albany.edu My Questions | bartleby Forum: Week Three: Prejudice and Discrimination ( Due... Mail - Mangia, Louis M - Outlook https://www.albany.edu/~by872279/micro/Hw1.pdf 1. Consider a demand of the form Qp = -2P + 16 and a supply curve of the form Qs = P – 5. Plot these curves and be sure to P on the vertical and Q on the horizontal axis. Find the equilibrium price and quantity. 2. Consider the function Y = VXZ where X > 0 and Z > 0. Draw the contour lines (in the positive quadrant) for this function for Y = 4, Y = 5, and Y = 10. What do we call the shape of these contour lines? Where does the line 20X + 10Z = 200 intersect with the contour lineY = 50? 3. Suppose Mary enjoys Pepsi and Coke according to the function U(P,C) = 4C + 5P. What does her utility function say about her MRS of Coke for Pepsi? What do her indifference curves look like? What type of goods are Pepsi and Coke for Mary? If Pepsi and Coke each cost $1 and Mary has $20 to spend on these products, how many units of each product should she buy in order to maximize her utility? Show this utility maximiz-

albany.edu My Questions | bartleby Forum: Week Three: Prejudice and Discrimination ( Due... Mail - Mangia, Louis M - Outlook https://www.albany.edu/~by872279/micro/Hw1.pdf 1. Consider a demand of the form Qp = -2P + 16 and a supply curve of the form Qs = P – 5. Plot these curves and be sure to P on the vertical and Q on the horizontal axis. Find the equilibrium price and quantity. 2. Consider the function Y = VXZ where X > 0 and Z > 0. Draw the contour lines (in the positive quadrant) for this function for Y = 4, Y = 5, and Y = 10. What do we call the shape of these contour lines? Where does the line 20X + 10Z = 200 intersect with the contour lineY = 50? 3. Suppose Mary enjoys Pepsi and Coke according to the function U(P,C) = 4C + 5P. What does her utility function say about her MRS of Coke for Pepsi? What do her indifference curves look like? What type of goods are Pepsi and Coke for Mary? If Pepsi and Coke each cost $1 and Mary has $20 to spend on these products, how many units of each product should she buy in order to maximize her utility? Show this utility maximiz-

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 4P

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