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Suppose a consumer derives utility from consuming two goods, X1 and X2. Her utility function is given as U (X1, Y1) = 8 square root x1 x2.
The consumer must pay $20 for good 1 and $15 for good 2. The consumer's monthly income is $6,000.
A) determine the optimal quantities of X1 and X2 the consumer should purchase in order to maximize their utility.
B) what is the maximum level of utility the consumer recieves?
C) plot in the goods space the budget constraint and the indifference curve representing the maximum utility in this problem. Also indicate the optimal consumption combination, as well as the values of the slope and intercepts associated with the budget constraint.
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Illustrate what is the correlation between all of these, and the level of unemployment and spending therefore GDP.
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Gene Milton borrowed today a sum of $5,000 from his uncle Ben and at the end of year three paid a sum of $5,000 and paid another $1,000 at the end of year four to pay off the loan.
Suppose the marginal expense of hiring another worker is $150 and the marginal expense of hiring current workers for an extra hour is $10.
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