Gven that the utility function for an individual isu x1x2

Question

QUESTION 1: Given that the utility function for an individual is:U (x₁,x₂) = 6x₁^0.4x₂^(1-0.4)and Income = $68, the price of good one = $1, and the price of good two = $4, what is this individual's consumer surplus for good one?ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 2: Given that the utility function for an individual is:U (x₁,x₂) = 3x₁^0.3x₂^(1-0.3)and Income = $108, the price of good one = $4, and the price of good two = $2, what is this individual's consumer surplus for good one?ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 3: Given that the utility function for an individual is:U (x₁,x₂) = 2x₁^0.7x₂^(1-0.7)and Income = $59, the price of good one = $3, and the price of good two = $3, and the new price of good one = $30, what is the change in consumer surplus for good one?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 4: Given that the utility function for an individual is:U (x₁,x₂) = 3x₁^0.8x₂^(1-0.8)and Income = $57, the price of good one = $2, and the price of good two = $2, and the new price of good one = $75, what is the change in consumer surplus for good one?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 5: Given that the utility function for an individual is:U (x₁,x₂) = 7x₁^0.4x₂^(1-0.4)and Income = $88, the original price of good one = $2, and the price of good two = $2, and the new price of good one is $5 what is this individual's compensating variation?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 6:Given that the utility function for an individual is:U (x₁,x₂) = 7x₁^0.4x₂^(1-0.4)and Income = $67, the original price of good one = $2, and the price of good two = $3, and the new price of good one is $5 what is this individual's compensating variation?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 7: Given that the utility function for an individual is:U (x₁,x₂) = 3x₁^0.1x₂^(1-0.1)and Income = $133, the original price of good one = $2, and the price of good two = $2, and the new price of good one is $4 what is this individual's equivalent variation?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

QUESTION 8: Given that the utility function for an individual is:U (x₁,x₂) = 8x₁^0.2x₂^(1-0.2)and Income = $121, the original price of good one = $2, and the price of good two = $3, and the new price of good one is $5 what is this individual's equivalent variation?ANSWER WITH A POSITIVE NUMBER AND ROUND YOUR ANSWER TO TWO DECIMAL PLACES

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