The utility function U(x, y) = x + y can be used to describe perfect substitutes preferences. For perfect substitutes, the demand for good x depends on its own price and on the price of y. If px > Py, the consumer only buys good y. If the px < py the consumer will specialize in good x, the demand will be the income divided by the price of x. If the prices are equal, the consumer is indifferent between buying x or y. Given this information: 1. Write a Python function which returns the demands of goods x, and y. The function should accommodate the income level, and the prices. 2. Plot the inverse demand curve for good x. Assume. p.. 20. I = 100. and D. is between 5 and 30.

The utility function U(x, y) = x + y can be used to describe perfect substitutes preferences. For perfect substitutes, the demand for good x depends on its own price and on the price of y. If px > Py, the consumer only buys good y. If the px < py the consumer will specialize in good x, the demand will be the income divided by the price of x. If the prices are equal, the consumer is indifferent between buying x or y. Given this information: 1. Write a Python function which returns the demands of goods x, and y. The function should accommodate the income level, and the prices. 2. Plot the inverse demand curve for good x. Assume. p.. 20. I = 100. and D. is between 5 and 30.

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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