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Question

Question One (25 Marks) Julia uses two goods, X and Y. The utility function for Julia is given by the expression: U = 10âˆšx The current prices of X and Y are RM25 and RM50, respectively. Julia's current income is RM750 per month. Write an expression for Julia's budget line. (3 marks) Calculate the optimal quantities of goods X and Y that Julia should choose based on her budget line. (5 marks) Illustrate your answer in (ii) using a diagram (Good Y on the vertical axis). (4 marks) The government has increased the minimum wage to RM1000. As a result, Julia's income has increased to RM1000. At the same time, the price of good X has increased by RM3. Calculate the optimal quantities of goods X and Y that Julia should choose based on her new budget line. (5 marks) Calculate the total utility gained by Julia based on the optimal quantities of goods X and Y in (iv). (3 marks) Why can't an indifference curve have a positive slope? Show your answer using an appropriate diagram. (5 marks)

          Question One (25 Marks)

Julia uses two goods, X and Y. The utility function for Julia is given by the expression:

U = 10âˆšx

The current prices of X and Y are RM25 and RM50, respectively. Julia's current income is RM750 per month.

Write an expression for Julia's budget line.

(3 marks)

Calculate the optimal quantities of goods X and Y that Julia should choose based on her budget line.

(5 marks)

Illustrate your answer in (ii) using a diagram (Good Y on the vertical axis).

(4 marks)

The government has increased the minimum wage to RM1000. As a result, Julia's income has increased to RM1000. At the same time, the price of good X has increased by RM3. Calculate the optimal quantities of goods X and Y that Julia should choose based on her new budget line.

(5 marks)

Calculate the total utility gained by Julia based on the optimal quantities of goods X and Y in (iv).

(3 marks)

Why can't an indifference curve have a positive slope? Show your answer using an appropriate diagram.

(5 marks)

soalan satuquestion one25markahmarks ajulia menggunakan dua barangiaitu x dan yberikut adalah fungsi utiliti bagi julia julia consumes two goodsx and y julia has a utility fumction given by 41427

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