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近期有考试需要人辅导, 有老师的sample question, 要求教会我做sample question的问题。 每小时20刀
Example:
Ordinary Goods
1. Let U(, ) = , MUx = , MUy = , Px = 6, Py = 3, and M = 30.
2.Let U(, ) = , MUx = , MUy = , Px = 6, Py = 3, and M = 30.
3. Let U(, ) = , MUx = , MUy = , Px = 6, Py = 3, and M = 30.
4. Let U(, ) = , MUx = , MUy = , Px = 6, Py = 3, and M = 30.
5. Let U(, ) = , MUx = , MUy = , Px = 6, Py = 3, and M = 30.
a) What is the equilibrium levels of X, Y, and U? Denote this point as A.
b) Suppose now, Py = 3. What is the new equilibrium levels of X, Y, and U? Denote this point as C.
c) Determine point B, where the individual is hypothetically given more income to compensate for the change in price levels, but is consuming the same utility as point A. (Hint: use the optimal relationship with the new price level and substitute it into the utility of the initial equilibrium.)
d) Clearly illustrate point A, B, and C on the graph and accurately label everything.
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