7 Given U 10X 3X 2 (1 3) X 3 is a utility function rather than the consumption of one item Use the derivative formula (differentiation ) to calculate the utility of the suit X(unit) 0 1 2 3 4 5 6 7 Total utilities Utilities suit a Calculate the number of utilities Find the suit utility function and calculate the suit utility for the level consumption of goods from 0 to 7 units b Does this individual choose a consumption level of more than 7 units Explain your answer

The Answer is in the image, click to view ...

Question: 7. Given U = 10X + 3X 2 (1/3) X 3 is a utility function rather than the consumption of one item . Use the

7. Given U = 10X + 3X 2 (1/3) X 3 is a utility function rather than the consumption of one item . Use the derivative formula (differentiation: ) to calculate the utility of the suit.

X(unit)	0	1	2	3	4	5	6	7
Total utilities
Utilities suit

a. Calculate the number of utilities. Find the suit utility function and calculate the suit utility for the level

consumption of goods from 0 to 7 units.

b. Does this individual choose a consumption level of more than 7 units? Explain your answer?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

seventh pages Chapter 3 Curve Sketching How much metal would be required to make a 400-mL soup can? What is the least amount of cardboard needed to build a box that holds 3000 cm3 of cereal? The...

Please do question 31, 43, 49, 59, and 63. 322 CHAPTER 5 Exponential and Logarithmic Functions 57. 22 + 24 - 12 = EXAMPLE 8 Solving Equations Using a Graphing Utility 61. 16* + 41+1. 65. 3. 4 + 4. 21...

1) Find all real solutions of: 4 2 2 x + x =3 2 x 4 + x23=0 4 2 2 2 x 2 x +3 x 3=0 x ( 21)=0 2 x 2 ( x 21)+ 3 ( 2 x2 +3 ) ( x 21 ) =0 ( 2 x2 +3 ) =0 2 2 x =3 3 x 2= 2 3 x= 2 3 x= i 2 2) Given the...

9/14/10 12:39 PM Page 381 Chapter dug84356_ch06a.qxd 6 Rational Expressions Advanced technical developments have made sports equipment faster, lighter, and more responsive to the human body. Behind...

A. B. A. B. ( ( ) ) Beginning and Intermediate Algebra An open source (CC-BY) textbook Available for free download at: http://wallace.ccfaculty.org/book/book.html by Tyler Wallace 1 ISBN...

03 DIFFERENTIATION HOMEWORK 14 Date: Definition of Derivative I A. Use the definition of derivative to find f'(x) for the following functions. Example 1. f(x) = 3x2 + x f ( x ) = 2 1 - X f'(x) = lim...

Math 131 (Calculus I) Department of Mathematics North Carolina A&T State University Practice Test 2 (Version A) Name: __________________________________________ Class:___________________...

MATH 1001: Pre-Calculus Mathematics 3 14) Find an equation of a rational function f that satisfies the given conditions: |4 marks] Vertical asymptotes: x = -5,x = 2 Horizontal asymptotes: y = -2...

Show that (a) if is regular, then its pivots are a and det A/a: (b) if is regular, then its pivots are (c) Can you generalize this observation to regular n x n matrices? efj bdh acg ad -bc a, and det...

Al is in the state penitentiary after being convicted of a series of crimes. He still corresponds with his girlfriend to ask for money, and this year, she has sent him a total of $1,200. Als only...

OWLIFNGE 4 , 1 : humance | ferse UNIT 4 - CHALLENGE 4 . 1 : Insurance 1 . 2 Which condition indicates that someone should buy less disability coverage or could go without buying disability insurance?...

What is an example of constructive feedback? provide reference