Question

Ryan's utility of Nintendo video game -- Legend of Zelda (X) and Super Mario Party (Y)...

Ryan's utility of Nintendo video game -- Legend of Zelda (X) and Super Mario Party (Y) is given by U(X,Y) = 2X+5Y, and his budget constraint is given by 36= 6X + 3Y.  Solve for Ryan's utility maximization problem.  Ryan will consume how many
units of X and units of Y.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose the consumer’s utility function is equal to U=3x+5y. Currently the price of x is $5,...
Suppose the consumer’s utility function is equal to U=3x+5y. Currently the price of x is $5, the price of y is $15 and the income the consumer has to spend on these goods is $100. A) Determine the MRSyx if we consume the bundle of (X,Y) = (1,2). B) What if we consume the bundle of (50,2). C) What is the opportunity cost of X in terms of Y? D) What quantities of X and Y should this consumer consume...
Suppose a consumer’s Utility Function U(x,y) = X1/2Y1/2. The consumer wants to choose the bundle (x*,...
Suppose a consumer’s Utility Function U(x,y) = X1/2Y1/2. The consumer wants to choose the bundle (x*, y*) that would maximize utility. Suppose Px = $5 and Py = $10 and the consumer has $500 to spend. Write the consumer’s budget constraint. Use the budget constraint to write Y in terms of X. Substitute Y from above into the utility function U(x,y) = X1/2Y1/2. To solve for the utility maximizing, taking the derivative of U from (b) with respect to X....
b) The consumers utility function is given by U(X,Y) = MIN(2X, 3Y), and the given bundle...
b) The consumers utility function is given by U(X,Y) = MIN(2X, 3Y), and the given bundle is X = 3 and Y = 1. i) MRS = __________________________________________________ ii) Draw your graph in this space:
Jen’s utility function is U (X, Y ) = (X + 2)(Y + 1), where X...
Jen’s utility function is U (X, Y ) = (X + 2)(Y + 1), where X is her consumption of good X and Y is her consumption of good Y . a. Write an equation for Jen’s indifference curve that goes through the point (X, Y ) = (2, 8). On the axes below, sketch Jen’s indifference curve for U = 36 b. Suppose that the price of each good is 1 and that Jen has an income of 11....
Consider a consumer with a utility function U = x2/3y1/3, where x and y are the...
Consider a consumer with a utility function U = x2/3y1/3, where x and y are the quantities of each of the two goods consumed. A consumer faces prices for x of $2 and y of $1, and is currently consuming 10 units of good X and 30 units of good Y with all available income. What can we say about this consumption bundle? Group of answer choices a.The consumption bundle is not optimal; the consumer could increase their utility by...
1. Ann’s utility function from consuming x and y is given by U(x, y) = x...
1. Ann’s utility function from consuming x and y is given by U(x, y) = x 1 4 y 1 4 . a) Write down the budget constraint and rationality condition. b) Find Ann’s demand curves of x and y. c) Now suppose Ann’s income is $100. The price of x is $1 and the price of $y is 2. What’s the optimal bundle? d) If the price of x increases to $2, and other things are the same as...
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...
utility function u(x,y) = x3 ·y2 I am going to walk you through the process of...
utility function u(x,y) = x3 ·y2 I am going to walk you through the process of deriving the optimal quantity of apples and bananas that will make you the happiest. To do this, we are going to apply what we learnt about derivatives. a) First, you have a budget. You cannot just buy an infinite amount since you would not be able to afford it. Suppose the price of a single apple is Px = 2 while the price of...
Suppose the Utility function of the consumer is given by U = x + 5y^3 Suppose...
Suppose the Utility function of the consumer is given by U = x + 5y^3 Suppose the price of x is given by p x and the price of y is given by p y and the budget income of the consumer is given by I. Price of x, Price of y and Income are always strictly positive. Assume interior solution. a) Write the statement of the problem b) Compute the parametric expressions of the equilibrium quantity of x &...
(Hajikhameneh & Rietz) Answer the following questions for a consumer with utility function U(x, y) =...
(Hajikhameneh & Rietz) Answer the following questions for a consumer with utility function U(x, y) = x2 y2 and a budget constraint of g(x, y) = 2x + 4y = 40. You must show all of your work for full credit. a. What is the marginal utility of x? of y? b. In one to two sentences, define the economic meaning of the term “marginal utility.” c. What is the marginal rate of substitution for the given utility function? d....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT