Mr. Johnson has an income equal to 100 which he uses to buy X and Y. Suppose Px=2 for the first five units and Px=5 for each additional unit, while Py=5 for each of the first six units and Py=10 for each additional unit.
a.) Draw Mr. Johnson's budget line.
b.) If Mr. Johnson has utility function U(X, Y) = X^1/24Y^1/5, how much X and Y will he consume? Would he prefer that the quantity penalty for X be eliminated?
我大致翻译一下,Mr. J收入为100,他全部用来买商品X和商品Y,假设商品X前5件价格为2,第6件起价格为5,而商品Y前6件价格为5,第7件起价格为10。
a.)画出Mr.J的消费者预算线
b.)如果Mr.J的效用函数为U(X, Y) = X^1/24Y^1/5,他的最佳消费束是什么? 假设X没有了数量惩罚,换句话说,商品X的价格始终为2无论购买数量,这样的价格对于Mr.J会更好吗?
我已经画出Mr. J的消费者预算线了,从左到右依次是三条斜率为-1/5,-1/2和-1的直线,Part B问Mr.J的最佳消费束,一般情况下是让 X边际效用/Y边际效用 等于 X价格/Y价格(MUx/MUy = Px/Py),MUx/MUy我求出来是5y/24x,可是这个Px和Py在这种情况下并不是固定的,而是都有Quantity Penalty(数量惩罚),那我应该怎么求Optimal Consumption Bundle(最佳消费束)呢?
还有最后一问,假设X没有了数量惩罚,换句话说,商品X的价格始终为2无论购买数量,这样的价格对于Mr.J会更好吗?这个我也不太会解。
英文好的朋友最好用英文回答,特别是经济术语,中文回答也可以,But English is Preferred...Thx!!!
分数可增加如果回答很满意!
These are actually microeconomics problems since I' taking Micro Econ 11 at UCLA this quarter, there's another problem i don't know if you can help...
Suppose two people have different preferences for X and Y, but identical incomes. If at their current consumption levels, their marginal rates of substitution are equal, has one of them failed to find the optimum?
Well, I m telling you the best framework to fit the problem. You can apply economic analysis, which will incur tons of trouble, you know that well. I m in a mathematical economic program but in NY.
As for the added problem, the two people have identical income, facing the same relative price Px/Py (they have the same budget set), so Ux_1/Uy_1 = Ux_2/Uy_2 = Px/Py does not make any contradiction with the fact that both of them reach optimum. They can have different optimal point tangent the budget line.
For example for
agent 1: 1/2ln(x) + 1/2ln(y)
agent 2: 2/3ln(x) + 1/3ln(y)
budget: 1x + 1y = 12
agent 1: 1/x / 1/y = 1/1, so x = y = 6
agent 2: 2/x / 1/y = 1/1, so x = 8, y =4
they are both on the optimal point, their MRS's are equal, they have diff~ pref~.