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(a) Derive the Marshalian demand functions and the indirect utility function for the following utility function:
u(x1, x2, x3) = x1 1/6 x2 1/6 x3 1/6 x1≥ 0, x2≥0,x3≥ 0
[Hint: Try to make use of your results from problem 3 in Assignment 1 instead of redoing all the calculations here.]
(b) Using the indirect utility function that you obtained in part (a), derive the expenditure function and from it, derive the Hicksian demand function for good 1.
(c) Jack and his grandfather are sitting at the dinner table, discussing their lives. Both share the same utility function as given in part (a). Jack is boasting about his $5000 a month salary, with per-unit prices of x1, x2 and x3 being $4, $4 and $16 respectively. Jack's grandfather claims that the old days were much better because although his salary was $500 a month, the per-unit prices of x1, x2and x3 were all only $1. Do you agree with his grandfather?
Determine if the following sequences are monotonic and/or bounded. (a) {-n 2 } ∞ n=0 (b) {( -1) n+1 } ∞ n=1 (c) {2/n 2 } ∞ n=5 Solution {-n 2 } ∞ n=0
((1/x^1/2-(x-1)^1/2)+(1/(5-3(x-1)^2)^1/2)
The larger of two supplementary angles exceeds the smaller by 180, find them. (Ans:990,810) Ans: x + y = 180 0 x - y = 18 0 -----------------
Ask queFind the normalized differential equation which has {x, xex} as its fundamental setstion #Minimum 100 words accepted#
help me please .76
How will the decimal point move when 245.398 is multiplied by 100? It is moved two places to the right. While multiplying by multiples of 10, the decimal point is moved to the
poijn jjjnjb jbjdbjbj
A bag contains 5 red balls and some blue balls. If the probability of drawing a blue ball is double that of a red ball , determine the number of blue balls in the bag.
DEVELOPING ESTIMATION SKILLS : A study was done with some Class 3 and Class 4 children of five village schools to gauge how well they had understood the standard algorithms. The
NUMBER SYSTEMS: Numbers are intellectual witnesses that belong only to mankind. Example: If the H C F of 657 and 963 is expressible in the form of 657x + 963 x -
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