Economics经济代写 Economics 10A: Problem Set 1

Economics 10A: Problem Set 1

Economics经济代写 You have $10 to spend on goods A and B. The budget constraint is 2A – B = 10, assuming non-negative values for A and B.

(1) Solve for the partial derivative with respect to x and y for the following functions. Note that letters other than x and y are constants. Economics经济代写

U(x,y) = xayb

U(x,y) = 5y ln x

U(x,y) = 5x + 2y

U(x,y) = 20xx2 + 18y – 3y2

 

(2) You have $40 to spend on two commodities. Good 1 (x1) and good 2 (x2).

(a) What is the equation for the budget constraint if the price of good 1 is $10 and the price of good 2 is $5?

(b) What are the intercept and the slope if this is graphed in (x1,x2) space? (c)  Is the slope steeper or flatter is the price of good 2 rises to $10?

 

(3) The budget constraint is 2x + 4y = 20.  Economics经济代写

(a) Draw this budget constraint in (x,y) space.

(b) How much of good y can you afford if you spend all your money on good y? (c)  How much of good x can you afford if you spend all your money on good x?

(d) At what rate can you trade good x for good y and remain on the budget constraint?

 

(4) You have $10 to spend on goods A and B. The budget constraint is 2AB = 10, assuming non-negative values for A and B.

(a) Draw this budget constraint in (A,B) space.

(b) Mark the affordable region and the unaffordable regions.

(c)  Is this a sensible budget constraint? Does it make any sense? Would we ever see such a budget constraint?

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