Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
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Category > Management Posted 18 Jan 2018 My Price 4.00

expression for indifference curve

Ann consumes two goods X and Y, his utility function is U(X, Y ) = 2XY2 . Suppose the price of X is $10, while the price of Y is $15. Ann’s income is $500.

(a) Write the expression for indifference curve when Ann gets utility level 40. And along the indifference curve you found, calculate out the numbers of consumption of X when Y=4.

 

(b) Write the expression for Ann’s budget constraint, graph the budget constraint and determine its slope.

 

(c) Determine the X, Y combination which maximizes Ann’s utility, given her budget constraint. And figure out what’s marginal rate of substitution (MRS) between two goods at that maximization point.

 

 


Answers

Maurice Tutor
(5)
Status NEW Posted 18 Jan 2018 07:01 PM My Price 4.00

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