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Economics and Utility Function Essay

A consumer divides RSI. 90 to be divided between two commodities X and Y, and suppose the unit price of Y is fixed at Re. 0. 20. What will be his demand equation for X. If his utility function is U = log Xx + 2 log Q. 2. A consumer has a monthly budget of RSI. 4000. He spends all his income on two goods A & B. Price of A and B are RSI and RSI. 4 respectively. His utility function is U = 3 log A+ egg B.

Find the optimum combination of A & B for the consumer. 3. Given: Monthly Budget = 1000, RSI. 10/Keg, RSI. 15/litter. U Find the optimum combination and the expenditure? 4. Given: Monthly Budget = RSI. OHIO, RSI. 3, RSI. 4, U -X 1. AY. Find the optimum allocation of expenditure? 5. For the consumer, Marginal Utilities of two goods consumed, A and B, are MUM = 22 -x MOB = 21 -AY Where, x is the amount spent on product A, and y is the amount spent on B.

Assume hat the consumer has only RSI. 100 to spend on both products A and B, if the price of B is

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half the price of B is

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half the price of A? 6. A consumer has a monthly budget of RSI. 200 for buying commodities A and B. Prices of A and B are RSI. 2 and RSI. 3 respectively. His utility function is U = squab. If the objective of the consumer is to maximize his utility, how the consumer should allocate his budget between good A and B. Economics and Utility Function By Prevalent

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