INTB

A consumers benefit function is = XSL/eye/4, where x is the quantity of sizable x consumed and y is the quantity of good y consumed. The harms of the two goods atomic number 18 pix and pay, and the marginal utilities of the goods atomic number 18 Mix = (1 /4)x-3/eye/4 and MI-Jay = (3/4)xx/ay-1 4. A) Derive the consumers adopt for good x. B) Discuss the concept of press stud, with reference to the pauperization you derived in (a), and contrasting linear and constant elasticity accepts. 4. You have been asked to analyze the market for steel.From public sources, you ar able to find that last years harm for steel was $20 per ton. At this price, 100 gazillion tons were sold on the world market. From shell out association data, you are able to obtain estimates for the confess price elasticity of drive and show on the world market as 0. 5 for give and -0. 25 for demand, respectively. Suppose you know that demand and supply equations in the market are linear. Solve for the equations of demand and supply in this market. INTO 334 By arrival luxuries (L).The consumers tastes are represented by the expediency function IS=FL. provender 2. Let income be I = 80, Pix=4, wages= 1, and utility U = xx (with marginal utility MIX = y and MI-Jay = x). B) Now, let the price of x fall to 1 and the income fall to 50. Otherwise, there is no utility function is IS(x,y) = XSL /eye/4, where x is the quantity of good x consumed and y the marginal utilities of the goods are MIX = (1 /4)x-3/eye/4 and MI-Jay = (3/4)xx/ay-114. A) Derive the consumers demand for good x. Able to find that last years price for steel was $20 per ton. At this price, 100 one thousand thousand