Q TUx MUx TUy MUy 0 0 0 0 1 7 7 4 4 2 13...
| Q | TUx | MUx | TUy |
MUy |
| 0 | 0 | 0 | 0 | |
| 1 | 7 | 7 | 4 | 4 |
| 2 | 13 | 6 | 14 | 10 |
| 3 | 18 | 5 | 22 | 8 |
| 4 | 22 | 4 | 28 | 6 |
| 5 | 25 | 3 | 32 | 4 |
| 6 | 27 | 2 | 34 | 2 |
| 7 | 27 | 0 | 34 | 0 |
| 8 | 26 | -1 | 33 | -1 |
| 9 | 25 | -1 | 31 | -2 |
| 10 | 23 | -2 | 28 | -3 |
At what unit a consumer reaches equilibrium if he buys both commodities when their prices are: Px = $2 and Py = $1.
What must be the consumer budget, which he spends entirely on the two commodities?
Homework Answers
QUESTION 10 Units of X MU MUx/Px $2 Units of Y MUy MUy/Py $4 20 1...
QUESTION 10 Units of X MU MUx/Px $2 Units of Y MUy MUy/Py $4 20 1 48 18 2 40 3 16 36 14 4 32 12 24 6 1 6 12 If the prices of X and Y are $2 and $4 per unit, respectively, and this consumer has $10 in income to spend, to maximize total utility, this consumer should buy O 2 units of X and 2 units of Y 01 unit of X and 1 unit...
Consumer Theory 13 Ordinary Goods 1. Let U(x, y) = x2/3743, MU2 = 173 MUY =...
Consumer Theory 13 Ordinary Goods 1. Let U(x, y) = x2/3743, MU2 = 173 MUY = 2 x 5 Pa = 6, Py = 3, and M = 30. 2. Let U(x, y) = x2/3y1/3, MUX 17, MUY Px = 6, Py = 3, and M - 30. 3. Let U(x, y) = 2x1/3y2/3, MU, = 2 21/a, Px = 6, Py = 3, and M = 30. 4. Let U(x, y) = 2x4 3y1/3, MUx = * * 78,...
The Table below shows the Total Utility (TU) and Marginal Utility (MU) derived from the consumption...
The Table below shows the Total Utility (TU) and Marginal Utility (MU) derived from the consumption of 10 units of the commodities X and Y. a. Derive a column for the Marginal Utility of x (MU), and a column for the Total Utility of y (TU) b. On separate graphs, plot the Total and Marginal curves for each commodity, placing the panel of the marginal utility curve below the panel for the total utility curve for each commodity saturation and...
2) (18 points) For each of the following situations, draw the consumer's budget constraint and indicate...
2) (18 points) For each of the following situations, draw the consumer's budget constraint and indicate the consumer's optimal bundle on the budget constraint. Make sure your graph is accurate and clearly labeled. a) U(X,Y)-X14Y34. The consumer has $24 to spend and the prices of the goods are Px S2 and Py S3. Note that the MUx-(1/4)X-3*Y34 and the MUy (3/4)X14Y-14. b) U(X,Y)-MIN(5X,Y). The consumer has S24 to spend and the prices of the goods are Px S3 and Py...
2) (18 points) For each of the following situations, draw the consumer's budget constraint and indicate...
2) (18 points) For each of the following situations, draw the consumer's budget constraint and indicate the consumer's optimal bundle on the budget constraint. Make sure your graph is accurate and clearly labeled. a) U(X,Y)-X1"Y34. The consumer has S24 to spend and the prices of the goods are Px - S2 and Py S3. Note that the MUx-(1/4)X-3*Y34 and the MUy (3/4)X14Y-14. b) U(X,Y) MIN(5X,Y). The consumer has S2 4 to spend and the prices of the goods are Px...
1. A consumer is considering to buy only two products, X, and Y. The amount of...
1. A consumer is considering to buy only two products, X, and Y. The amount of total utility yielded by their consumption is shown in the table below. Assume that the prices of X, and Y are $8, and $2 respectively, and that the consumer has an income of $24 to spend. a) Complete the following table by computing the marginal utility and the marginal utility per dollar for successive units of product X and Y. (4 marks) b) How...
Suppose that a consumer’s utility function is U=xy with MUx=y and MUy=x. Suppose the consumer‘s income...
Suppose that a consumer’s utility function is U=xy with MUx=y and MUy=x. Suppose the consumer‘s income is $480. For this question you may need to use the following approximations: sqrt(2) is approximately 1.4, sqrt(3) is approx. 1.7 and sqrt(5) is approx 2.2. a) Initially, the price of y is $4 and the price of x is $6. What is the consumer’s optimal bundle? b) What is the consumer's initial utility? Now suppose that price of x increases to $8 and...
#4 4) Show that: a) The classical kinetic energy = (1/2). muy is equal to py/2m. Here py is the linear momentum in t...
#4
4) Show that: a) The classical kinetic energy = (1/2). muy is equal to py/2m. Here py is the linear momentum in the y-direction. b) Show that the Classical kinetic energy operator (1/2).muy is equal to the quantum mechanical kinetic energy operator = -1°/8x'm d/dy?. (Hints: Use the definition for momentum operator of the particle py=- (ih/2x) d/dy in quantum mechanics). c) Determine if A and B commute: if A = d/dy?, B = y, and f(y) = 30y...
1. The following total utility schedule (Table 3) of Maria who is consuming goods X and...
1. The following total utility schedule (Table 3) of Maria who is consuming goods X and Y when the price of X is $6 and the price of Y is $30. Maria's income is $144. 2 46 3 62 4 | 74 5 80 6 84 Table 3 Ox 1 TUX 28 MUX 28 Qy 1 TUY 150 MUX 150 2 270 3 360 4 420 7 480 450 470 b. Are these preferences consistent with the law of diminishing...
2 3 S1 0 1 0 114 4 13 1 0 15 7 2 4 1...
2 3 S1 0 1 0 114 4 13 1 0 15 7 2 4 1 14 3|15 12 8 4 5 6 7 8 9 10 11 12 13 14 15 1 2 15 11 8 3 10 6 12 5 9 0 7 4 14 2 13 1 10 6 12 11 9 5 3 8 8 13 6 2 11 15 12 9 7 3 10 5 0 2 4 9 1 7 5 11 0 6...
QUESTION 10 Units of X MU MUx/Px $2 Units of Y MUy MUy/Py $4 20 1 48 18 2 40 3 16 36 14 4 32 12 24 6 1 6 12 If the prices of X and Y are $2 and $4 per unit, respectively, and this consumer has $10 in income to spend, to maximize total utility, this consumer should buy O 2 units of X and 2 units of Y 01 unit of X and 1 unit...
Consumer Theory 13 Ordinary Goods 1. Let U(x, y) = x2/3743, MU2 = 173 MUY = 2 x 5 Pa = 6, Py = 3, and M = 30. 2. Let U(x, y) = x2/3y1/3, MUX 17, MUY Px = 6, Py = 3, and M - 30. 3. Let U(x, y) = 2x1/3y2/3, MU, = 2 21/a, Px = 6, Py = 3, and M = 30. 4. Let U(x, y) = 2x4 3y1/3, MUx = * * 78,...
The Table below shows the Total Utility (TU) and Marginal Utility (MU) derived from the consumption of 10 units of the commodities X and Y. a. Derive a column for the Marginal Utility of x (MU), and a column for the Total Utility of y (TU) b. On separate graphs, plot the Total and Marginal curves for each commodity, placing the panel of the marginal utility curve below the panel for the total utility curve for each commodity saturation and...
2) (18 points) For each of the following situations, draw the consumer's budget constraint and indicate the consumer's optimal bundle on the budget constraint. Make sure your graph is accurate and clearly labeled. a) U(X,Y)-X14Y34. The consumer has $24 to spend and the prices of the goods are Px S2 and Py S3. Note that the MUx-(1/4)X-3*Y34 and the MUy (3/4)X14Y-14. b) U(X,Y)-MIN(5X,Y). The consumer has S24 to spend and the prices of the goods are Px S3 and Py...
2) (18 points) For each of the following situations, draw the consumer's budget constraint and indicate the consumer's optimal bundle on the budget constraint. Make sure your graph is accurate and clearly labeled. a) U(X,Y)-X1"Y34. The consumer has S24 to spend and the prices of the goods are Px - S2 and Py S3. Note that the MUx-(1/4)X-3*Y34 and the MUy (3/4)X14Y-14. b) U(X,Y) MIN(5X,Y). The consumer has S2 4 to spend and the prices of the goods are Px...
1. A consumer is considering to buy only two products, X, and Y. The amount of total utility yielded by their consumption is shown in the table below. Assume that the prices of X, and Y are $8, and $2 respectively, and that the consumer has an income of $24 to spend. a) Complete the following table by computing the marginal utility and the marginal utility per dollar for successive units of product X and Y. (4 marks) b) How...
#4
4) Show that: a) The classical kinetic energy = (1/2). muy is equal to py/2m. Here py is the linear momentum in the y-direction. b) Show that the Classical kinetic energy operator (1/2).muy is equal to the quantum mechanical kinetic energy operator = -1°/8x'm d/dy?. (Hints: Use the definition for momentum operator of the particle py=- (ih/2x) d/dy in quantum mechanics). c) Determine if A and B commute: if A = d/dy?, B = y, and f(y) = 30y...
1. The following total utility schedule (Table 3) of Maria who is consuming goods X and Y when the price of X is $6 and the price of Y is $30. Maria's income is $144. 2 46 3 62 4 | 74 5 80 6 84 Table 3 Ox 1 TUX 28 MUX 28 Qy 1 TUY 150 MUX 150 2 270 3 360 4 420 7 480 450 470 b. Are these preferences consistent with the law of diminishing...
2 3 S1 0 1 0 114 4 13 1 0 15 7 2 4 1 14 3|15 12 8 4 5 6 7 8 9 10 11 12 13 14 15 1 2 15 11 8 3 10 6 12 5 9 0 7 4 14 2 13 1 10 6 12 11 9 5 3 8 8 13 6 2 11 15 12 9 7 3 10 5 0 2 4 9 1 7 5 11 0 6...
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