Solve; a consumer utility function is given as 64q10.5q20.25q30.4 2. derive the second-order partial derivatives of the utility function with respect to the three pairs of commodities
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Solve; a consumer utility function is given as 64q10.5q20.25q30.4
2. derive the second-order partial derivatives of the utility function with respect to the three pairs of commodities
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how then can we find the total utility given q1=24, q2=30 and q3=15
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- given this utility function 95x10.3x20.2x30.25 first the first, second and cross order patial derivative with respect to each of the derivatives x1 x2 x3 what is the total utility derive if x1=24 x2=15 x3=5Now assume that the utility function takes the function form u(c) = ln(c). Note that the derivative of the natural logarthm is u'(c) = 1/c .Jerry's utility function is U(x,y) = ( 5x + y ) 18. Find Jerry's MRS (for good X in terms of good Y) and then find the value of the derivative dMRS/dx at the point were x=39 and y=69 and enter it below. Remember to enter the number in decimal form. If the number is negative, then use the negative sign (e.g., -3.29839).
- Upon graduating from UT this May, you take on a management position working at UtMax theater. You will consider the utility of seeing performance over 1 month, and suppose that at a regular price of $$$ per ticket (my assigned ticket price is 145), customers will see no performance, however with the price reduced by $5, customers will see one performance per month and when reduced by $10, customers will see two performances. As long as the number performances, x, is small, your demand function for performance can be modeled by p=D(x). Write down your demand function.Suppose a consumer's utility is given by: u (x1, x2) = a/xT + b/x2 Where a= 8, and b = 4 %3D What is the value of MU1 (x1, X2)when x1=9 and x2=8. (Note: The answer may not be a whole number, so round to the nearest hundredth) (Note: The numbers may change between questions, so read carefully)Answer the following questions using the following information. Columns 1 and 2 in the table below show the marginal utility that Cody gets by purchasing products A and B. Column 3 shows the marginal utility Cody gets from saving Assume that the price of A is $13 the price of B is $10, and Cody has an income of $129. a) Find the following series of MU/$ for each column. Note: Keep as much precision as possible during your calculations. Your final answer should be accurate to at least two decimal places Column 1 Column 2 Column 3 Units of A MU MU/S Units of B MU MU/$ Number of $ saved MU MU/S 68 6.8 1 80 6.15 1. 13 0. 2 71 5.46 2 63 6.3 2 10 0. 3 66 5.08 3 56 5.6 3 7 4 61 4.69 4. 46 46 0. 54 4.15 40 4 45 3.46 31 3.1 6. 1 39 3 22 2.2 0. 29 2.23 8 17 1.7 8 b) What quantities of A and B will Cody purchase in maximizing his utility? Quantity of A: 0 Quantity of B: 0 c) How many dollars will Cody save? Dollars Saved = $0 SAVE AND CLOSE
- 1. Prove that MRS = - holds when the utility function is U = U₂ = U (91, 92).Eren’s two main hobbies are taking vacations overseas (V) and eating expensive meals (M). His utility function is given as: U(V,M) = V^2MLast year, the average price of taking a vacation overseas was US$200 and the average price of an expensive meal is $50. However, due to supply problems in Onions, the average price of an expensive meal rose to $75. The average price of a vacation did not change. His income, which is $1500, did not change. Suppose that the Department of Welfare wants to know how much should be given to Eren to offset his change un utility due to the price increase of an expensive meal. Calculate the compensative variation (CV).Solve; a consumer utility function is given as 64q10.5q20.25q30.4 1. what is the marginal utility of consuming commodities q1, q2 and q3 2. derive the second-order partial derivatives of the utility function with respect to the three pairs of commodities 3. show the cross partial derivatives with respect to q1 4.what is her total utility when q1 is 24, q2 is 30, and q3 is 15
- The vending machine in Katherine's office building offers cans of pop and candies. Katherine's utility function is U = 3PC, where P is the amount of pop consumed per %3D week and C is the amount of candy consumed per week. Pop costs $1 and candy costs $0.5 per bag. If Katherine has $10 to spend, she will consume A bags of candy.of 55 The vending machine in Katherine's office building offers cans of pop and candies. Katherine's utility function is U = 3PC, where P is the amount of pop consumed per week and C is the amount of candy consumed per week. Pop costs $1 and candy costs $0.5 per bag. If Katherine has $10 to spend, she will consumeGreg 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. =