FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider an individual with a utility function represented by U(X,Y)=3XY (1/3) where the price of X is $2 and the price of $Y is 2

Consider an individual with a utility function represented by U(X,Y)=3XY(1/3) where the price of X is $2 and the price of $Y is 2 and the individual's total budget is $200. What would be the optimal amount of good X consumed for this individual? (Round to the nearest whole number and report just the number without any units)

Step by Step Solution

★★★★★

3.28 Rating (145 Votes )

There are 3 Steps involved in it

Step: 1

Okay lets solve this stepbystep 1 The individuals utility function is UXY3XY13 2 The price of ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Microeconomics

Intermediate Microeconomics

Authors: Hal R. Varian

9th edition

978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968

More Books

Students also viewed these Economics questions

Question

CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...

Answered: 1 week ago

Question

★★★★★
This problem is set in a fanciful location, but it deals with a very practical issue that concerns residents of this earth. The question is, In a Democracy, when can we expect that a majority of...

Answered: 1 week ago

Question

★★★★★
The Dutch Caribbean destination of Saba is 5 square miles is size with a population of 1,915 people. English and Dutch are the official languages of Saba. Saba has a number of inns, hotels, rental...

Answered: 1 week ago

Question

★★★★★
DTG agreed to merge with the SPQ. The total equity purchase price of $45,000 is going to be 50% financed issuing DTGs common shares and 50% financed with cash raised by DTG issuing long-term debt....

Answered: 1 week ago

Question

★★★★★
The following items are accounts on Smith's balance sheet of December 31, 2017: Taxes Payable Accounts Receivable Notes Payable, 9%, due in 90 days Investment in Bonds Capital Stock Accounts Payable...

Answered: 1 week ago

Question

★★★★★
Tiwari & Company Ltd have issued 100,000 5% redeemable preference shares of $1 each and 600,000 ordinary shares of $0.50 each. All the shares are fully paid. Tiwari and Company Ltd provided the...

Answered: 1 week ago

Question

★★★★★
For the model of Section 9.7, compute for a k-out-of-n structure (i) the average up time, (ii) the average down time, and (iii) the system failure rate.

Answered: 1 week ago

Question

★★★★★
From the partial work sheet below, prepare a balance sheet for Adams' ShoeShine. Adams' Shoe Shine Work Sheet (Partial) For Month Ended June 30, 20 -- BALANCE SHEET KIMESTATEMENT ACCOUNT TITLE DERIT...

Answered: 1 week ago

Question

★★★★★
On December 31, 2020, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair...

Answered: 1 week ago

Question

★★★★★
A new medical clinic is opening up in your hometown and a mutual friend has recommended your landscaping services to the administrator of the clinic. You have received a letter asking you to prov...

Answered: 1 week ago

Question

★★★★★
M&M Company manufactures a single product the claud . the following budgeted figures relate to the claud for one year period. Sales & production (units) 800 Sales $16,000 Production Costs: Variable...

Answered: 1 week ago

Question

★★★★★
You delegated the development of dessert recipe cards to Bobby. Bobby has completed the dessert cards ready for the deadline of March 10 th . Bobby has met with you to go through the dessert....

Answered: 1 week ago

Question

★★★★★
Question 19 (3 points) Listen Thames Inc.'s most recent dividend was $2.5 per share (Do = $2.5). The dividend is expected to grow at a rate of 4% per year. The risk-free rate is 3% and the return on...

Answered: 1 week ago

Question

★★★★★
Assume the US enacted tax rate is 30%, and a non-US subsidiary\'s local enacted rate is 25%. If the non-US subsidiary\'s outside basis for book exceeds outside basis for tax, at what total rate will...

Answered: 1 week ago

Question

★★★★★
Canada Sweden Real rate of interest required by investors 2% 2% Nominal interest rate 7% 4.5% Spot rate Swedish Krona SEK/CAD $0.1323 Use the differential in expected inflation to forecast the new...

Answered: 1 week ago

Question

★★★★★
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019 Number of Days Total Accounts Historical 3 Unpaid Receivable Uncollectible Not yet due...

Answered: 1 week ago

Question

★★★★★
To balance the chemical equation SiH3 + O2 SiO2 + HO, you could introduce coefficients a, b, c, d and write aSiH3 + bO2 cSiO + dHO then write linear equations for each element. The equation for Si...

Answered: 1 week ago

Question

★★★★★
Three friends, Archie, Betty, and Veronica, are planning a party. They disagree about how many people to invite. Each person I has a quasilinear utility function of the form mi + ui(x) where mi is...

Answered: 1 week ago

Question

★★★★★
This problem continues with the adventures of Mr. Consumer from the previous problem. (a) In April, cigarette prices rose to $2 per pack and ice cream was still on sale for $1 per pint. Mr. Consumer...

Answered: 1 week ago

Question

★★★★★
Economic ideas and equilibrium analysis have many fascinating applications in biology. Popular discussions of natural selection and biological fitness often take it for granted that animal traits are...

Answered: 1 week ago

Question

★★★★★
1.13. For the statistical software your instructor has chosen for your course, find out how to access the software, enter data, and print any data files that you create. Create a data file using the...

Answered: 1 week ago

Question

★★★★★
1.10. Construct a data file describing the criminal behavior offive inmates in a local prison. The characteristics measured were race (with observations for the five subjects: white, black, white,...

Answered: 1 week ago

Question

★★★★★
1.9. A BBC story (September 9, 2004) about a poll in 35 countries concerning whether people favored George W. Bush or John Kerry in the 2004 U.S. Presidential election stated that Kerry was clearly...

Answered: 1 week ago

Previous Question Next Question