Jeremy consumes only two goods, X and Y, and faces the following utility function: U = XY. The marginal utity tor X is MUx-Y and the marginal utility for Y is MUy =X. His initial budget is $800, and the prices of X and Y are $12.5 and $2. "Most answers should be round numbers. Answer everything to 1 decimal place, if need be* What are the amounts of X and Y that wil maximize Joromy's utility? X- Number Y Number How many X and Y will Jeremy choose if the price of X suddenly fell to S8? X= Number Y Number How many X and Y are in the substitution bundie? X-Number Y. Number What are the break-downs of the prioe change on the amount of X purchased? Subalitution etfect Number Income effect Number

Lisa consumes only two goods, pizzas and burritos. In equilibrium, her marginal utility per slice of pizza is 10 and her marginal utility per burrito is 8. Instructions: Enter your answer rounded to two decimal places. If a slice of pizza costs $3, then the price of a burrito must be $

The prices of good A and good B are $3 and $2 respectively. Theodore has a budget of $29 to alternate between the two. Currently, his consumption choices are 7 units of good A and 4 units of good B. If at one point he is given $5 to spend exclusively on good A, how would this affect his budget constraint? What is Theodore's bliss point if he now consumes 8 units of good A and 5 units of good B as a result?

Answer the following short questions:a. Suppose that a consumer’s preferences between goods x andy are represented by the utility function u(x, y) = x^2 + 16xy + 64y^2. If these two goods have the same price, describe the optimal consumptionchoice of this consumer.b. Suppose that when the price of a good change, the incomeand substitution effects change the consumer’s demand for that goodin opposite directions.i. Is this good a normal or an inferior good? Explain.ii. Is this good a Giffen or an ordinary good? Explain.c. Is the following statement true or false? The differencebetween a monopolist’s marginal cost and its profit-maximizing price issmaller when the demand is more elastic.

A date with Alex costs you $100 and gives you an additional 1000 units of utility. A date with Kelly costs you $200 and an additional 4,000 units of utility. Based only on the information you have, using the theory of rational choice, you most likely would: O be indifferent between the two dates O go on a date with Alex because the marginal utility per dollar is the greater of the two O go on a date with Kelly O go on a date with Alex

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Suppose Rosie's marginal utility from attending her 5th Atlanta Braves game was 40 and the marginal utility from attending her 1st Taylor Swift concert was 200. Assume that the price of a Braves ticket is $20 and the price of a Taylor Swift ticket is $120. Which of the following would be TRUE? 1) Rosie would attend more Taylor Swift concerts and fewer Braves games. 2) Rosie would attend more Braves games and fewer Taylor Swift concerts. 3) Rosie would not alter her behavior. 4) Rosie would attend less of both Braves games and Taylor Swift concerts.

i) Derive consumer's budget constraint       ii) Derive the marginal utility X and  marginal utility Y     iii) Find out the consumer optimum combination of good X and Y at the market.

In Philip's world, only two goods give him utility: economics books (B) and computer games (G). His monthly budget is $100, while a book costs $5 and a game costs $10.