# economics

posted by .

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

## Similar Questions

1. ### Economics

Hi guys I need a hand please!! Whatever you can share would be helpful!! Thank you so much! Here is the question below: â€˜Consumers maximize utility subject to a budget constraint. Firms maximize output subject to a cost constraintâ€™. …
2. ### Micro Economics

Briefly explain the following: (a)Economic cost and accounting cost. (b)Free market economy and mixed economy. (c)Marginal utility theory and indifference curves analysis. Please note that we don't do students' homework for them. Once …
3. ### Economics

Ive been stuck on this forever now if someone could please walk me through it i was appreciate it: 1: Suppose John had a utility function of U=X^2/3Y^1/3 . Derive Johns demand function from his utility function showing all the necessary …
4. ### Micro econ

1: Suppose John had a utility function of U=X^2/3Y^1/3 . Derive Johns demand function from his utility function showing all the necessary steps. i know that the MUx=MUy and first i derive the equation to 2/3X^-1/3 1/3Y^-2/3 then im …
5. ### Microeconomics

Given the utility function U(C,T) = 3C+2T A budget constraint of \$50, C = coffee which is \$2 a cup, and T = tea which is \$1.25 a cup, what is the optimal consumption bundle, and maximum utility possible?
6. ### economics-Budget Constraint & Utility

Sally is a frequent flyer whose fares are reduced through coupon offerings. She receives a 20% reduction on fares after she flies 20,000 miles, and 40% reduction after she flies 40,000 miles. a) Illustrate her budget constraint. b) …
7. ### economics

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. …
8. ### economics

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. …
9. ### economics math

Consider a consumer who has an experienced utility function given by UEU(x,m)=2sqrtx+m. Let q denote the market price of good x, and assume that it remains fixed throughout the problem. The company selling the good x starts an advertisement …
10. ### economics

Consider a consumer who has an experienced utility function given by . Let denote the market price of good , and assume that it remains fixed throughout the problem. The company selling the good starts an advertisement campagin that …

More Similar Questions