detailed solution

Question 1 4 pts Nam's Marshallian demand function for good X and Y is given by: I* 2Px (a + B) . Suppose that PX=3, a = 0.7, B = 0.2 and 1=16 The own-price elasticity of demand of good X isQuestion 2 4 pts Joon's Marshallian demand function for good X and Y is given by: * * = 2 . Px (a + B) . Suppose that Px=4, a = 0.8, B = 0.3 and 1=18 The income elasticity of demand of good X isD Question 6 4 pts Given the preceeding utility function and required efficiency equation, if XA=4, YB= O 0.86 06 0 9.14 O None of theseQuestion 5 4 pts Suppose further that there are only two individuals in the economy, A and B, and their utility function is given as: U(XAYA) = XA0.2YA0.8 , U(XBYB) = XBO.8YB0.2 Deriving the required condition for efficiency (or the contract curve equation) for consumer A (XA = YA), the MRSxyA = MRSXYB equation leads to YA = [ Select ] C The required efficiency equation is XA = [ Select ] C given that the economy has 10 units each of goods X and Y