Question
Given the following utility function: U (X,Y) = 2X½ + Y and given that U =...
Given the following utility function: U (X,Y) = 2X½ + Y and given that U = 40
Part 1: Find Y1 for X = 4
Part 2: Find Y1 for X = 9
Part 3: Find Y1 for X = 16
Part 4: Find Y1 for X = 36
Part 5: Find Y1 for X = 49
Using graph paper construct the graph for indifference curve for U = 40 Given : Py = 20, Px = 5 and I = 720
Using the same set of axis as used above graph the budget line.
Part 6: Find the optimal quantity of good X
Part 7: Find the optimal quantity of good Y
Homework Answers
Answer #1
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