{"id":106437,"date":"2022-01-26T17:43:46","date_gmt":"2022-01-26T17:43:46","guid":{"rendered":"https:\/\/essayparlour.com\/paperhelp\/?p=106437"},"modified":"2022-01-26T17:43:46","modified_gmt":"2022-01-26T17:43:46","slug":"sams-utility-function-for-his-monthly-consumption-of-goods-x","status":"publish","type":"post","link":"https:\/\/essayparlour.com\/paperhelp\/business-economics-2\/sams-utility-function-for-his-monthly-consumption-of-goods-x\/","title":{"rendered":"Sam&#8217;s utility function for his monthly consumption of goods X"},"content":{"rendered":"<table style = 'table-striped table-bordered table-hover' responsive='true'>\n<tr>\n<th>Question<\/th>\n<\/tr>\n<tr>\n<td>Sam&#8217;s utility function for his monthly consumption of goods X and Y is U(X, Y) = 100 X &#8211; X2 + Y.<br \/>\n Assume this function applies only for bundles that contain no more than 100 units of X; bundles with greater amounts of X are not relevant for the question. Sam&#8217;s monthly income is $3,000, and the price of Y is $1.<br \/>\n a. What is Sam&#8217;s uncompensated demand function for X, as a function of PX?<br \/>\n b. Suppose the price of X is initially $20, and that it rises to a price PX greater than $20. What is Sam&#8217;s compensating variation for this price change (expressed as a function of PX)?<br \/>\n c. What is Sam&#8217;s compensated demand function for good X, fixing the utility level he achieved at the original price of good X(PX = $20)? How does it compare to your answer in part (a)? Why?<br \/>\n d. Compute the change in consumer surplus for this change to a price PX greater than $20. How does it compare to your answer in part (b)?<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Question<\/p>\n<p>\nSam&#8217;s utility function for his monthly consumption of goods X and Y is U(X, Y) = 100 X &#8211; X2 + Y.<br \/>\n Assume this function applies only for bundles that contain no more than 100 units of X; bundles <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-106437","post","type-post","status-publish","format-standard","hentry","category-business-economics-2"],"_links":{"self":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/comments?post=106437"}],"version-history":[{"count":1,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106437\/revisions"}],"predecessor-version":[{"id":106438,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106437\/revisions\/106438"}],"wp:attachment":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/media?parent=106437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/categories?post=106437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/tags?post=106437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}