David consumes two things: gasoline (x) and bread (y), david's utility function is U(X,Y)=10X^0.25Y^0.75
A. derive david's demand curve for gasoline
B. if the price of gasoline rises, how much does david reduce his consumption of gasoline? (derive dX/dpx)
Gourdon always puts half a sliced banana, X, in his bowl of cereal, Y - the two goods are perfect complements. what is his utility function? derive his demand curve for bananas graphically and numerically.
Ryan's utility depends on two goods: U(X,Y)=X^0.5+Y0.5
a. derive ryan's demand curve for x
b. what is his income elasticity for x
c. derive his engel curve for x