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Hello Min Naing, I wanted to ask if you would be able to teach me how to solve this kind of exercises:
1. Draw the indifference curve:
a) U (x1,x2) = x1x2 passing through point (2,4) ;
b) u (x1,x2) =x7X2, U(x1,X2) = 16;
c) u (x1,x2) = 2 - min{x1,2x2}, U(x1,X2) = 4;
d) u(x1,X2) = min{3x1 + x2,X1 + 3x2) passing through point (4,4);
e) u(X1,X2) = min{x1 +7x2,4x1+X2}, U(X1,X2) =9.
2. Calculate partial derivatives ux **** and ratio sua
a) u (x1,X2) = (2x1+5) • (x2+3) ;
c) u (X1,X2) =x1 +x1X2+X2+6;
b) U(x1,x2) =3(x1+2) • (7+1);
d) u(x1,x2) =xIxZ;
0u6x, )=(短+短);
3. Solve the following utility maximization problem
a) max? ****x, +22=8;
b) maX *1+2172+X2+1, x1+3X2=9;
c) max 3-x*x26, 3X1+4x2=5;
d) max 2• (71+1)(*2+2), PIX+P2*2=1, Ps. P2. 1> 0.
4. Find the demanded bundle for a consumer whose utility function and budget constraint are the following:
1 1
a) U(X1,x2) =3x}X}
and ⅝저 +5x2 = 3;
b) u(x1,72) = fIn(x) +3In(x2) and 4x1 = 25;
c) (x1,X2) = xI+Xz and x1 +2x2 =10;
d) u(x1,Xz) = X1+Xz and 5x1 +2Xz =10;