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March 31, 2015

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

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