econ problems for Dr ruhab fatima

i need solutions asap

Assignment1

1) Draw representative indifference curves for Garbage and pollution. Explain the slope.

2) Draw representative indifference curves for an individual who consumes 3 Dove dark chocolates

with one cup of milk and at exactly that ratio.

3) Draw representative indifference curves for penny and nickel.

4) John is willing to give up 2 apples for one orange and always at that ratio. Kate is willing to give

up 3 apples for an orange and always at that ratio. Draw representative indifference curve for

each of them and compare the slopes. Intuitively what does the slope represent?

5) Assume that an individual’s preferences is represented by the following utility function:

𝑈(𝑥,𝑦) = 𝑥
1
2𝑦

a) What is the individual’s level of utility for consumption bundle A:(x=25 and y=10).

b) Derive the equation for the indifference curve that passes through bundle A.

6) Assume that an individual’s preferences is represented by the following utility function:

𝑈(𝑥,𝑦) = 𝐿𝑛𝑋 + 𝑦

c) What is the individual’s level of utility for consumption bundle A:(x=25 and y=10).

d) Derive the equation for the indifference curve that passes through bundle A.