Math Solutions

(See Solution) For each example below, match it to one of the following representative utility functions, or say "none of the above": A: u(x, y)=min x, 4

Question: For each example below, match it to one of the following representative utility functions, or say "none of the above":

\[A: u(x, y)=\min \{x, 4 y\} \quad B: u(x, y)=4 x+y \quad C: u(x, y)=x^{2}+y \quad D: u(x, y)=x+y\]

and determine whether preferences are convex.

  1. Andy loves coffee, but only if every cup has 4 teaspoons of sugar (let $x=\#$ cups coffee, y=# teaspoons sugar)
  2. Bill is becoming addicted to pepsi: the more he has of it, the more he values it, relative to all other goods (let x=# cans pepsi, y= money for all other goods)
  3. Christina cares only about the amount of caffeine she consumes, and believes that each cup of coffee has four times as much caffeine as a cup of tea.

Price: $2.99
Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document


∴ Other downloads you may be interested in ∴

log in to your account

Forgot password?
Don't have a membership account?
REGISTER

reset password

Back to
log in

sign up

Back to
log in