solve, Microeconomics

Assignment Help:
1. Suppose that Mr. John has the following Cobb-Douglas utility function
U = 6X^2/3y^1/3
the market price of X and Y commodity are $1 and $2, respectively. If Mr. John''s total income is $90, then answer the following questions:
i. write down the budget line equation
ii. Find the utility maximizing equilibrium quantity of X and Y commodities.
iii. Compute the maximum utility derived from the above equilibrium quantities
iv. Show the equilibrium condition graphically.
v. Compute the income share of commodity X and Y.

Related Discussions:- solve

find the equilibrium quantity and demand curve, Consider a non-renewable r...

Consider a non-renewable resource. There are two periods, now and later. The demand curve in each period (t = 1, 2) is Qt = 10 - Pt. The stock of the resource is 10 units. Extracti

What do you mean by externality, Q. What do you mean by Externality? An...

Q. What do you mean by Externality? An externality exists when the actions of one individual affect the wellbeing of other individuals without any compensation taking place. F

Market segmentation, what are the uncontrolled variables you think may affe...

what are the uncontrolled variables you think may affect the segment of your camera

Functions of the wto, Functions of the WTO: The WTO performs the follo...

Functions of the WTO: The WTO performs the following functions:   •  It administers through various councils and committees the 29 agreements contained in the final act of

Hi, I have an assignment need to be done

I have an assignment need to be done

Effectiveness of productive effort, Productivity:Generally, productivity me...

Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measur

Price elasaticity, why does the quantity of education change in the privat...

why does the quantity of education change in the private universities much more responsive than salt as to changes in price?

Oligopoly, Ask question #Minimum 100 wordswhat ism accepted#

Ask question #Minimum 100 wordswhat ism accepted#

Compare and contrast the macroeconomic performances , 1. Assessment Criteri...

1. Assessment Criteria The coursework will be marked on the overall outcome including: structure, quality of reasoning, quality of written English, data analysis, referencing, sty

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd