Let's say the price of beer (X) is Px, the price of chicken (Y) is Py,...

 

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Let's say the price of beer (X) is Px, the price of chicken (Y) is Py, and income is M. And In the utility function that represents the preferences of a consumer standard IU u = u (x, y) Let's say it's given. Here, x represents the consumption of beer (X), and y represents the consumption of chicken (Y). When drawing, I always choose to display beer (X) on the horizontal axis and chicken (Y) on the vertical axis. Then answer next. 1. Explain the process of finding a product that maximizes the effectiveness of the IU bundle (ie utility maximizing consumer equilibrium point = consumers the best choice point) by drawing a picture. 2. Write the utility maximization condition at the utility maximization point and explain what it means. 3. A bundle of goods that maximizes a consumer's utility (ie a utility maximizer) represents the consumer's demand function for each product. Then, if IU's utility function is given specifically u=u (x, y) =4xy, find the demand function for IU's beer (x) and chicken (y)respectively. 4. Find the price elasticity, cross elasticity, and income elasticity of demand in IU's demand function for beer from the above problem. 5. Specifically, if the price of beer(X) is Px = 3,000 won, chicken (Y) is Py = 15,000 won, and income M = 120,000 won. Then, given that IU's utility function is u=u (x, y) =4xy find specific bundles of products (i.e., utility maximization points) that maximize IU's utility. 6. Assuming that the price Py of chicken(y) and income M are constant, when the price of beer (X) Px rises, a picture of the process of deriving the beer price consumption line (PCC) and the demand curve (DC) Draw and explain. Let's say the price of beer (X) is Px, the price of chicken (Y) is Py, and income is M. And In the utility function that represents the preferences of a consumer standard IU u = u (x, y) Let's say it's given. Here, x represents the consumption of beer (X), and y represents the consumption of chicken (Y). When drawing, I always choose to display beer (X) on the horizontal axis and chicken (Y) on the vertical axis. Then answer next. 1. Explain the process of finding a product that maximizes the effectiveness of the IU bundle (ie utility maximizing consumer equilibrium point = consumers the best choice point) by drawing a picture. 2. Write the utility maximization condition at the utility maximization point and explain what it means. 3. A bundle of goods that maximizes a consumer's utility (ie a utility maximizer) represents the consumer's demand function for each product. Then, if IU's utility function is given specifically u=u (x, y) =4xy, find the demand function for IU's beer (x) and chicken (y)respectively. 4. Find the price elasticity, cross elasticity, and income elasticity of demand in IU's demand function for beer from the above problem. 5. Specifically, if the price of beer(X) is Px = 3,000 won, chicken (Y) is Py = 15,000 won, and income M = 120,000 won. Then, given that IU's utility function is u=u (x, y) =4xy find specific bundles of products (i.e., utility maximization points) that maximize IU's utility. 6. Assuming that the price Py of chicken(y) and income M are constant, when the price of beer (X) Px rises, a picture of the process of deriving the beer price consumption line (PCC) and the demand curve (DC) Draw and explain.