Suppose the utility function of a person consuming two commodities X and Y with income Birr 600 is given by U =2xy. If the per unit price of X is Birr 20 and per unit price of Y is Birr 40. Calculate the utility maximizing level of consumption of X and Y and Find the MRSX, Y at the optimum
Suppose the utility function of a person consuming two commoditi…
Jan 22, 2023
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5 suppose the utility function for goods x and y is given by u y xy y i calculate the uncompensated marshallian demand functions for x and y and describe how the demand curves for x and y ar 70745
5 suppose the utility function for goods x and y is given by u y xy y …
Dec 19, 2021
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Consider a simple quasi-linear utility function of the form U(x, y)=x lny a. Calculate the income effect for each good. Also calculate the income elasticity of demand for each good. b. Calculate the substitution effect for each good. Also calculate the compensated own-price elasticity of demand for each good. c. Show that the Slutsky equation applies to this function. d. Show that the elasticity form of the Slutsky equation also applies to this function. Describe any special features you observe
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Jun 15, 2020
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