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1
![Which of the utility functions below is associated with quasi-hyperbolic
discounting?
Ο Στ-16[Fut]
Ο Στο 82-1) και
-1)
Ο κο+ Σκυβ[δ]
Ο ΒΣ.}δu]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e13f039-9b60-4828-adce-764df700f89f%2F3e3d20f9-b7d7-4182-a4fc-1b4badca32ee%2Fx2dsps_processed.jpeg&w=3840&q=75)
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- On a given evening, J. P. enjoys the consumption of cigars (c) and brandy (b) according tothe functionU(c, b) = 20c− c²+ 18b − 3b²a. How many cigars and glasses of brandy does he consume during an evening? (Cost isno object to J. P.)b. Lately, however, J. P. has been advised by his doctors that he should limit the sum ofglasses of brandy and cigars consumed to 5. How many glasses of brandy and cigarswill he consume under these circumstances?Number of Sodas per day Total Utility Marginal Utilit 1 20 35 3 47 12 4 10 Refer to the table, The marginal utility of the second soda per day is L. (Answer should be in the form of numerical characters, e.g. 20) Enter your answer here1. A standard model of choice under risk is Expected Utility Theory (EUT) in which preferences over lotteries that pay monetary prizes (x₁, x2, ..., xs) with probabilities (P1, P2, ..., Ps) with Eps = 1 are represented by the function L S (a) What does it mean to say that a function represents the consumer's prefer- ences? Σpsu(xs) Choice 1 8=1 (b) State and briefly comment on the axioms required for the EUT representation. (c) Consider the following experiment of decision making under risk in which sub- jects are asked which lottery they prefer in each of the following two choices: Lottery B 0 with prob. 0.01 10 with prob. 0.89 50 with prob. 0.10 Lottery D Choice 2 Lottery A 0 with prob. 0 10 with prob. 1 50 with prob. 0 Lottery C 0 with prob. 0.90 10 with prob. 0 50 with prob. 0.10 Suppose that the modal responses are Lottery A in Choice 1 and Lottery D in Choice 2. Assume that utility of zero is equal to zero and illustrate why it is not possible to reconcile these experimental…
- 2. Supose that a consumer has utility function U with U (₁,22) = x1426, where ₁ and ₂ are demand of commodity 1 and 2. Suppose that the price of commodity 1 and 2 is $3 and $5, respectively. This consumer has money m = 12 to spend and wants to maximize utility with constraint the money. (a) Write the Lagrangian function. (b) Find the critical point using first order condition. (c) Find the Hessian matrix to check whether the critical point is maximiser or minimiser. (d) Find the maximum utility.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).My Moodle My Fa The function f(x, y) = (x + y) – a² – y? – 6xy has stationary points at some of the following points, (x, y). In each case identify whether the point is stationary, and if so find out if it is a maximum, minimum or saddle point. 1. The point (0,0) is 2. The point (1/2, 1/2) is 3. The point (1/2, -1/2) is 4. The point (-1/2,1/2) is 5. The point (-1/2,–1/2) is Next pa - from video in SVG Mock paper Jump to... format
- ayesha derives utility from travelling and outdoor dinning o weekends as given utility function U(t,d)=TD.the price of a day spent travelling is $160{Pt=160} and price of dining outdoor $200{Pd=200}.ayesha annual budget for this is $8000. find ayesha's utility maximizing choice of days travelling and dining outside. and alsoo find uutility level from consuming that bundles .show findings graphicallyWhat is the logarithmic transform of the utility function U= 52, given the budget constraint - M. Select one: O a. In U = a ln a +Bin 2 +y In os %3D O b. In U = In a + In + In e In U = a ln a -Bln a -yln es Od. InU=n 2? + In e? + In aBob's utility function implies O time stationarity O transitivity O impatience O all of the above I need help with the questions
- Graphical and Intuitive Optimization Consider a consumer who must allocate their available income between the consumption of two goods, Beer and Pizza. Their preferences over Beer and Pizza adhere to the usual assumptions we have made about preferences. The indifference curve map below reflects their preferences and the budget constraint reflects current income and prices. In the simplest terms possible, define or explain the term "Marginal Utility of Beer" (MUB). In the simplest terms possible, define or explain the term "Marginal Rate of Substitution of beer for pizza" (MRSBP). In the simplest terms possible, intuitively explain the meaning of MUB/PB, where PB represents the price of one unit of Beer.(,) →u(い)=2 (4, 1) >u c4,1) = 3 (1,4)= uCI,4) = 5 %3D %3D C,6)→ 4C1,16)=1は O C,16)>(6,1)~( ) 11い) Find utility function represen ting these Pefrences.2 3) For each utility function, determine the marginal utility with respect to x, marginal utility with respect to y, and the MRS. (3pts each) a) U(x, y)-3x+2y b) U(x, y) 10x¹/5 y c) U(x, y)=x+ y²
