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Explain the difference between the policy preferences function and the indirect utility function.
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- Robin consumes two goods X and Y. His utility function is given by U(x, y) = x*y. The price of Good X used to be $10 per unit but has recently increased to $20 per unit due to the good being taxed. The price of Good Y has remained unchanged at $20 per unit. Robin has $2000 to spend. Suppose the government wants to give Robin enough money so that he can still consume the amount of X and Y that he was consuming before the price change. Which of the following statements is CORRECT? O At the earlier prices, Robin would consume 75 units of X and 100 units of Y. This bundle now costs $2750. But if the government gave Robin an additional $750 then Robin would prefer to consume 80 units each of X and Y. At the earlier prices, Robin would consume 50 units of X and 100 units of Y. This bundle now costs $2500. So, the government needs to give Robin an additional $500 to afford the original bundle. But if the government gave Robin an additional $200 then Alex would prefer to consume 100 units each…What are some key points about the utility-maximization modelOn the planet Hyperion every consumer who has ever lived has a utility function U(x, y) = min(x, 2y). The currency of Hyperion is the doggerel. In 1850 the price of x was 1 doggerel per unit and the price of y was 2 doggerels per unit. In 2000, the price of x was 4 doggerels per unit and the price of y was 4 doggerels per unit. Paasche price index of prices in 2000 relative to prices in 1850 is 1. O2.67. O 2. 3. not possible to determine without further information.
- Ali spends his income of $64 on kerosene (x) and food (y) each week. The price of food is $8 per unit. The price of kerosene is $4/liter at a government-run store and he can purchase up to 8 liters there. On the market, kerosene costs $8/liter. His utility function is Cobb-Douglas: u(x, y) = x5y3. How much kerosene and food does he buy given his budget constraint? kerosene 5 3 ]× _unit(s) food Submit AnsN giageםוםוינלו םהיווינגב3d 45כההביכניכו יכויכיהיכיכניבויכימוינרuב 5ה בההםיכ יבוניכררה נתמ'נלau םיכוימיכויכויכ בתח4C#aצפוסעישמומא נמ !עינהינבא ה3 45 כ ה הביכיכר תהביכר1c-If people do not have a complete mental picture of total utility for every level of consumption ,how can they find their utility-maximizing consumption choice?Economics Suppose that an individual receives utility from two goods X and Y and his utility function is given by: u = -1/X –1/Y. a) Derive the Marshallian and Hicksian demand functions for X and Y. b) How would you determine whether X and Y are gross substitutes or gross complements? c) How would you determine whether X and Y are net substitutes or net complements?
- Granny lives in the Woods and consumes only bread and fruits. One week she falls ill and has to ask her niece, Red, to buy her weekly food. Red lives in the City, where the price of fruit is $ 2 per kilogram and the price of bread is also $ 2 per loaf. Red knows that Granny's utility function is given by U(f, b) = In (f) + 2 In (b) and that Granny has allocated $ 60 of her income for food each week. Heading to Granny's house in the Woods with the food bought from the City in her basket, Red unexpectedly meets the infamous trader B. B. Wolf, which offers to buy or sell food at a price of $ 3per kilogram of fruits, and $ 6per loaf of bread. Show graphically, what is the Red's budget line before meeting with Wolf and the budghet line after meeting with Wolf?Ruby has the following utility function: U(X, Y) = X^3/4 , Y^1/4, where X is her consumption of food items, with a price of $10, and Y is her consumption of clothing items, with a price of $30. She plans to spend $360 on food and clothing over the next week. Using the Lagrange multiplier technique, determine the number of food and clothing items that will maximize Ruby's utility.What are the determinants for an individual demand? Derive with the help of indifferencecurves and the budget constraint the optimal consumption plan. How do you transfer theoptimal consumption plan into an individual demand function? (use graphs)
- Q.1 Use Lagrange multipliers to find the maximum utility for the utility function U = 5xy, when subject to a budget of £30, where the price of each unit of X is £5 and each unit of Y is £1.Yoko has the utility function U(x, y) = 2x(v + 3). The price of x is £2 and the price of y is £1. Income is £10. i. How much x does Yoko demand? How much y? ii. If her income doubles and prices stay unchanged, will Yoko's demand for both goods double? Show all your calculations by any method including the Lagrange multiplier if needed.Derive with the help of indifference curves and the budget constraint the optimal consumption plan. How do you transfer the optimal consumption plan into an individual demand function?