Ill T Mobile Pl 97 4 55 65 A E Sgh Ply Homework I Microeconomics Due Nove

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Please interpret the below questions Problem 1

"Ill T- Mobile . pl -97 4: 5565% [a e – sgh. plyHomework I – Microeconomics !)Due November 13 , 2018Problem !For each of the following cases find and interpret :`marginal utilities of goods* , and* , – ( interpret )the marginal rate of substitution – ( interpret )optimal consumption bundle – ( display on a graph )`when the price of *, increases from }, = 1 to $, ‘ = 4 , Find , draw and interpret new optimalsolutions . Check if the KISS condition interpretation holds in cases where you have an interior*solution .The cases !a ) utility : U (^ ^ ^ ^ ) = 4x , + 3^ , ; budget :* * , *x, = 40 ; MU, = 4; MU, = 3b ) utility : U" (` ,` ) = 16x, 2 + 4X , ; budget :*, * x` = 40 ; MU , = 8x; 7; MU , = 4C ) utility : U (` ,* 2 ) = min ! 3x , ; 4x , } ; budget :* * , *x , = 40$ ) utility : U ( ^ ^ ^ ^ ) = 4x , ix, } ; budget :* * , + x 2 = 40 ; MU , = { }, TX, ]; MU, = x}Problem 2For each of the above cases compute and carefully and exactly draw on a graph- substitution effect ( display on a graph )- income effect and total change of demand ( display on a graph)- How can you classify the goods x 1 and * 2 based on the results you haveProblem }Draw Offer curves and Engel curves For all goods and cases from previous exercise . Interpret !

 

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