What is equation for the indifference curve for a utility

Assignment Help Business Economics

Reference no: EM131244570

Sally the Greek’s preferences can be described by the utility function U(x, y) = (2x1/2 + y1/2)2.

(a) What is equation for the indifference curve for a utility of 25?

(b) By how much does utility increase when Freddy increases consumption of good y by one (small) unit, when initially U = 25 and x = 4?

(c) Holding utility constant at 25, if initially x = 4, how many additional (small) units of y does Freddy have to consume if his consumption of x drops by 6 (small) units? ( i want the question c answer)

Reference no: EM131244570

Questions Cloud

Summarizes the net effect of the listed bank transactions : Which of the following correctly summarizes the net effect of the listed bank transactions?

Long run effects of a one-time increase in stock of labor : What are the short run and long run effects of a one-time increase in the stock of labor (because of, for example, a particularly large cohort of college graduates joining the labor force)?

Factors the might influence the price elasticity of demand : When the percentage cYou have been put in charge of ASU Gammage Auditorium. The market for ticket sales is made up of both students and nonstudents. You have determined the students' demand curve for ticekts is given by P=17-0.15Q while the demand fo..

Positive economic? statement : Which of the following is a positive economic? statement? Suppose the U.S. government encouraged consumers to trade in their old automobiles for more? efficient, new models by paying up to? $5,000 for the old automobiles. These consumers would be exe..

What is equation for the indifference curve for a utility : Sally the Greek’s preferences can be described by the utility function U(x, y) = (2x1/2 + y1/2)2. What is equation for the indifference curve for a utility of 25? By how much does utility increase when Freddy increases consumption of good y by one (s..

When the percentage change in the quantity demanded : When the percentage change in the quantity demanded is less than the percentage change in? price, then demand is. Assume the cost of certain inputs used to produce artificial Christmas trees increases? and, at the same? time, the economy moves into a..

What is the market quantity demanded : ASU Ticket Pricing You have been put in charge of ASU Gammage Auditorium. The market for ticket sales is made up of both students and nonstudents. At a price of $11, what is the market quantity demanded?

What is your opportunity cost of attending college : If your tuition is? $20,000 this? semester, your books cost? $1,000, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make? $10 per? hour, and your room and board is? $5,000 this? semester, what is..

Time commuting in exchange for lower monthly rent refers : Spending more time commuting in exchange for a lower monthly rent refers to? a(n): The opportunity cost of going to college for a student receiving a scholarship. Suppose biochemists discover an enzyme that can double the amount of ethanol that may b..

User Account

All Pages