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Application of Consumer Theory. Derive and explain the Dual Problem of the Consumer Theory assuming that and Pxx+Pyy=B
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- 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?2) Application of Consumer Theory. Derive and explain the Dual Problem of the Consumer Theory assuming that U (x, y) = xy and Prx+Pyy = B.2) Application of Consumer Theory. Derive and explain the Dual Problem of the Consumer Theory assuming that U (x, y) = xy and P + Py = B.
- define utility with its practical examples also explain its different measures in detail?At the current combination of X and Y the consumer's MU-7 and MU, 4. If Px=3 and Py=2, is the consumer maximizing their satisfaction? If not, explain in detail what the consumer should do, and illustrate.Explain one difference and one example between the Cardinal utility and ordinal utility!
- 3. Suppose Mary enjoys Pepsi and Coke according to the functionU(P;C) = 4C + 5P. What does her utility function say about her MRS of Coke for Pepsi? What do her indi§erence 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- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change if the price of Coke decreases to 50 cents. 4. Vera is an impoverished graduate student who has only $100 a month to spend on food. She has read in a government publication that she can assure an adequate diet by eating only peanut butter and carrots in the Öxed ratio of 2 pounds of peanut butter to 1 pound of carrots, so she decides to limit her diet to that regime. a) If peanut butter costs $4 per pound and carrots cost $2 per…Hi! Why is the answer B and not C? I thought that to be able to maximize utility we had to buy more of X and less of Y in order to increase marginal utility in Y and decrease marginal utility in X to reach an equal marginal utility for both. Thank you!define the concept of consumer's equilibrium, present it into figure and justify the statement by deriving and intuitively explaining the mathematical condition for the equilibrium.
- Demonstrate how a consumer’s equilibrium changes if the price of a product changesaccording to marginal utility theory. Include in your answer a discussion of the derivation of the demand curve according to marginal utility theory. Please provide a detailed answer with a graph if possible.Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K. Units of J MUj Units of K MUk 1 56 1 32 2 48 2 28 3 32 3 24 4 24 4 20 5 20 5 12 6 16 6 10 7 12 7 8 What level of total utility is realized from the equilibrium combination of J and K, if the consumer has a money income of $28 and the prices of J and K are $8 and $4, respectively? Multiple Choice a. 172 utils b. 168 utils c. 188 utils d. 72 utils Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.A consumer buys Bread (B) and Milk (M) each week at price of 20 and 16 respectively. Suppose that the consumer's current consumption of Bread and Milk is giving him MUBread = 80 and MUMilk = 70. Is the consumer buying the utility-maximizing combination of bread and milk? If not, how should he reallocate his expenditures between the two goods to maximize utility? Draw diagram and explain.
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