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for which utility function recardian equivalence does not hold?
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- Starting with utility function U= U(X, Y) and budget constraint PxX+ PyY= M, derive the equili- brium condition using calculus.answer quicklyuestion1:Donna and Jim are two consumers purchasing strawberries and chocolates. Jim’s utility function is U (x, y) = xy and Donna’s utility function is U (x, y) = x2y where x denotes strawberries and y denoteschocolates. Jim’s marginal utility functions are MUX=y and MUy=x while Donna’s are MUX=2xy and MUy=x2. Jim’s income is $100, and Donna’s income is $150. What is the optimal bundle for Donna if the price of strawberries is $2 and the price of chocolate is $4? What is the optimal bundle for Jim, and for Donna, when the price of strawberries rises to $3?Question2:Consider a one-period eco
- if the utility function is given by u=x^2y^2 what is marginal utility?According to Kahneman and Tversky, what is the major problem they find with the basic tenets of utility theory?How does the utility-maximization model help highlight the income and substitution effects of a price change. Provide an example please.
- Prove that the utility maximization conditions as suggested by the “marginal utility framework” are consistent with the “indifference curves approach”.Complete the table and please provide a solution. Use the partial derivative. Thanks!Tom went to a pizza by the slice bar with Jerry. Tom loves pizza (x), and prefers it, even more, when he can eat them with Coke (y). While Jerry is super hungry and will devour any amount of pizza and Coke available to him, Tom knows that there is a sweet spot for him, that is, an amount of pizza and Coke that maximizes his satisfaction. Tom’s preferences are represented by the utility function: u(x,y) = min{5,min{x,2.5y}}Tom took $30 with him to the pizza joint, and when he got there he saw the prices for a slice of pizza or a cup of Coke were $3 and $1.50, respectively. a.) What is Tom’s budget constraint? b.) How many slices of pizza and cups of Coke will Tom choose, in order to maximize his utility? Also, how much money does Tom uses? Assume Tom will not spend any money that does not increase his utility. c.) If Jerry needed money from Tom, what is the most money Tom can lend him? Explain.
