1

# 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 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)

#### Similar Solved Questions

##### A ball swing from a rope
one end of a cord is fixed and a small 0.410-kg object is attached to the other end, where it swings in a section of a vertical circle of radius 2.50 m. when theta= 22.0 degrees, the speed of the object is 7.70 m/s.what is the tension of the string?find the tangential and radial components of accela...
##### Requirement a. Journalize the transactions for the year. Requirement b. Post the journal entries to​ t-accounts....
Requirement a. Journalize the transactions for the year. Requirement b. Post the journal entries to​ t-accounts. Use the dates as posting references for the journal entries to post each entry to the relevant​ accounts, then compute the unadjusted balance of each account. Label the unadju...
##### Just need help filling out the rest of the boxes. Required information [The following information applies...
Just need help filling out the rest of the boxes. Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued \$13,500 of common stock for cash. 2. Recognized \$68,500 of ...
##### Please answer both part(a) and part(b). This is my last question for this month's subscription. Please...
Please answer both part(a) and part(b). This is my last question for this month's subscription. Please answer them all. Thank you! 5. (a) Find the output resistance in each of the current sources shown in Fig. 4(a) and (b) and verify that the roul of the MOS current source is much smaller than t...
##### Explain the concept of comparative international auditing ?
Explain the concept of comparative international auditing ?...
##### Alarmed at the rising levels of mercury in your town, you decide to estimate the average...
Alarmed at the rising levels of mercury in your town, you decide to estimate the average level in the water supply. From your sample of 25 locations, you calculate a 90% confidence interval of (1.99, 2.11). What is the margin of error in estimating the population mean? (A) 2.05 (B) 0.06 (C) 1.06 (D)...
##### Exercise 5-22 (LO. 7) What are the tax consequences to Euclid from the following independent events?...
Exercise 5-22 (LO. 7) What are the tax consequences to Euclid from the following independent events? In your computations, do not round intermediate division. If required, round the per share answer to two decimal places. Round all other answers to the nearest dollar. a. Euclid bought 500 shares of ...
##### Describe why a patient’s responsibilities are as import as his or her rights. must be 150+words
Describe why a patient’s responsibilities are as import as his or her rights. must be 150+words...
##### A sample of an ideal gas has a volume of 3.20 L at 15.00 ∘C and...
A sample of an ideal gas has a volume of 3.20 L at 15.00 ∘C and 1.80 atm. What is the volume of the gas at 22.20 ∘C and 0.986 atm?...
##### A 1300-kg rocket has a net propulsion force of 50 kN (kiloNewtons). Over a short time...
A 1300-kg rocket has a net propulsion force of 50 kN (kiloNewtons). Over a short time period, it uniformly speeds up from an initial velocity of 35 m/s to a final velocity of 60 m/s. Assume that the mass of the rocket is constant during this time period and that the net force is along the direction ...
##### 3. Show that the differential equation 1 d de sin sin 0 de de sin20 Lastl...
3. Show that the differential equation 1 d de sin sin 0 de de sin20 Lastl leads to the associated Legendre equation if we consider the c= cos0, A- v(v+1), ux)-e(0)...
##### 3. Analysis of an expansion project Companies invest in expansion projects with the expectation of increasing...
3. Analysis of an expansion project Companies invest in expansion projects with the expectation of increasing the earnings of its business. Consider the case of Garida Co.: Garida Co. is considering an investment that will have the following sales, variable costs, and fixed operating costs: Year...
##### What is true about what it means to be a "good citizen"? Group of answer choices...
What is true about what it means to be a "good citizen"? Group of answer choices It is based largely on an individual's moral fiber. It is defined by adherence to basic human rights. It refers exclusively to how law-abiding a person is. It is defined by the state. It is in the eyes of th...