Econ 302 Homework 1 B

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Java Python Econ 302
Homework 1 B

1. (20 points) Suppose a consumer views two goods, X and Y, as perfect complements. Her utility function is given by U = MIN [2X, Y]. Sketch the graph of the consumers indifference curve that goes through the bundle X = 5 and Y = 4. Put the amount of Y on the vertical axis, and the amount of X on the horizontal axis. Which of the three assumptions that we made about consumer preferences is violated in this case?

2. (20 points) Suppose a consumer has $250 to spend on two goods, Good X and Good Y. The price of Good X is given by P_X = $10. The price of Good Y is given by P_Y = $5. Graph the consumer’s budget constraint. Please put the quantity of Good X on the horizontal axis, and the quantity of Good Y on the vertical axis. Be sure to label your graph carefully and accurately. What is the slope of the budget constraint?

3. (20 points) Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = X²Y. In the table below, identify 4 points on the consumer’s indifference curve where U = 1000.

Econ 302 Homework 1 B

X	Y

4. (20 points) Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $100 to spend and the price of Good X is PX = $1 and the price of Good Y is PY = $2. If the consumer maximizes their utility subject to their budget constraint, how much of Good X and how much of Good Y will the consumer purchase?

X* =

Y* =

5. (20 points) Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = X*Y. Also, suppose the consumer has $200 to spend and the price of Good X is P_X = $2 and the price of Good Y is P_Y = $4