HomeworkLib
Question

suppose a consumer had a utility function given by: U-X075 Yo.8· lf the price of Good X (Ps) is $8 and the price of Good Y is $8 then what is the utility maximizing quantity of Good Y the consumer will purchase with a budget of $99.20? (Round to the nearest two decimal places if necessary.)

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

ANSCO FR utility function U = X 0.75, 0.8. Price of price of Good X - Goody = $8 $8. $99120 Budget - Budget constraint = kx +My woя o dy o2 0.8&ots yo* 2. . MUK & PX MUY 2 • ог гуd 0 Ру 0:2 Yo’ 2 or P о: 1 ч 1 о в х • Гу= ofх хоо•2ГУ 018 put thisthor 426040 units. Quantity of goody is 6.40 units. Wility maximizing

0 0
Add a comment
Know the answer?
Add Answer to:
suppose a consumer had a utility function given by: U-X075 Yo.8· lf the price of Good...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Suppose a consumer had a utlity function given by U- X04Y02. If the price of Good...

    Suppose a consumer had a utlity function given by U- X04Y02. If the price of Good X (Px) is $8 and the price of Good Y is $16 then what is the utility maximizing quantity of Good X the consumer will purchase with a budget of $84? Round to the nearest decimal place if necessary) Answer Suppose an individual had a utility function given by U XY? Suppose that Bundle A contains 5 units of Good X and 5 units...

  • 1.Suppose a consumer had a utility function given by: U= 9X + 2Y. If the price...

    1.Suppose a consumer had a utility function given by: U= 9X + 2Y. If the price of Good X (Px) is $8 and the price of Good Y is $4then what is the utility maximizing quantity of Good X the consumer will purchase with a budget of $32? 2. Suppose an individual had a utility function given by: U=X^4Y^0.6 Calculate this individual's Marginal Rate of Substitution (MRSxy) when they have a bundle with 3 units of Good X and 1.8...

  • Suppose a consumer had a utility function given by: U=X^0.5*Y^0.2. If the price of Good X...

    Suppose a consumer had a utility function given by: U=X^0.5*Y^0.2. If the price of Good X (Px) is $10 and the price of Good Y is $2 then what is the utility maximizing quantity of Good Y the consumer will purchase with a budget of $98 (Round to the nearest two decimal places if necessary.)

  • Suppose a consumer had a utility function given by: U= 2X + 8Y. If the price...

    Suppose a consumer had a utility function given by: U= 2X + 8Y. If the price of Good X (Px) is $7 and the price of Good Y is $5 then what is the utility maximizing quantity of Good X the consumer will purchase with a budget of $12? (Round to the nearest two decimal places if necessary.)

  • Suppose a consumer had a utility function given by: U= 9X + 4Y. If the price...

    Suppose a consumer had a utility function given by: U= 9X + 4Y. If the price of Good X (Px) is $10 and the price of Good Y is $4 then what is the utility maximizing quantity of Good X the consumer will purchase with a budget of $10? (Round to the nearest two decimal places if necessary.)

  • Suppose a consumer had a utility function given by: U = X2Y0.5. If the price of...

    Suppose a consumer had a utility function given by: U = X2Y0.5. If the price of Good X (Px) is $3 and the price of Good Y is $6 then what is the utility maximizing quantity of Good X the consumer will purchase with a budget of $18.75? (Round to the nearest decimal place if necessary.)

  • Suppose a consumer had a utility function given by: U=X^4*Y. If the price of Good X...

    Suppose a consumer had a utility function given by: U=X^4*Y. If the price of Good X (Px) is $6 and the price of Good Y is $2.40 then what is the utility maximizing quantity of Good X the consumer will purchase with a budget of $7.50? (Round to the nearest decimal place if necessary.)

  • $4 then what is the Suppose a consumer had a utility function given by U-9x 2Y....

    $4 then what is the Suppose a consumer had a utility function given by U-9x 2Y. If the price of Good X (Px) is $8 and the price of Good Y is utility maximizing quantity of Good X the consumer will purchase with a budget of $32? (Round to the nearest two decimal places if necessary) Answer 2 Suppose a consumer had a utility function given by Uxasy02. If the price of Good X (Px) is $10 and the price...

  • Suppose a consumer had a utility function given by: U=X0.5Y. If the price of Good X...

    Suppose a consumer had a utility function given by: U=X0.5Y. If the price of Good X (Px) is $1 and the price of Good Y is $2 then what is the utility maximizing quantity of Good Y the consumer will purchase with a budget of $24?

  • Suppose a consumer had a utility function given by: U=X0.5Y0.2U=X0.5Y0.2. If the price of Good X...

    Suppose a consumer had a utility function given by: U=X0.5Y0.2U=X0.5Y0.2. If the price of Good X (Px) is $10 and the price of Good Y is $2 then what is the utility maximizing quantity of Good Y the consumer will purchase with a budget of $98

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT