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Thomas is indifferent between bundles (1, 3) and (2, 2). Which bundle do we know with certainty he prefers to these?
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- Suppose a consumer is indifferent between the bundles (x1, x2) = (19, 10) and (15, 16), and suppose that the same consumer prefers the bundle (15, 14) to both. What can you say about his/her preferences when evaluated against standard assumptions of consumer preferences?Suppose a consumer is indifferent between the bundles (x1, x2) = (20, 10) and (15, 16), and suppose that the same consumer prefers the bundle (19, 9) to both. Is there anything wrong about her preferences when evaluated against the standard assumptions of consumer preferences?Consider the following utility functions: (1) u(x₁, x₂) = x₁ + 2x2. (2) u(x1, 1₂) = 2125 12.75 (3) u(x₁,1₂)=-1²-1₂. (4) u(x1, 1₂) min{x1, 2x2). For utility functions (1) to (3), give the equations of the indifference curves correspond- ing to utility level k, where 22 is expressed as a function of 2₁ and k. For utility functions (1) to (4), draw two indifference curves for each function. That is, draw four graphs (one for each utility function) and two indifference curves on each graph.
- Consider the two bundles A and B. Note: each bundle is a pair of values, (c1, c2).Calculate the expenditure for the each of the two bundles. Put your answers in theblue highlighted cells for Q5.Which form of utility is expressed on ranking the bundles According to preferencesI am unsure the direction the utility functions would go in , with this specific scenario
- Suppose Ed's utility from the consumption of martinis (m) is proportional to the number he drinks: U(m) = m. Further, Ed is particular about his martinis: He enjoys them in exactly three parts of gin (g) to one part vermouth (v). So we can write the utility as: U(m) = U (g, v) = min (g, 3v). (a) Provide a sketch of Ed's indifference curve in the (g, v)-space for various level of utility. (a) Let the prices be p, and p, and Ed's income be I. Find the demand functions for 9 and v [Hint: Use the proportional rule and budget constraint. No need for differential calculus] (b) Using the results in (b), what is Ed's indirect utility function? (c) Find the expenditure function; given a level of utility U, and prices pg and Pv.Mort consumes only beer and sausages. His income is $100. Beer costs him $0.50 per can and sausages cost $1 each, where x is the number of cans of beer and y is the number of sausages he consumes per week. Mort’s utility function is U(x,y) = -[(x-50)^2 + (y-40)^2]. What consumption bundle should he have?Given a utility function that represents preference over bundles which consists of two goods. Can we find some information of the relative cardinal value between two bundles? Explain your answer.
- Calculate the marginal rate of substitution (MRS12) for the following utility function: U(q1, 92) = (91 + 9q2)². What is the value of MRS12 at bundle (5, 5)? Please round your answer to two decimal places if necessary.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=5of 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 consume