1 answer

A) Suppose U = ln(x)+y and Px=2, and Py=4. Write down the expenditure minimizing lagrangian for...

Question:

A) Suppose U = ln(x)+y and Px=2, and Py=4. Write down the expenditure minimizing lagrangian for this problem. (you don’t need to solve it)

B) You have $8 which you can spend on X or Y. The price of Y is always $1 but the price of X is $1 for the first 2 and $2 after that. Draw the budget constraint (make sure to label the graph with all of the relevant information).

C) Suppose U = min[2X, 3Y] and I=12, Px=2 and Py= Find X* and Y*.

D) Suppose that everyone has the same demand function for tennis balls: T*=(30/PT). The current price of a can of tennis balls is $3. How much revenue would the government raise per person if they put a $2 tax on each can of tennis balls?


Answers

py:1, 89) M-8, Slope- er x, then M M- Slope Ademand Cuswe Pr3, Now Tax $2 T2-36 Now tax Revenue TR t. T2

.

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