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I need step by step solution to the following this question asap .I have limited time...

Question

I need step by step solution to the following this question asap .I have limited time...

I need step by step solution to the following this question asap .I have limited time so please do it quickly with detailed explanation

thanks in advance/Ha

Kim has the utility function U(x1,x2) = NU a) Set up the Lagrangian and derive an expression for the marginal rate of substit

Kim has the utility function U(x1,x2) = NU a) Set up the Lagrangian and derive an expression for the marginal rate of substitution and calculate the Marshallian demand for both goods. (9p) b) Are both goods normal goods to Kim? (4p) c) Calculate the price elasticity of demand for both goods at prices p,=2 , p=4 and income m=150 . Do you expect the elasticity to change with different prices and income? Explain why. (6p) d) The monopoly ACME Inc. wants to maximize their revenue from selling good xi to Kim. Which quantity should ACME choose to sell to Kim? (6p)

Answers

U (X,,X2) = x 75 X2 416. B.C. M= Pixit P2x2 L = x 15 X2 415 + 2[M- Pixi - P2 X2] Foco aha x-415 X2 415 - Pia=o.sum at = 4 x 159 te A Now. TR= total Revenue = px, TR= RM = M/5 50 = 1/5 Lor demand is. greape Roo, so ih sell any amount, Box unitary elas


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