Consider a simple quasi-linear utility function of the form U(x, y)=x lny a. Calculate the income effect for each good. Also calculate the income elasticity of demand for each good. b. Calculate the substitution effect for each good. Also calculate the compensated own-price elasticity of demand for each good. c. Show that the Slutsky equation applies to this function. d. Show that the elasticity form of the Slutsky equation also applies to this function. Describe any special features you observe
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Consider a simple quasi-linear utility function of the form U(x, y)=x lny a. Calculate the income effect for each good. Also calculate the income elasticity of demand for each good. b.
Consider a simple quasi-linear utility function of the form U(x, y)=x ...
Jun 15, 2020
Quasilinear Utility Explained
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SOLVED: David has a quasi-linear utility function of the form U(x, y) = √x y, with associated marginal utility functions MUx = 1/(2√x) and MUy = 1.a) Derive David's demand curve for x as a function of the prices, Px and Py. Verify that the demand for x is independent of the level of income at an interior optimum.b) Derive David's demand curve for y. Is y a normal good? What happens to the demand for y as Px increases?
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