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31 an individual has preferences of the form 12 12 1

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31.An individual has preferences of the form1/21/21212,)2(xxxU x=. She has $24, the price of Good 1 is$8 and the price of Good 2 is $2.A.On the following axes, draw the individual’s budget line and indifference curvecorresponding to6U=.Clearly label at least 4 points on the indifference curve.B.Using the Lagrangian technique, what is the individual’s optimal constrained bundle?
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Chapter 6 / Exercise 13
Microeconomics: A Contemporary Introduction
McEachern
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32.An individual has preferences of the form1/21/21212,)4(xxxU x=. She has $12, the price of Good 1 is$4 and the price of Good 2 is $1.A.On the following axes, draw the individual’s budget line and indifference curvecorresponding to12U=. Clearly label at least 4 points on the indifference curve.B.Using the Lagrangian technique, what is the individual’s optimal constrained bundle?
33.An individual has preferences of the form1/21/21212,)3(xxxU x=. She has $36, the price of Good 1 is$9 and the price of Good 2 is $1.A.On the following axes, draw the individual’s budget line and indifference curvecorresponding to18U=. Clearly label at least 4 points on the indifference curve.B.Using the Lagrangian technique, what is the individual’s optimal constrained bundle?
Question 12: LongQuestion 12: LongQuestion 12: LongQuestion 12: Long-Form Question (10 points each)Form Question (10 points each)Form Question (10 points each)Form Question (10 points each)34.On the following axes, draw the budget lines for each of the following.Make sure to very clearlylabel your budget lines “BLA”, “BLB”, and “BLC”.A.Good 1 is $5.Good 2 is $2.You have an income of $20.For every one unit of Good 1you purchase, you get a free unit of Good 2 that you can resell.B.Good 1 is $4.Good 2 is $3.You have an income of $24.You receive a voucher for 2units of Good 1 that you cannot resell.C.You have an income of $36.You pay a $16 fee, after which Good 1 is $2 and Good 2 isfree.
35.On the following axes, draw the budget lines for each of the following.Make sure to very clearlylabel your budget lines “BLA”, “BLB”, and “BLC”.A.Good 1 is $5.Good 2 is $4.You have an income of $20.For every one unit of Good 1you purchase, you get a free unit of Good 2 that you can resell.B.Good 1 is $4.Good 2 is $3.You have an income of $24.You receive a voucher for 2units of Good 2 that you cannot resell.C.You have an income of $32.You pay a $16 fee, after which Good 1 is $2 and Good 2 isfree.
36.On the following axes, draw the budget lines for each of the following.Make sure to very clearlylabel your budget lines “BLA”, “BLB”, and “BLC”.A.Good 1 is $10.Good 2 is $5.You have an income of $20.For every one unit of Good1 you purchase, you get a free unit of Good 2 that you can resell.B.Good 1 is $4.Good 2 is $6.You have an income of $36.You receive a voucher for 3units of Good 2 that you cannot resell.C.You have an income of $20.You pay a $10 fee, after which Good 1 is $2 and Good 2 isfree.
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We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Microeconomics: A Contemporary Introduction
The document you are viewing contains questions related to this textbook.
Chapter 6 / Exercise 13
Microeconomics: A Contemporary Introduction
McEachern
Expert Verified

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