12. Let U (x...., x, ) a utility function representing a consumer's preferences, with the independent variables being the n goods that she can consume. Assume that the equation F(U, X. ..., X, )=0 implicitly defines the utility function U ( x , ..., X,). OU OU x @xz a) Find the expressions for Ox, Ox, Ox, b) Interpret these expressions economically. and axn Screen Shot 2020-10-08 at 3.52.29 AM 6 04 Q Search Screen Shot 2020-10-08 at 3.52.29 AM 14. Let the demand and supply functions for a good be as follows. ad aD Q, = D(P,1.) 0 ap Ot Qs = Qs where t, is consumers' taste for the good. Both partial derivatives are continuous. a) Write the equilibrium condition in a single equation. b) Is the implicit-function theorem applicable? c) How would the equilibrium price vary with consumers' taste? 12. Let U (x...., x, ) a utility function representing a consumer's preferences, with the independent variables being the n goods that she can consume. Assume that the equation F(U, X. ..., X, )=0 implicitly defines the utility function U ( x , ..., X,). OU OU x @xz a) Find the expressions for Ox, Ox, Ox, b) Interpret these expressions economically. and axn Screen Shot 2020-10-08 at 3.52.29 AM 6 04 Q Search Screen Shot 2020-10-08 at 3.52.29 AM 14. Let the demand and supply functions for a good be as follows. ad aD Q, = D(P,1.) 0 ap Ot Qs = Qs where t, is consumers' taste for the good. Both partial derivatives are continuous. a) Write the equilibrium condition in a single equation. b) Is the implicit-function theorem applicable? c) How would the equilibrium price vary with consumers' taste