For the utility function U = (Qx0.5+Q,0.5)2 and the budget 122 = 8Qx+8Qy find the CHANGE in optimal consumption of X if the price of X increases by a factor of 1.7. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).

Find the expenditure function corresponding to utility function u(x₁,x₂) = ln(x₁ +a)+ln(x₂+b). a.e(p₁u) = 2√P₁P₂)eu/2 b.e(p,u)=e¹(√P₁P₂)+ap₁ + bp₂ Ⓒc. e(p₁u) = 2(√P₁P₂)eu/2-ap₁-bp₂ d.elpu)=e"√√P₁P₂

(b) It is thought that a consumer measures the utility, u(x, y), of possessing a quantity, z, of apples and a quantity, y, of oranges by the formula u(x, y) = rªyla, where a is a constant. Suppose that apples cost p dollars each and oranges q dollars each. If the consumer has M dollars to spend on apples and oranges, use the method of Lagrange multipliers to find the quantity of each that he will buy in terms of a, p, q and M. [You are not required to justify the use of the method of Lagrange multipliers here.] For equally priced apples and oranges when he has one dollar to spend, he is actually observed buying one apple and two oranges. What value of a does this imply?

There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. x₁ measures the number of episodes watched of Show 1 and x₂ measures the number of episodes watched of Show 2. Jeff's preferences can be represented by u(x₁, x₂) = x² + ax². Jeff has 11 hours available for watching Netflix today. Each episode of Show 1 lasts 30 minutes, while each episode of Show 2 lasts one hour. For all question parts, round to three decimal places if necessary. For parts (a) - (f), let a = 1. Draw Jeff's indifference curves for the utility levels u = 4, 9, 16. Draw a straight line between the bundles (x₁, x₂) = (4, 0) and (x₁, x2) = (0, 4). Now, use your picture to determine whether the following two statements are true or false. Answer "1" for true. Answer "0" for false. a) Statement 1: Jeff's preferences are strongly monotone. 1 b) Statement 2: Jeff's preferences are strictly convex. 0 c) Find the bundle at which one of Jeff's indifference curves is tangent to the budget line. (x₁, x^2) = ( d)…

Greg has the following utility function: u=2057 20.43. He has an income of $96.00, and he faces these prices: (P1, P2) (9.00, 9.00). Suppose that the price of an increases by $1.00. Calculate the equivalent variation for this price change. =

Apples (pounds per week) 0 A> B B> D b d Butter (pounds per week) he graph above indicates that a consumer's preference combination. Which one of the following is correct based on the graph? C> B C E>F E F B

Ann's utility function is U = q1q2/(q1 + q2). Solve for her optimal values of q1 and q2 as a function of p1, p2 and Y.

A consumer has a budget of $3000 in a given period, and wishes to buy two goods, X and Y, so as to maximise his utility. The price of good X is $5 and the price of good Y is $2, and his MRS is given by the formula 2Y/X. How many units of good X will he buy in that period?

Steve's utility for socks (q1) and other goods (q2) is given by U(q1,q2) = 10q10.1 0.1q² 0.9 The price of the composite good is p2=1 and the price of a pair of socks is p1=2. Steve's income is Y=100. Every year, Steve's mom buys him 20 pairs of socks. How many dollars is the equivalent variation of the $40 that his mom spends on socks every year?

Given the utility function 1/2 1/2 U = x₁x₂find a general expression for MRCS in terms of x₁ and x₂.