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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?
40000*1000
Determine or find out if the following series is convergent or divergent. Solution In this example the function we'll use is, f (x) = 1 / (x ln x) This function is
x=ct,y=c/t d^2/dx^2
If a mean score is 89 with a standard deviation of 8 points. What is the least score you can make and be in the top 20%?
X-intercept If an intercept crosses the x-axis we will call it as x-intercept . Y-intercept Similar, if an intercept crosses the y-axis we will call it as a y-inter
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How do they work?
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how do we solve multiple optimal solution
Determine a particular solution for the subsequent differential equation. y′′ - 4 y′ -12 y = 3e5t + sin(2t) + te4t Solution This example is the purpose that we've been u
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