Question: Let the function y = 5u2 + 8v be the function of the total happiness (y) obtained by the consumer for the consumption of units

Let the function y = 5u2 + 8v be the function of the total happiness (y) obtained by the consumer for the consumption of units of good u and good v.  Find the partial derivatives  / ,   /   Explain the concept of marginal utility  Interpret  / ,   /  in the microeconomic context of marginal utility  What good brings greater joy to the consumer with its consumption? (When it derives partially with respect to u you should take v as constant, and when it derives partially with respect to v, u will be taken as constant. Example  /  = 10)

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!

Applications from the microeconomic approach Consumer theory (When you derive partially with respect to "u" you should take "v" as constant, and when you partially derive with respect to "v", "u"...

Economics- International Trade Any help is greatly appreciated. Here's the article: https://www.princeton.edu/~pkrugman/scale_econ.pdf 2. Krugman (1980): "Scale Economies, Product Differentiation,...

Please answer all the required questions in detail I hope the answer is not copy-paste I hope that the answer will be according to the concepts in the chapter 3 The following article summarizes the...

Consider the problem of an individual that has Y dollars to spend on consuming over two periods. Let ci denote the amount of consumption that the individual would like to purchase in period 1 and c2...

Please help me with the attached article review. I have attached the instructions as well as the scholarly article to use. The topic is Time Value of Money Analysis. Time value of money analysis...

The most desirable combination of output attainable with existing resources, technology, and social values is known as the: Group of answer choices Optimal mix of production. None of the Answers are...

answer plss 1. Suppose an individual's "health preferences" are represented by the utility function u(5,e, h} = s[2 a] + h, whore s is sugar, e is exercise, and h is its general state of health. In...

!Clearly answer the following questions correctly In November 2008, Shaw's supermarkets sold a 10-ounce bag of Green Mountain Fair Trade certified coffee for $8.49. The bag which was adorned with the...

This question is very similar to Question #1 but recasts the problem in terms of a single type of good consumed over time instead of two different types of goods within the same period of time....

The payroll is paid by the personnel department. payroll department. cashier. treasurer's department.

Approximately 118 mi wide, 307 mi long, and aver-aging 279 ft in depth, Lake Michigan is the second-largest Great Lake by volume. Estimate its volume of water in cubic meters.

Is micro management always the same as being a control freak. When might they be different and what might that imply about such individuals

At December 31, 2016, the Accounts Receivable balance of TM Manufacturer is $230,000. The Allowance for Bad Debts account has a $24,000 debit balance. TM Manufacturer prepares the following aging...

Daniels Consulting began operations and completed the following transactions during December 2016: Dec. 2 Stockholders contributed $20,000 cash in exchange for common stock. 2 Paid monthly office...

Click a Pix Photography works weddings and prom-type parties. The balance of retained earnings was $26,000 at December 31, 2015. At December 31, 2016, the business's accounting records show these...

Missy Mansion opened a public relations firm called Solid Gold on August 1, 2016. The following amounts summarize her business on August 31, 2016: During September 2016, the business completed the...

This problem continues the Daniels Consulting situation from Problem P12-39 of Chapter 12. Daniels decides to raise additional capital for a planned business expansion by issuing 8,000 additional $2...

Assume stock V has an expected return of 12% and a required return of 10% Which of the following statements is TRUE, based on the Security Market Line? Stock V is undervalued and it's expected return...

2. How can the expectations we have of a person contribute to the image we have of him / her? Give some examples from your own everyday life.

9. Discuss the statement: If the actors mainly act on the basis of a view of human-ity as driven by self-interest, and incorporate this idea into their models, they may end up with their premises...

5. What does it mean when we say the evaluation comes before the presenta-tion?.