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b). (6 pts) A consumer's utility function for two goods is u(x,x) = x;* X, and their prices are P. = 2, p. = 3. If the c
Posted: Mon May 09, 2022 10:56 am
by answerhappygod
- B 6 Pts A Consumer S Utility Function For Two Goods Is U X X X X And Their Prices Are P 2 P 3 If The C 1 (33.08 KiB) Viewed 26 times
b). (6 pts) A consumer's utility function for two goods is u(x,x) = x;* X, and their prices are P. = 2, p. = 3. If the consumer has an income of 60, how many units of each good should he buy in order to maximize his utility? c). (7 pts) Suppose that consumer demand q depends upon the price-trend according to the equation q°(p) = 40 -10p +10 dp, dịp dt de If the supply function is q' (p) = -4+14p-4 dp d +2 write down the condition for dt equilibrium, and determine the dynamics of equilibrium price p(1) given that p(0) = 4 and p'(0)=10. Describe in words the behavior of p(t). dr d). (6 pts) Solve the system of the equations dx = 2x + 3y - 2e dt dy = -x-2y dt x(0) = 2, y(0)=1