Question

Is the function u(x,y)=lnx+y concave or quasiconcave? or both? or neither? Prove your answer.

Is the function u(x,y)=lnx+y concave or quasiconcave? or both? or neither? Prove your answer.

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
Assume there are only two goods, X and Y. Prove that quasi-concave utility U(X,Y) is identical...
Assume there are only two goods, X and Y. Prove that quasi-concave utility U(X,Y) is identical to dMRX/dX < 0
a)Prove that the function u(x, y) = x -y÷x+y is harmonic and obtain a conjugate function...
a)Prove that the function u(x, y) = x -y÷x+y is harmonic and obtain a conjugate function v(x, y) such that f(z) = u + iv is analytic. b)Convert the integral from 0 to 5 of (25-t²)^3/2 dt into a Beta Function and evaluate the resulting function. c)Solve the first order PDE sin(x) sin(y) ∂u ∂x + cos(x) cos(y) ∂u ∂y = 0 such that u(x, y) = cos(2x), on x + y = π 2
A consumer’s preferences are represented by the following utility function: u(x, y) = lnx + 1/2...
A consumer’s preferences are represented by the following utility function: u(x, y) = lnx + 1/2 lny 1. Recall that for any two bundles A and B the following equivalence then holds A ≽ B ⇔ u(A) ≥ u (B) Which of the two bundles (xA,yA) = (1,9) or (xB,yB) = (9,1) does the consumer prefer? Take as given for now that this utility function represents a consumer with convex preferences. Also remember that preferences ≽ are convex when for...
Verify that the indicated function is a solution of the given differentialequation.x2y′′−xy′+ 2y= 0;y=xcos (lnx), x...
Verify that the indicated function is a solution of the given differentialequation.x2y′′−xy′+ 2y= 0;y=xcos (lnx), x >0
Solve: (e^x)y'' + (2e^x)y' + (e^x)y = lnx
Solve: (e^x)y'' + (2e^x)y' + (e^x)y = lnx
. Suppose your utility depends on two goods: x and y. The utility function is u(x,...
. Suppose your utility depends on two goods: x and y. The utility function is u(x, y) = ln(x) + ln(y) . Suppose you have an income of $800. Further, assume that the price of x is 8 and the price of y is 10. Write down the equation for the budget constraint. Compute the marginal rate of subsitution between x and y. • Compute the utility maximizing combination of x and y. • Suppose your income increases to $1000...
Is the following statement true or false? Briefly explain your answer. "Charlie’s utility function is U(...
Is the following statement true or false? Briefly explain your answer. "Charlie’s utility function is U( x, y) = xy 2. His marginal rate of substitution between x and y does not change if the amount of both goods doubles. "
If Jane has the utility function U(x, y) = min{x, y} and the price of x...
If Jane has the utility function U(x, y) = min{x, y} and the price of x is the double the price of y, then Jane will buy equal amounts of x and y. Group of answer choices True False.
(A). Find the maximum of the following utility function with respect to x; U= x^2 *...
(A). Find the maximum of the following utility function with respect to x; U= x^2 * (120-4x). The utility function is U(x,y)= sqrt(x) + sqrt(y) . The price of good x is Px and the price of good y is Py. We denote income by M with M > 0. This function is well-defined for x>0 and y>0. (B). Compute (aU/aX) and (a^2u/ax^2). Is the utility function increasing in x? Is the utility function concave in x? (C). Write down...
Consider Gary's utility function: U(X,Y) = 5XY, where X and Y are two goods. Answer the...
Consider Gary's utility function: U(X,Y) = 5XY, where X and Y are two goods. Answer the following questions: [5 pts. each] a. If Gary consumed 10 units of X and received 250 units of utility, how many units of Y must have Gary consumed? b. Would a bundle of X = 15 and Y = 3 be preferred to the bundle found in a.? Briefly explain.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT