A consumer's indirect utility function is given by V (p, y) = f(p)y. (a) What is the form of this consumer's expenditure function? (b) What kind of preferences does this consumer have?

4.An individual consumes products X and Y and spends $30 per time period. The prices of the two goods are $3 per unit for X and $3 per unit for Y. The consumer in this case has a utility function expressed as: U(X.Y) = 0.5XY How much X should this individual consume, given that he is maximizing the utility? ( A) 4.17 ( B) 5 (C)6 D) 6.25

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A student has a lunch utility function U(S, P) 8S + 3P, where S is number of salads per month and P is number of pizzas per month. The price of a salad is $5, the price of a pizza is 8, and his monthly income for lunch is $80. a) Derive the equation representing the consumer's demand for Salad. Represent the demand for Salad graphically. b) The price of Salad goes up to $25 and the price of Pizza does not change. Compute and represent graphically the new equilibrium of the student. What can you tell about the substitution effect on Salad and pizza

Typed Plzzzz And Asap I will upvote

Utility is a type of function that occurs in economics. When a consumer receives x units of a certain product, a certain amount of pleasure, or utility U, is derived. The graph represents a typical utility function. a) Find the average rate of change of U as x changes from 0 to 1; from 1 to 2; from 2 to 3; from 3 to 4. b) Why do the average rates of change decrease as x increases? a) The average rate of change of U as x changes from 0 to 1 is. (Type an integer or a decimal.) C Utility (pleasure units) AU 200- 150- 100- 50- 0 (1,67) (2,106) I (3,134) (4,156) 2 Number of units of product 4 X

A consumer has utility (see image) on ice creams (x) and cakes (y).   (a) Are the indifference curves bowed towards the origin? (b) Derive his demand function (as a function of prices px, py and budget I) for ice cream (x).  (c)(Looking at the demand function you found in (b), Is ice cream a normal good? Are ice cream and cakes substitutes or complements? Calculate the income elasticity of market demand at the point px = 2, py = 1 and I = 12.

part C D

3) The utility function of a consumer who consumes quantities x and y of two goods is defined by the expression U(x, y)=√xy subject to the constraint 7x+3y=84 where $84 is the consumer's overall budget. Assuming marginal utilities U,,U>0, maximize the utility function of the consumer. What are the optimal values of x, y and U(x,y) ?

Suppose a consumer had a utility function given by: U=X + 4Y. If the price of Good X (Px) is $1 and the price of Good Y is $8 then what is the utility maximizing quantity of Good X the consumer will purchase with a budget of $4? (Round to the nearest two decimal places if necessary.)