Question

The total utility by consuming good x and good y is U(x, y) = x^1/4y^3/4. When the consumption of the good y does not change, the change in the utility from an increase of the consumption in the good x is called the marginal utility of the good x. The marginal utilities of goods x and y can be expressed as MU_x = ?U/?x and MU_y = ?U/?y, respectively. 1) Find the marginal utility for each good. 2) Find the total utility changes when x changes from 100 to 99 and y changes from 200 to 201.

          The total utility by consuming good x and good y is U(x, y) = x^1/4y^3/4. When the consumption of the good y does not change, the change in the utility from an increase of the consumption in the good x is called the marginal utility of the good x. The marginal utilities of goods x and y can be expressed as MU_x = ?U/?x and MU_y = ?U/?y, respectively.
1) Find the marginal utility for each good.
2) Find the total utility changes when x changes from 100 to 99 and y changes from 200 to 201.

The total utility by consuming good x and good y is U(x, y) = x^1/4y^3/4. When the consumption of the good y does not change, the change in the utility from an increase of the consumption in the good x is called the marginal utility of the good x. The marginal utilities of goods x and y can be expressed as MUx = ?U/?x and MUy = ?U/?y, respectively.
1) Find the marginal utility for each good.
2) Find the total utility changes when x changes from 100 to 99 and y changes from 200 to 201.

Added by Marcus S.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Adi S

06/30/2022

Step 1

Given: Total utility function, U(x,y) = x^(1/4) * y^(3/4) a) Marginal utility of good x (MUx): MUx = ∂U/∂x MUx = (1/4) * x^(-3/4) * y^(3/4) MUx = (1/4) * (1/x^(3/4)) * y^(3/4) MUx = y^(3/4) / (4 * x^(3/4)) b) Marginal utility of good y (MUy): MUy = ∂U/∂y MUy = Show more…

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The total utility from consuming goods x and y is U(x,y) = x'*y^3/t. When the consumption of good x does not change, the change in utility from an increase in the consumption of good x is called the marginal utility of good x. The marginal utilities of goods x and y can be expressed as MUx and MUy respectively. 1) Find the marginal utility for each good. 2) Find the total utility changes when x changes from 100 to 99 and y changes from 200 to 201.