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a. A consumer is willing to trade 3 units of x for 1 unit of y when she has 6 units of x and 5 units of
y. She is also willing to trade in 6 units of x for 2 units of y when she has 12 units of x and 3 units of y. She is indifferent between bundle (6, 5) and bundle (12, 3). What is the utility function for goods x and y? Hint: What is the shape of the indifference curve?
b. A consumer is willing to trade 4 units of x for 1 unit of y when she is consuming bundle (8, 1). She is also willing to trade in 1 unit of x for 2 units of y when she is consuming bundle (4, 4). She is indifferent between these two bundles. Assuming that the utility function is Cobb-Douglas of the form U(x, y) = xαyβ, where α and β are positive constants, what is the utility function for this consumer?
c. Was there a redundancy of information in part (b)? If yes, how much is the minimum amount of information required in that question to derive the utility function?
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Solve the partial derivative
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The Aggregate Demand for goods and services in an economy must at every moment equal the value of Real Gross Domestic Product because both are defined to be the sum of (C+I+G+X-IM).
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How is net national product (NNP) calculated a.Saving is subtracted from the total income of a nation's citizens. b.Saving is subtracted from the total income of a nation's permanent residents. c. Depreciation losses are subtracted from the total ..
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