Question: Suppose a consumer's utility function is given by U(X,Y) = MIN (3X, Y).The price of X is PX= 2, and the price of Y is

  1. Suppose a consumer's utility function is given by U(X,Y) = MIN (3X, Y).The price of X is PX= 2, and the price of Y is PY= 1.If the consumer has $40 to spend, what is the consumer's optimal bundle?
  2. Suppose a consumer's utility function is given by U(X,Y) = X2*Y.If the consumer has the bundle X = 2 and Y = 4, the consumer's marginal utility of X is equal to___.Please round your answer to two decimal places.
  3. Suppose there are two goods available, Good X and Good Y.The price of Good X is PX= $4.The price of Good Y is PY= $5.If the horizontal intercept of the budget constraint is 60, how much money does the consumer have available to spend?(Enter only a number, do NOT enter a "$" sign.)
  4. Suppose a consumer has the following demand curve:Q = 120 - 4P.What is the ABSOLUTE VALUE of the Price Elasticity of Demand when P = 6?Round your answer to two decimal places.
  5. A monopolist does not have a supply curve. True or False

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!

Q:

1. (14 total points) Suppose a consumer has a utility function given by U (X, Y) = MIN (X, 3Y). The consumer has $60 to spend (M = $60). The Price of Good Y is Py = $1. a) (10 points) Draw the...

Q:

1. (14 total points) Suppose a consumer has a utility function given by U (X, Y) - MIN (X, 3Y). The consumer has $60 to spend (M = $60). The Price of Good Y is Py = $1. a) (10 points) Draw the...

Q:

Mary (consumer 1) and Lucy (consumer 2) are the only two consumers in the economy. Each of them consumes only two goods, fish (good x) and chips (good y), which they also own. Consumer 1's utility...

Q:

Question one. Chepa's utility function is given by U (x, y) = ln x + 4 ln y. Assume that Chepa has endowments (10, 10) and that Py = 10 throughout the problem. I need help with questions G) and H)...

Q:

Task06. The Economist Apr 6th 2005 - America has been warned many times in recent years that its profligate spending is dangerous, for itself and for the world economy. So far, however, Americans...

Q:

Question one. small business management class: Please answer the three questions from the article below Q1) Which one of the five Ps of entrepreneurial behavior is best illustrated in the article?...

Q:

Problem set questions Microeconomics Questions 1-6 Question 5 (30 point): Tom spends all his $100 weekly income on two goods, X and Y. His utility function is given by U (X, Y) = X Y. If P X = 4 and...

Q:

Problem 1 Suppose that a consumer has an income of $80 that she would like to spend on two goods x and y to maximize her utility. The market prices of the goods are P = $4 and P, = $3 per unit,...

Q:

Please solve these three questions related to microeconomics course step by step and with explanation Question #1 Two students studying microeconomics are trying to understand why the tangent...

Q:

plz help me solve this Suppose there are two consumers, A and El, and two goods, X and Y. Consumer A is given an initial endowment of 3 units of good X and 5 units of good Y. Consumer B is given an...

Q:

The following are the cash flow relating to a mining investment opportunity, where the firm's cost of capital is 20%: Year Co C1 C2 C3 C4 Project A -K30,000 K12,000 K15,000 K13,000 K12,000 Use the...

Q:

a . At what point should Drexel Corp. recognize revenue? b . Record Drexels entries on March 15, 2020, March 31, 2020, and April 7, 2020. On March 15, 2020, Drexel Corp. provides goods to a retailer...

Q:

Question 1 ( 4 9 marks ) The manager of Healthy Choice Caf is contemplating investing in a new machine for its acai bowls. The purchase price of the new machine is $ 1 4 , 5 0 0 , 0 0 0 , which will...

Q:

Solve the equation using seperation of variables: dy dx y?V1 + x y2V1 + x

Q:

3 What is sec 0 if tan 0 = and 0 is in Quadrant III? 5

Q:

Q.1. Fill in the gap/gaps with the appropriate word. a) Wastes are often divided into two major categories, and these are domestic waste and . wastes. Answer: b) Color, odor, temperature, etc. are...

Q:

4- 2 HKE) = H2 (g) - g) In the above reaction. 3 moles of HI (g) are placed in a constant volume vessel under 12 atmospheric pressure. When equilibrum is reached at constant temperature. what will be...

Q:

07. Categorise these alkyl halides as primary / secondary/tertiary, and drcie the most electrophile (6+) location within the molecule. Br OR. Predict the major product of these reactions and draw the...

Q:

(16 POIN2 Client QUESTION 4: Sensitivity Analysis Consider the following linear programming Solver sensitivity Report: MIN 4X1+5X2+6X3 Name ST X1 X2 X3 Fal Reduced Objective Alle Allows Vale Cost...

Q:

8. Give an example of how the scarcity principle can be used to influence others.

Q:

2. A Soviet invasion of Poland would lead to the severing of diplomatic relations between the United States and the Soviet Union.

Q:

1. Diplomatic relations between the United States and the Soviet Union would be severed in 1993 than that