Friday
April 18, 2014

Homework Help: economics

Posted by hass on Sunday, December 30, 2012 at 3:17am.

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

Answer this Question

First Name:
School Subject:
Answer:

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 - If utility is U(x,y) = x^0.3 y^0.7 (i.e x* = 0.3I/Px and y* = 0.7I/...
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 ...
Economics - Ive been stuck on this forever now if someone could please walk me ...
Micro Economics - Briefly explain the following: (a)Economic cost and accounting...
economics - Suppose 15 peaches and 20 oranges need to be divided between fred ...
microeconomics - Suppose a person has a utility function U=YX. What is the ...
economics - how is marginal utility found? Marginal utility is the change in ...

Search
Members