Function of the form: U = .5 X.2 Y.8
The individual has income of 40, the price of Good X is 1 and the Price of Good Y is 2.
a) What are the demand for Good X, the demand for Good Y, and the highest level of utility for this individual.

The quantity demanded of Good A is determined by the price of Good A, the price of Good B, and the income of the individual. The demand function is: QA = 1,617 - 13.5PA + 1.5PB + 1.7I The values of the independent variables are: I = 13,665 PA = 224 PB = 60 .What is the point price elasticity of demand?

You have the following information about good X and Y: x · Income Elasticity of demand for good X is -3x· Cross price elasticity of demand for good X concerning the price of good Y is 2 a. What type of good is X? b. Would an increase in income and a decrease in the price of good Y unambiguously decrease the demand for good X? Why or why not?

Suppose a consumer has an income of $30 that is spent on two goods: X and Y. The price of good X is $3.00 and the price of good Y is $1.00. Which of the following bundles of X and Y lie on the individual's budget constraint?

1. 8X and 6Y

2. 6X and 8Y

3. 8X and 10Y

4. 12X and 4Y

5. 16X and 6Y