Recents in Beach

MEG-18 Solved Assignment 2023-24
MEG-17 Solved Assignment 2023-24
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MEG-11 Solved Assignment 2023-24
MEG-1 Solved Assignment 2023-24
Distinguish between utility function and expected utility function. Discuss the assumptions associated with the Von Neumann Morgenstern Utility Function.
Consider a consumer with the utility function given by U(X, Y) = XY where X and Y represent the two goods of consumption priced at Px and Py, respectively. The income of this consumer is assumed Rs 120, Px = Rs. 3 and Py = Rs.1. Suppose price of good X falls to Rs. 2.50, what will be its impact on consumption quantities of both the goods.
Distinguish between substitution effect and Income effect. Make a comparison with illustration between Slusky’s approach and Hicksian approach to decompose the price effect into substitution effect and income effect.