + 2 Z(x,y) = min (x,2y) Which of the above functions, if any, is homogeneous of degree 3? Select one or more: a. None. b. Z c. L d. G e. U f. W g. H

not use ai please

A consumer buys (x1, X2 , X3 ) at price vector (P,, P2 , P3). We make three observations of his behavior: At (P,P,,P;) = (1,1,2), the consumer chooses (x,,x,,x3) = (5,19,9) At (P, P,,P,) = (1,1,1), the consumer chooses (x,,x,, x3 ) = (12,12,12) At (P, P,,P,) = (1, 2,1) , the consumer chooses (x,,x,,x; ) = (27,11,1) %3D %3D Does the consumer's behavior satisfy WARP? What about SARP?

Suppose Ed's utility from the consumption of martinis (m) is proportional to the number he drinks: U(m) = m. Further, Ed is particular about his martinis: He enjoys them in exactly three parts of gin (g) to one part vermouth (v). So we can write the utility as: U(m) = U (g, v) = min (g, 3v). (a) Provide a sketch of Ed's indifference curve in the (g, v)-space for various level of utility. (a) Let the prices be p, and p, and Ed's income be I. Find the demand functions for 9 and v [Hint: Use the proportional rule and budget constraint. No need for differential calculus] (b) Using the results in (b), what is Ed's indirect utility function? (c) Find the expenditure function; given a level of utility U, and prices pg and Pv.

Consider the following utility functions. G(x,y) = -1/[ min (6x, 2y)+1] H(x,y) = min (6x,6y) L(x,y) = min (6x,2y) - 10000000000 U(x,y) = min (3x, y) W(x,y) = min (6x, y) Z(x,y) = min (x,2y) Select the function or functions, if any, representing the same preferences as function U?

Ice cream and cakes are perfect substitutes for a child, and 2 units of ice cream is always worth 3 units of cakes (however many ice creams or cakes she might have, she would be willing to give up 2 ice creams to get 3 more cakes to keep the same utility level) .   (a) Write down a utility function u(x,y) that represents the child's preferences, where x is the number of ice creams and y is the number of cakes she has.   (b) If the prices are px= 8 and py =5, and she has $140 to spend on the two goods this summer, what is her optimal bundle?   (c) If the price of ice creams decreases slightly, down to px = 7, what happens to her optimal bundle in this case? Did it change "slightly" compared to (b)?

of 55 The vending machine in Katherine's office building offers cans of pop and candies. Katherine's utility function is U = 3PC, where P is the amount of pop consumed per week and C is the amount of candy consumed per week. Pop costs $1 and candy costs $0.5 per bag. If Katherine has $10 to spend, she will consume

Problem 1 Jane has the following utility function: u(w) w^.5 or the square root. function Which of the following prospects would she prefer? P1(.4, 3,000, 600) P2(.7, 1,200, 1,000) P3(.6, 2,000, 100)

A consumer has the following utility function: U(X,Y)= 400X2/5Y3/5 Suppose that the price of a spa day (x) is £200 and the price of a city break (y) is £300 Find the number of spa days and city breaks that minimise expenditure if 12,800 units of utility are obtained. Also calculate the consumer's minimised expenditure