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1. Suppose your preferences are represented by U(x1,x2) = x1 + x2 while price of good 1 is 10,000 price of good 2 is 20,000 income is 2,000,000 then how much would be the ordinary demands for good 1? 2. Suppose your preferences are represented by u(x1,x2) = min(x1,x2) while price of good 1 is 1,000 price of good 2 is 500 income is 100,000. Then how much would be the ordinary demand for good 2? 3. Suppose your preferences are represented by U(x1,x2) = 300x1^2/3 x2^1/3, while prices are P1=2,000 P2=1,000 and income is Y=90,000. How much would be the ordinary demands for good 1? 4. Following Frank Ramsey's insight (1927), efficiency taxation requires the relatively high rates of taxation be levied on relatively a goods. Unfortunately, it involves the tradeoff between efficiency and equity. What is A 

          1.
Suppose your preferences are represented by U(x1,x2) = x1 + x2 while price of good 1 is 10,000
price of good 2 is 20,000 income is 2,000,000 then how much would be the ordinary demands for
good 1?
2.
Suppose your preferences are represented by u(x1,x2) = min(x1,x2) while price of good 1 is
1,000 price of good 2 is 500 income is 100,000. Then how much would be the ordinary demand
for good 2?
3.
Suppose your preferences are represented by U(x1,x2) = 300x1^2/3 x2^1/3, while prices are
P1=2,000 P2=1,000 and income is Y=90,000. How much would be the ordinary demands for
good 1?
4.
Following Frank Ramsey's insight (1927), efficiency taxation requires the relatively high rates
of taxation be levied on relatively a goods. Unfortunately, it involves the tradeoff between
efficiency and equity. What is A
Show more…
1. Suppose your preferences are represented by U(x1,x2) = x1 + x2 while price of good 1 is 10,000 price of good 2 is 20,000 income is 2,000,000 then how much would be the ordinary demands for good 1? 2. Suppose your preferences are represented by u(x1,x2) = min(x1,x2) while price of good 1 is 1,000 price of good 2 is 500 income is 100,000. Then how much would be the ordinary demand for good 2? 3. Suppose your preferences are represented by U(x1,x2) = 300x1^2/3 x2^1/3, while prices are P1=2,000 P2=1,000 and income is Y=90,000. How much would be the ordinary demands for good 1? 4. Following Frank Ramsey's insight (1927), efficiency taxation requires the relatively high rates of taxation be levied on relatively a goods. Unfortunately, it involves the tradeoff between efficiency and equity. What is A

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Principles of Economics
Gregory Mankiw 8th Edition
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Need help with all 4, step by step clearly! Suppose your preferences are represented by U(x1, x2) = x1 + x2 while the price of good 1 is 10,000 and the price of good 2 is 20,000. If the income is 2,000,000, then how much would be the ordinary demand for good 1? 2. Corrected_text: Suppose your preferences are represented by u(x1, x2) = min(x1, x2) while the price of good 1 is 1,000 and the price of good 2 is 500. If the income is 100,000, then how much would be the ordinary demand for good 2? 3. Corrected_text: Suppose your preferences are represented by U(x1, x2) = 300x1^(2/3) x2^(1/3), while the prices are P1 = 2,000 and P2 = 1,000, and the income is Y = 90,000. How much would be the ordinary demand for good 1? 4. Corrected_text: Following Frank Ramsey's insight (1927), efficiency taxation requires the relatively high rates of taxation to be levied on relatively low goods. Unfortunately, it involves the tradeoff between efficiency and equity. What is A?
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Transcript

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00:01 Here option e that is bundle 10 10 is the best bundle he can afford is the correct answer because mrs at the bundle 10 10 equals minus 1 shows the satisfaction customer satisfaction sorry satisfaction condition of the…
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