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Utility Q4.6 - Part 2 (From 'Workouts in Intermediate Microeconomics' by Hal Varian)
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Whatsapp: +91-9560560080
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Question 4.6: Remember Shirley Sixpack and Lorraine Quiche from the last chapter? Shirley thinks a 16-ounce can of beer is just as good as two 8-ounce cans. Lorraine only drinks 8 ounces at a time and hates stale beer, so she thinks a 16-ounce can is no better or worse than an 8-ounce can.
a) Write a utility function that represents Shirley’s preferences between commodity bundles comprised of 8-ounce cans and 16-ounce cans of beer. Let X stand for the number of 8-ounce cans and Y stand for the number of 16-ounce cans.
b) Now write a utility function that represents Lorraine’s preferences.
c) Would the function utility U(X,Y ) = 100X+200Y represent Shirley’s preferences? Would the utility function U(x,y)=(5X+10Y)2 represent her preferences? Would the utility function U (x, y) = X + 3Y represent her preferences?
(d) Give an example of two commodity bundles such that Shirley likes the first bundle better than the second bundle, while Lorraine likes the second bundle better than the first bundle.
0:00 Question 4.6 - Part -2
0:01 Part (c) Would the function utility U(X,Y ) = 100X+200Y represent Shirley’s preferences? Would the utility function U(x,y)=(5X+10Y)2 represent her preferences? Would the utility function U (x, y) = X + 3Y represent her preferences?
The above question is taken from 'Workouts in Intermediate Microeconomics - A Modern Approach' by Hal Varian and Theodore C Bergstrom.
Some of the courses we have catered to:
EC226: Econometrics 1 (University of Warwick)
EC2020: Elements of Econometrics (London School of Economics - LSE)
MG205: Econometrics - Theory and Applications (London School of Economics - LSE)
EC3301: Econometrics (St Andrews)
ECON W3412: Introduction to Econometrics (Columbia University)
EC2017: Introductory Econometrics (City, University of London)
BEE2031: Econometrics (University of Exeter)
Econometrics: University of Jordan
Econometrics: University of Birmingham
Econometric Analysis: Newcastle University
BEE2006: Statistics and Econometrics (University of Exeter)
PSYC40122, PSYC49122: Advanced Experimentation and Statistics 1 (Nottingham Trent University)
MT2504: Combinatorics and Probability (St. Andrews)
ECON103: Quantitative Methods for Economics (Lancaster University)
MT2508: Statistical Inference (St. Andrews)
153400121: Quantitative Methods for Economists (SOAS, University of London)
EC3301: Statistics and Econometrics (University of St.Andrews)
UN 1201: Statistics and Probability (Columbia University)
Introduction to Statistics: Queenmary University
Microeconomics: University of Kent
Intermediate Microeconomics (ECON 3211) - Columbia University
6012B0453Y: Econometrics (University of Amsterdam)
ECON 121 - Economic Statistics (Georgetown University)
EC100 - Economics (London School of Economics)
Microeconomics - 37293 (Università di Bologna)
EC1A3 Microeconomics I (London School of Economics)
EC201 Intermediate Microeconomics (University of Reading)
MG207 Microeconomics (London School of Economics)
ECN 111 – Microeconomics 1 (Queen Mary University of London)
Microeconomics II (HS 2020)
ECON1045/1047 Quantitative Economics & Methods
EC3101 Microeconomic Analysis II
#varianworkouts #intermediatemicro #microeconomicstutor
Видео Utility Q4.6 - Part 2 (From 'Workouts in Intermediate Microeconomics' by Hal Varian) канала Eduspred - University Tutors
Schedule a free discussion call with us:
Mail: admin@eduspred.com
Whatsapp: +91-9560560080
Our Online Coaching Page: https://www.eduspred.com/pages/help-microeconomics-econometrics-statistics-tutor
Linkedin ( Shubham Kalra ) : https://www.linkedin.com/in/shubham-kalra-ba078a67
Website: www.eduspred.com
Question 4.6: Remember Shirley Sixpack and Lorraine Quiche from the last chapter? Shirley thinks a 16-ounce can of beer is just as good as two 8-ounce cans. Lorraine only drinks 8 ounces at a time and hates stale beer, so she thinks a 16-ounce can is no better or worse than an 8-ounce can.
a) Write a utility function that represents Shirley’s preferences between commodity bundles comprised of 8-ounce cans and 16-ounce cans of beer. Let X stand for the number of 8-ounce cans and Y stand for the number of 16-ounce cans.
b) Now write a utility function that represents Lorraine’s preferences.
c) Would the function utility U(X,Y ) = 100X+200Y represent Shirley’s preferences? Would the utility function U(x,y)=(5X+10Y)2 represent her preferences? Would the utility function U (x, y) = X + 3Y represent her preferences?
(d) Give an example of two commodity bundles such that Shirley likes the first bundle better than the second bundle, while Lorraine likes the second bundle better than the first bundle.
0:00 Question 4.6 - Part -2
0:01 Part (c) Would the function utility U(X,Y ) = 100X+200Y represent Shirley’s preferences? Would the utility function U(x,y)=(5X+10Y)2 represent her preferences? Would the utility function U (x, y) = X + 3Y represent her preferences?
The above question is taken from 'Workouts in Intermediate Microeconomics - A Modern Approach' by Hal Varian and Theodore C Bergstrom.
Some of the courses we have catered to:
EC226: Econometrics 1 (University of Warwick)
EC2020: Elements of Econometrics (London School of Economics - LSE)
MG205: Econometrics - Theory and Applications (London School of Economics - LSE)
EC3301: Econometrics (St Andrews)
ECON W3412: Introduction to Econometrics (Columbia University)
EC2017: Introductory Econometrics (City, University of London)
BEE2031: Econometrics (University of Exeter)
Econometrics: University of Jordan
Econometrics: University of Birmingham
Econometric Analysis: Newcastle University
BEE2006: Statistics and Econometrics (University of Exeter)
PSYC40122, PSYC49122: Advanced Experimentation and Statistics 1 (Nottingham Trent University)
MT2504: Combinatorics and Probability (St. Andrews)
ECON103: Quantitative Methods for Economics (Lancaster University)
MT2508: Statistical Inference (St. Andrews)
153400121: Quantitative Methods for Economists (SOAS, University of London)
EC3301: Statistics and Econometrics (University of St.Andrews)
UN 1201: Statistics and Probability (Columbia University)
Introduction to Statistics: Queenmary University
Microeconomics: University of Kent
Intermediate Microeconomics (ECON 3211) - Columbia University
6012B0453Y: Econometrics (University of Amsterdam)
ECON 121 - Economic Statistics (Georgetown University)
EC100 - Economics (London School of Economics)
Microeconomics - 37293 (Università di Bologna)
EC1A3 Microeconomics I (London School of Economics)
EC201 Intermediate Microeconomics (University of Reading)
MG207 Microeconomics (London School of Economics)
ECN 111 – Microeconomics 1 (Queen Mary University of London)
Microeconomics II (HS 2020)
ECON1045/1047 Quantitative Economics & Methods
EC3101 Microeconomic Analysis II
#varianworkouts #intermediatemicro #microeconomicstutor
Видео Utility Q4.6 - Part 2 (From 'Workouts in Intermediate Microeconomics' by Hal Varian) канала Eduspred - University Tutors
#intermediate microeconomics by varian #hal varian intermediate microeconomics #intermediate microeconomics semester 3 intermediate microeconomics varian microeconomics workouts answers #varian microeconomics workout solutions microeconomics problems varian utility #intermediate micro utility #intermediate micro sem 3 varian microeconomics workout solutions indifference curves micro tutor intermediate micro tutor intermediate micro practice
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