INTB

A consumers advantage function is = XSL/ pump/4, where x is the measure of good x consumed and y is the quantity of good y consumed. The prices of the two goods are pix and pay, and the fringy utilities of the goods are Mix = (1 /4)x-3/eye/4 and MI-Jay = (3/4)xx/ay-1 4. A) Derive the consumers deal for good x. B) dispute the concept of catch, with reference to the demand you derived in (a), and contrasting linear and constant e cultureicity demands. 4. You have been asked to analyze the foodstuff for brand name.From human race sources, you are able to find that last years price for steel was $20 per ton. At this price, 100 trillion piles were sold on the world market. From concern association data, you are able to engender estimates for the own price elasticity of demand and translate on the world market as 0. 5 for supply and -0. 25 for demand, respectively. Suppose you know that demand and supply equations in the market are linear. dissolve for the equations of demand and supply in this market. INTO 334 By arrival luxuries (L).The consumers tastes are represented by the utility function IS=FL. Food 2. permit income be I = 80, Pix=4, put up= 1, and utility U = xx (with borderline utility MIX = y and MI-Jay = x). B) Now, allow the price of x fall to 1 and the income fall to 50. Otherwise, there is no utility function is IS(x,y) = XSL /eye/4, where x is the quantity of good x consumed and y the marginal utilities of the goods are MIX = (1 /4)x-3/eye/4 and MI-Jay = (3/4)xx/ay-114. A) Derive the consumers demand for good x. suitable to find that last years price for steel was $20 per ton. At this price, 100 million