Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
(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?
Value of perfect information This relates to the amount that we would pay for an item of information such would enable us to forecast the exact conditions of the market and act
find the normalised differential of the following {1,x,x^3}
Find out the linear approximation for at x =8 . Utilizes the linear approximation to approximate the value of and Solution Since it is just the tangent line there
The median - it is a statistical value which is usually located at the center of a given set of data that has been organized in the order of size or magnitude as illustrating,
briefly explain what is meant by LPP
the sides of a quad taken at random are x+3y-7=0 x-2y-5=0 3x+2y-7=0 7x-y+17=0 obtain the equation of the diagonals
If 4x^4+9x^4=64 then the maximum value of x^2+y^2 is solution) From the eq. finding the value of x^2 and putting it in x^2 + y^2.we get 2nd eq. differentiating that and putting
Which number falls among 5.56 and 5.81? If you add a zero to the end of 5.6 to get 5.60, it is simpler to see that 5.56
What is Order of Operations Simplifying Expressions? Kevin gives Don directions to his house: "Go left 3 blocks and then go right 2 blocks." Don wasn't paying close attention.
Two circles C(O, r) and C 1 (O 1 , r 1 ) touch each other at P, externally or internally. Construction: join OP and O 1 P . Proof : we know that if two circles touch each
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd