ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- image attachedarrow_forwardWhat is the optimum solution for this utility functions? • U= min (1/2x, 1/2y) • U= 1/2 x +1/2 y • -U= In x + y Explain why non-convex IC has a corner solution instead of an interior solution?arrow_forwardIf the utility function (U) between food (F) and clothing (C) can be represented as U = F*C, then which combination of food and clothing will a rational consumer choose? a. (F, C) = (9, 25) O b. (F, C) = (25, 4) O c. (F, C) = (4, 16) d. (F, C) = (4, 25)arrow_forward
- 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.arrow_forwardOnly typed solutionarrow_forward3) 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) ?arrow_forward
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