the demand and supply functions for a commodity be Qd = D(P, YO) (Dp < 0; DFO > 0) Qs = S(P, TO) (Sp<0; STO > 0) Where YO is income and TO is the tax on commodity. All derivatives are continous. write the equilibrium condition in a single equation
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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 commodities6, Let D(p,q) and E(p, q) be the demands for two commodities when the prices per unit are p and q, respectively. Suppose the commodities are substitutes in consumption, such as butter and margarine. What are the normal signs of the partial derivatives of D and E with respect to p and q? Explain.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).
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