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ECO - Amy has a utility function




Question;Amy has a utility;function:u (x,y,z)= x+2lny+lnz;(a) What kind of preferences does Amy have?;Explain. What does this mean;for her demand functions?;(b) Derive her demand functions when she has;income M and faces prices px, py, pz.. Explain your steps in;deriving the demand functions.;(c) Find the income;own price and cross price elasticities of good y. Explain whether the good is normal, ordinary and a substitute;or complement of the other goods in demand.


Paper#56840 | Written in 18-Jul-2015

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