54 622
Assignments Done
98,2%
Successfully Done
In November 2017
Your physics homework can be a real challenge, and the due date can be really close — feel free to use our assistance and get the desired result.
Be sure that math assignments completed by our experts will be error-free and done according to your instructions specified in the submitted order form.
Our experts will gladly share their knowledge and help you with programming homework. Keep up with the world’s newest programming trends.

Answer on Microeconomics Question for Zach Sonenblum

Question #37611
Anna consumes only two commodities, x1 and x2, and her preferences are such that her utility function over these two commodities is given by:
U(x1,x2)=4x1ax21-a,
where 0<a<1.
Part (i): Identify the marginal utility that Anna receives from an additional unit of x1 and of x2. That is, find MU1(x1,x2) and MU2(x1,x2).
Part (ii): Using your answer to part (i), derive Anna’s demand function for x1, x1*(p1,p2,M). Part (iii): Using your answer to part (i), derive Anna’s demand function for x2, x2*(p1,p2,M).
Part (iv): Initially, Anna had an income of M=$60 and faced prices p1=$5 and p2=$4. Identify Anna’s initial bundle (x1*, x2*). Hint: Your answers should be in terms of a, as you have not been given an explicit value.
Part (v): After a sudden price change, Anna had an income of M=$60 and faced prices p1=$5 and p2=$2. Identify Anna’s new bundle (x1*, x2*). Hint: Your answers should be in terms of a, as you have not been given an explicit value.
Expert's answer
Dear visitor.
Unfortunately, your question requires a lot of work and cannot be done for free. Please submit it with all requirements as an assignment to our control panel and we'll assist you.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question