User Account

All Pages

Find the marginal utility of each good

Assignment Help Microeconomics
Reference no: EM131043253

For the following utility function,

1. Find the marginal utility of each good.

2. Determine whether the marginal utility decreases as consumption of each good increases( ie does the utility function exhibit diminishing marginal rate of substitution.

3. Find the Marginal rate of substitution

4. Discuss how MRSXY changes as the consumer substitutes X for Y along an indifference curve

5. Derive the equation for the indifference curve where utility is equal to a value of 100.

6. Graph the indifference curve where utility is equal to a value of 100.

a. U(X,Y) =5X+ 2Y
b. U(X,Y) =X0.33Y0.67
c. U(X,Y)= 10X0.5 +5Y

Reference no: EM131043253

Questions Cloud

Choose one of the serial rapist topologies : Choose one of the serial rapist topologies. Create a 3-5 slide presentation that describes the characteristic of this type of offender. Create a list of do's and don'ts for women to follow in the event of or to prevent this type of attack. Make su..
Expected value of lifetime earnings : What is the expected value of lifetime earnings in the middle period of life? Given this number, what is the present discounted value of the expected lifetime labor earnings?
Draw a graph of mr demand mc and ac : Draw a graph of MR, demand, MC and AC (you can assume constant costs).  Find the profit-maximizing output, price, and the area representing profit.
What is the value of leading health indicators : Identify and describe a health education or promotion initiative in your local community or state. What were the results?
Find the marginal utility of each good : 1. Find the marginal utility of each good. 2. Determine whether the marginal utility decreases as consumption of each good increases( ie does the utility function exhibit diminishing marginal rate of substitution.
Development expenditure of the central government : What constitutes the development expenditure of the Central government?
Improve the economy performance : 1. Explain how an attempt by the government to lower inflation could cause unemployment to increase in the short-run. 2. Under what conditions might government intervention in a market economy improve the economy's performance?
Poor performance from salespeople : You have been having problems with poor performance from your salespeople. Up until now, you have paid your salespeople a fixed salary that is independent of sales. Now you change to a reward system that offers a potentially very high salary, but ..
Explain pros and cons of each one of three given approaches : Explain the PROs and CONs of each one of the three approaches, and provide your substantiated advice on what needs to be done based on the facts of the case. Whose advice should my company follow and why?

Reviews

Write a Review

Microeconomics Questions & Answers

  General cereals is using the regression model to evaluate

general cereals is using a regression model to estimate the demand for tweetie sweeties a whistle-shaped sugar-coated

  Assume you are a u.s. citizen and currently you can exchange

Assume you are a U.S. citizen and currently you can exchange $180 (USD) for 125 GBP (British Pounds). What is the indirect quote relating the USD to the GBP?

  Product market-provable supply and demand curve

Consider the product market for 'New York' steaks. Draw the provable supply and demand curve for this product and identify the equilibrium price and quantity. Consider the effect of a 'snafu' in the withholding tax on all consumers in this market whi..

  Suppose that expending effort is costless to managers and

a firm has two divisions each of which has its own manager. managers of these divisions are paid according to their

  Find effect of the price of the yen in terms of dollars

Using a separate supply and demand diagram for each part, illustrate the effect of value of the yen in terms of dollars of each of the following;

  In the diagram above discuss the implication to economic

in the diagram above discuss the implication to economic efficiency of an economy operating at point x .v. operating on

  How much will hiring these inputs cost them

Jake and Paul run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant's long-run production function is Q = 4 K^0.75 L^0.25, where Q is the number of reams produced, K is the quantity of ca..

  Why is it important in the study of learning

Can repeated presentation of stimuli lead to less learning?  Are stimuli that lead to no significant outcome ignored? What is this process called and why is it important in the study of learning?

  Externalities of education

Use technology and information resources to research economic problems and issues and write clearly and concisely about economic problems and issues using proper writing mechanics.

  What is the government budget constraint

Set up the problem in an alternative, equivalent way where the govern- ment's budget constraint is modelled as a separate constraint in the La- grangean. What must be the value of the Lagrange multiplier on this con- straint at the optimum?

  What is the meaning of market equilibrium

What is the meaning of market equilibrium? Explain why everyone is not satisfied with a particular equilibrium point and discuss a benefit and a cost of raising the minimum wage to $10/hr. from its present $7.25/hr.

  Why does an open market purchase of treasury securities

Why does an open market purchase of Treasury securities by the Federal Reserve increase bank reserves? Why does an open market sale of Treasury securities by the Federal Reserve decrease bank reserves?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd