Homework Help: economics

Posted by hass on Sunday, December 30, 2012 at 3:16am.

1. Chipo has the following utility function of 2 goods Pies (X) and fanta (Y):
U= log X + log Y.
(a) show that the consumer maximizes utility subject to the budget constraint.
(b) derive the demand functions of good X and good Y.

2. You are given the individual demand curves for food for 2 households. These are household A and household B. The demand for household A for food is given by equation:
Qa= 1430 - 55p
The demand for food for household B is given by the equation:
Qb= 1470 - 70p
Where Qa= demand for food in kg by household A
Qb= demand for food in kg by household B

Calculate the market demand for food

No one has answered this question yet.

Answer this Question

Related Questions

economics - 1. Chipo has the following utility function of 2 goods Pies (X) and ...
economics - 1. Chipo has the following utility function of 2 goods Pies (X) and ...
Economics - I have a question about the marginal utility theory If someone is at...
Economics - If utility is U(x,y) = x^0.3 y^0.7 (i.e x* = 0.3I/Px and y* = 0.7I/...
marketing - how are: goods services utility form utility place utility time ...
economics - if utility=a-b where a and b are 2 goods what does this tell you ...
Economics - If utility is U(x,y) = xy + y, what is the indirect utility function...
economics - Suppose a person has a utility function U=YX. What is the minimum ...
math - How do I take the derivative in respect to c1 for the following utility ...
math - How do I take the derivative in respect to c1 for the following utility ...

For Further Reading

First Name:
School Subject:
Answer: