What is the equation of johns income-consumption curve

Assignment Help Econometrics

Reference no: EM13246339

Given the utility function U(X,Y)=X^0.5+Y^0.5for John.

a) Do the preferences indicated diminishing marginal utility for Xand Y?
b) If john has income of 30 dollars. What is his demandcurve/equation for X when the price of Y is 2 dollars.
c) If the price of x is 1 dollar and price of y is 2 dollars, what is the equation of John's income-consumption curve?
d) How will John's choice of x and y change if the price of x risesto $4 but his income remains at $30?

Reference no: EM13246339

Questions Cloud

Explain the mixture is ignited with a spark : A mixture of 6.0 mol of H2(g) and 3.0 mol of O2(g) is placed in a sealed evacuated container made of a perfect insulating material at 26 Celcius. The mixture is ignited with a spark and it reacts to form liquid water. Find the temperature of the w..

Find the power factor for given circuit : An ac generator with a frequency of 1.44kHz and an rms voltage of 21.2V is connected in series with a 1.90 kiloohms resistor, What is the power factor for this circuit

Explain what minimum mass of succimer is needed to bind : What minimum mass of succimer in milligrams is needed to bind all of the lead in a patient's bloodstream. Assume that patient blood lead levels are 0.530 mg/L , that total blood volume is 5.0 L , and that 1 mol of succimer binds 1 mol of lead.

Compute the ph of a solution naf : Calculate the pH of a solution that is 0.50 M in HF (Ka= 7.2 x 10-4) and 0.60 M in NaF. The answer is 3.22. Please show me how to get the correct answer.

What is the equation of johns income-consumption curve : Given the utility function U(X,Y)=X^0.5+Y^0.5for John. a) Do the preferences indicated diminishing marginal utility for Xand Y b) If john has income of 30 dollars. What is his demandcurve/equation for X when the price of Y is 2 dollars.

Compute the arrhenius energy of activation : The rate constant for a reaction at 40.0 degrees Celsius is exactly 3 times that of 20.0 degrees Celsius. Calculate the Arrhenius energy of activation for the reaction.

What are the key elements ordeterminants of amount purchased : Agya is ready to think about how many pairs he can buy. Wait a minute, what happens if any of the ladies going to AUCC spotme at the BDBs? . I will buy any jeans from the Accra mall. Oops I am not quite ready to decide how many pairs I can buy.

Find out limiting reactant for initial amounts of reactants : For the reaction shown, find the limiting reactant for each of the following initial amounts of reactants.

Explain kinetic energy and gravitational potential energy : What is the relationship between the change in Kinetic Energy and the change in Gravitational Potential Energy of a system

User Account

All Pages