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Utility

Utility and Indirect Utility Mathematical Proof

Consider the problems of maximizing u(x) subject to px = y and maximizing v(u(x)) subject to px = y, where v(u) is strictly increasing over the range of u. Prove that x* solves the first problem if and only if it also solves the second problem. This is what I got, however i dont think its entirely correct. To solve the

Microeconomics help

Summary If George spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility? To maximize the utility, George has to spend all his money buying one type of good. Either he buys 5 units of good X or 5 units of good Y. Qu

Utility Curve

Based on the table, graph the total utility curve of Chad Hobbs for buffalo wings. Secondly, calculate the marginal utility between each point and plot the corresponding graph. Why is the slope of the MU curve negative? Chad's Utility Function ___________________________________________________ # of wings