Macro Economics The Tangency Point of The Indifference Curve Questions
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Short questions:
- Define “Utility Maximization” and discuss the two limitations of utility maximization with examples.
- What is the first-order function for a maximum utility? Draw a graph demonstrating utility Maximization and explain underlying concepts.
- Explain the Lump Sum Principle, give an example of it, and draw the related graph.
- Discuss the three properties of expenditure functions.
Problems:
- On a given morning, Tom enjoys the consumption of cake (c) and bread (b) according to the following function:
U (c, b) = 20c- c² + 18b-3b²
How many pieces of cakes and breads does he consume during a morning? (Cost is no object to Tom)
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