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Question: Consider a consumer with preferences represented by the utility function u (x,y) = 10min(x,y). As…
Hire Professionals Just from \$11/Page Show transcribed image text Consider a consumer with preferences represented by the utility function u (x,y) = 10min(x,y). Assuming that px = 3,py = 2 and m = 100, draw the budget constraint and the budget set; find the optimal bundle; identify the optimal bundle on your graph; draw the indifference curve passing through the optimal bundle. Explain (using graph), what convex preferences are. Define transitivity budget set indifference curve utility function For each of the following utility functions, find the quantity demanded of good 1 if p1 = 5, p2 = 10 and m = 50. u(x1, x2) = min[x1,x2] u(x1,x2) =10(x1)1/2 (x2)1/3 Find the optimal bundle with px = 4,py = 2 and m = 40 for the following utility functions: u (x, y) = 5x + 4y u(x,y) = (xy)1/2 Find the demand functions for good x and good y when the utility function is given by u (x, y) = Considering that an individual evaluates two goods as equivalent. Using graphs, explain the effect of an increase in his income on the quantity of goods demanded. Consider the utility function u (x,y) = 15×1/,6y3//5. Find the change on the quantity demanded of good x when the income goes from 50 to 60 while px = 5 and py = 6.

Consider a consumer with preferences represented by the utility function u (x,y) = 10min(x,y). Assuming that px = 3,py = 2 and m = 100, draw the budget constraint and the budget set; find the optimal bundle; identify the optimal bundle on your graph; draw the indifference curve passing through the optimal bundle. Explain (using graph), what convex preferences are. Define transitivity budget set indifference curve utility function For each of the following utility functions, find the quantity demanded of good 1 if p1 = 5, p2 = 10 and m = 50. u(x1, x2) = min[x1,x2] u(x1,x2) =10(x1)1/2 (x2)1/3 Find the optimal bundle with px = 4,py = 2 and m = 40 for the following utility functions: u (x, y) = 5x + 4y u(x,y) = (xy)1/2 Find the demand functions for good x and good y when the utility function is given by u (x, y) = Considering that an individual evaluates two goods as equivalent. Using graphs, explain the effect of an increase in his income on the quantity of goods demanded. Consider the utility function u (x,y) = 15×1/,6y3//5. Find the change on the quantity demanded of good x when the income goes from 50 to 60 while px = 5 and py = 6.

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