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4 Utility Maximization
Sally the Sleek’s preferences can be described by the utility function U(x,y) = x2y3/512. Prices arepx =2andpy=6;shehasanincomeof$80tospend.
(a) If Sally initially consumed 4 units of x and 12 units of y, how much additional utility does she get from spending one (small fraction of a) dollar more on good x? How much additional utility does she get from spending one (small fraction of a) dollar more on good y?
(b) By how much would her utility change if she stayed on the same budget and consumed 4 (“small”) dollars worth more of x? Judging from this, can the allocation of x = 4 and y = 12 be optimal?
(c) How much should Sally consume of x and y in order to maximize utility, given her income?
Based on what you have learned about monopoly markets and markets in oligopoly, which of these two do you believe is more harmful for the consumers and for the economy, and why? Do you believe all monopolies should be considered illegal?
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What is the opportunity cost of Josephine's trip to the wedding
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Illustrate what most such asly cause the production possibility curve for vcrs also food to shift outward.
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Draw a graph of money market equilibrium. Is the real or nominal interest rate on the axis? Explain why. Let’s say the Fed wants to lower the nominal interest rate. Use your graph to show how they do this. Explain. Define monetary neutrality. Explain..
Compare the shapes of these curves and discuss their characteristics. (Particularly interesting is the marginal cost function, which is also often found in engineering cost studies.)
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