ec172 microecnomic theory

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ec172 microecnomic theory
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ec172 microecnomic theory
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ec172 microecnomic theory
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Tutor Answer

servantofgod
School: Carnegie Mellon University

Attached.

EC 172: Microeconomic Theory
Department of Economics, University of Vermont
Donna Ramirez Harrington
(djramire@uvm.edu)

HOMEWORK CONSUMER CHOICE: CONSTRAINED UTILITY MAXIMIZATION
Question_1 Solution:

Question_2 Solution:
U (P, S) = 3 PS + 6 P
Budget constraints:
PS * S + PP * P = M
PS = Price of S = 1
PP = Price of P = S
M = Total Budget Income
MUP = du (3PS + 6P)
dp
= 3S + 6

when S = 1, MUp = 9

MUs = du (3PS + 6P)
ds
= 3P when P = 2, MUP = 6
MRS PS = MUP = PP
MUS PS
=> 3S + 6
3P

= 1
S

=> 3P = 15*S + 30
=> P = 5 * S + 10
Budget Constraints:
P + 5S = 50
5 * S + 10 + 5* S = 50...

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Anonymous
Goes above and beyond expectations !

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