Question: Dan's utility function is U(xy) 4.9 x y. Dan's income is 140 dollars, the price of good X is 3 and the price of good

Dan's utility function is U(xy) 4.9 x y. Dan's income is

Dan's utility function is U(xy) 4.9 x y. Dan's income is 140 dollars, the price of good X is 3 and the price of good Y is 7.5, What is the slope of Dan's income expansion path, dy/dx, on a graph where good X appears on the horizontal axis and good Y appears on the vertical axis. Remember not to enter ratios below, such as 3/4, 2/9 etc. Instead enter the number in decimal form

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 Economics Questions!

Task One: A basic model for the amount of energy required to lift an object a certain distance is given by E = WI . h. Here, W is the gravitational force calculated by the object's weight, and h is...

Given the following information: utility function is U (x,y) = 4x^0.5 Y^0.5 price of good X is N$5, the price of good Y is N$10 and the consumer income N$400. What is the level of quantity demanded...

microeconomics The Government Sponsored Enterprises (GSEs) play a key role in the U.S. mortgage finance system. The public mission of the GSEs is to support homeownership. In practice, this is partly...

answ There are 10 potential entrants into the market for tomatoes. All tomato growers are identical. They face a fixed cost of 500 if they choose to enter the market and then have a marginal cost of...

5.5. Ann consumes five goods. The prices of all goods are fixed. The price of good x is p,. She spends 25 percent of her income on good x, regardless of the size of her income. a. Show that her...

Make your solutions complete, clear, and concise as possible. In particular, state your reasoning, and prove your assertions Please hand written the solution. Problem 11 Consumer I has the utility...

ITS man explain all QUESTIONS for the Written Analysis General requirement: Assume you are addressing some concerns by the board of directors by answering the following questions listed in the...

explain all 1. (55 points) Egbert consumes only axes (X) and mead (Y ). His utility function is U = XY , his income is I and the prices of axes and mead are pXand pY respectively. (a) What is...

I need help solving question 3 about Charlie Charlie consumes two goods, professional baseball games (B) and mystery novels (N ) The price of baseball games is PB; the price of mystery novels is PN....

1. (55 points) Egbert consumes only axes (X) and mead (Y ). His utility function is U = XY , his income is I and the prices of axes and mead are pXand pY respectively. (a) What is Egbert's demand for...

Please refer to the following short case as you answer these questions: After earning both her accounting degree and her CPA license, Barb opened her own public accounting practice. One of her...

(a) Budgetary control is used to hold managers and head of departments accountable for their actions and decisions. It can be categorized into revenue control, cost control, and payment control. For...

Determine the first three terms of the Taylor series about the point x 0 for the given function and value of x 0 . f ( x ) = 2 x 2 , x 0 = 7 The first three terms of the Taylor series are ( Type an...

With respect to delaying revenue recognition until completion of a long-term contract, it is the case that: Expenses are recognized each period, but revenue is only recognized when the contract is...

Adjusting Entries PT. XYZ is a company engaged in the sale of live chickens. The conditions set by the Company, consumers are required to make a payment of 50% before shipping chickens and 50% when...

Proctor and Gamble differentiates itself from competitors by offering branded consumer product goods with distinct features and attributes. This business strategy implies that P&G focuses on...

Simplify the following functional expressions using Boolean algebra and its identities. List the identity used at each step. a) z(w + x)' + w'xz + wxyz' + wx'yz' b) y'(x'z' + xz) + z(x + y)' c)...

Simplify the following functional expressions using Boolean algebra and its identities. List the identity used at each step.

need it ASAP If the trend is to move towards more regulation by contract, what are their implications for the existing regulatory agencies? And what are the prospects for creating new regulatory...

3. Imagine three people you know relatively well. Consider which of the five positions they often use in the conversations they engage in with other people.

4. Select a person you want to model. Choose what you want to model in this person, such as relationship skills. a. Observe what he does and how he does this in relationships with others. b. Try to...

2. Start with a person you want to model. a. Use the five positions to investigate how this person positions himself in relation to others, i.e. how he uses the five positions in his interaction with...