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Suppose that Sally’s preferences over baskets containing milk (good x), and coffee (good y), are described by the utility function U(x,y) = xy +2x. Sally’s corresponding marginal utilities are, MUx = y + 2 and MUy = x.
Use Px to represent the price of milk, Py to represent the price of coffee, and I to represent Sally’s income.
Question 1: Suppose that the price of milk is Px = $1 per litre, the price of coffee is Py = $4 per cup, and Sally’s income is I = $40. Without deriving the optimal consumption basket, show that the basket with x = 16 litres of milk, and y = 6 cups of coffee, is NOT optimal. (2 Marks)
Question 2: Derive the expression for Sally’s marginal rate of substitution. (1 Mark)
Question 3: Derive Sally’s demand for coffee as a function of the variables Px, Py and I. (i.e. Do NOT use the numerical values for Px, Py and I, from question 1.) For the purposes of this question you should assume an interior optimum. (3 Marks)
Question 4: Derive Sally’s demand for milk as a function of the variables Px, Py and I. (i.e. Do NOT use the numerical values for Px, Py and I, from question 1.) For the purposes of this question you should assume an interior optimum. (1 Mark)
Question 5: Describe the relationship between Sally’s demand for milk and,
(a) Sally’s income;
(b) the price of milk;
(c) the price of coffee.
Your answers must reference the demand function that you derived in question 4, AND use the correct term to describe the relationship. (6 Marks)
Question 6: Suppose that Px = $1 and I = $40. Find the equivalent variation for an increase in the price of coffee from Py1 = $4 to Py2 = $5. (7 Marks)

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Production Management

Task Assignment 2 consists of two problem questions (worth 15 marks each) based on text material. Text material which may be relevant to the questions may be drawn from any of text chapters 1-10.Answer the following: Question 1 Assume the government wishes to reduce alcohol consumption by conside ...

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ECON3041-Managerial Economics

year country rgdppc exports money stir revenue thh tbus 1960 Australia 37.83916 1830.2 7192 4.39 3030 738.427 2070.57 1961 Australia 38.70373 2109.4 7301 4.99 3408 789.538 2120.46 1962 Australia 37.97519 2103.7 7846 4.29 3436 889.727 2139.27 1963 Australia 39.90484 2504.1 8517 3.82 3539 1039.18 ...

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Research on the Economics

To conduct a research on the economics performance of One (1) country over the last ten years from 2004 till 2013, applying the macroeconomics of real GDP, real GDP growth rate, real GDP per capita, unemployment rate and inflation rate and to argue whether I think the performance to be strong or wea ...

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Country Comparison

1.    Compare economic condition of china and japan with that of Australia.2.    Identify similar trends and difference in GDP during the same period. (use the data in excel) Create the graph from the data in excel, it shows the different GDP in three country and then a ...

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