Answered: 7. An individual's utility function is given by U = 1000x, + 450x, +5x,x, - 2x-x where is the amount of leisure measured in hours per week and is income earned… | bartleby

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SOLVED: Suppose that we have a utility function involving two goods that is linear of the form U =ax by.a. Derive demand functions for x and yb. Derive indirect utility functionsc. Derive the expenditure function for this utility function. Hint: The expenditure functionwill have kinks at various price ratios.

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SOLVED:Assess your utility function in two different ways. a Use the certainty-equivalent approach to assess your utility function for wealth over a range of 100 to 20,000. b Use the probability-equivalent approach to assess U( 1500), U( 5600), U( 9050), and U( 13,700). Are these assessments consistent with the assessments made in part a? Plot these assessments and those from part a on the same graph and compare them.

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