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Given the consumption function C=a-b Y( with a>0 ; 00 (c) Show that this consumption function is inelastic at all positive income feveis. | Numerade

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Q.1 (A) Given that utility function for a consumer is given by u = (x-3)2 (y-4)2 , draw any two indifference curves for this consumer while clearly labelling the higher one as ‘H’ and lower one as ‘L’. Does he prefer more of a good to less of it? Does he prefer averages to extreme bundles? Explain.

Q.1 (A) Given that utility function for a consumer is given by u = (x-3)2 (…

The utility of a consumer is given by the function U(X,Y)=XY.... | Filo

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A consumer has an expected utility function given by u(w)=lnw He is offered the opportunity to bet on the flip of a coin that has a probability πof coming up heads. If he bets x, he will have w+x if head comes up and w-x if tails comes up. Solve for the optimal x as a function of πWhat is his optimal choice of x when π=1 / 2 ? | Numerade

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