Enable contrast version

Tutor profile: Farley F.

Inactive
Farley F.
Tutor for 5 years
Tutor Satisfaction Guarantee

Questions

Subject: Spanish

TutorMe
Question:

¿De dónde eres tú? ¿Cuantos años tienes y a que te dedicas?

Inactive
Farley F.
Answer:

Soy de Los Angeles y tengo 21 años y estudio Economia en la universidad de Tufts.

Subject: Microeconomics

TutorMe
Question:

For each of the following utility functions, find the marginal utilities (MU1 and MU2) and the marginal rate of substitution of good 1 for good 2 ( MRS12) . Also graph a typical indifference curve for the utility functions and determine whether they have a convex (smooth) indifference curve (i.e. whether MRS12 decreases as x1 increases) (a) u(x1,x2)=3x1+x2

Inactive
Farley F.
Answer:

Solution: a) u(x1,x2)= 3x1 + x^2 which is perfect substitute preference. MU1= 3, MU2=1. MRS=3 so indifference curve is linear since MRS is constant. The graph would look like this = \ on the x and y axes.

Subject: Macroeconomics

TutorMe
Question:

the function u(c) = (c^1 -θ)/(1-θ) where c denotes consumption of some arbitrary good and θ (the Greek letter theta) tis the parameter because its value governs how curved the utility function is and is treated as a constant. For this problem C > 0 because there is not such a thing as negative consumption. a. Plot the utility function for θ = 0. Is the utility function displaying diminishing marginal utility? Is marginal utility ever negative for this utility function?

Inactive
Farley F.
Answer:

With θ= 0 the utility function becomes the linear function u(c) = c - 1. Notice that utility may actually be negative but recall that the units of utility (utils) are completely arbitrary, so there is nothing wrong with considering negative values of utility. It does not display diminishing marginal utility because its slope is constant therefore marginal utility never becomes negative either.

Contact tutor

Send a message explaining your
needs and Farley will reply soon.
Contact Farley

Request lesson

Ready now? Request a lesson.
Start Lesson

FAQs

What is a lesson?
A lesson is virtual lesson space on our platform where you and a tutor can communicate. You'll have the option to communicate using video/audio as well as text chat. You can also upload documents, edit papers in real time and use our cutting-edge virtual whiteboard.
How do I begin a lesson?
If the tutor is currently online, you can click the "Start Lesson" button above. If they are offline, you can always send them a message to schedule a lesson.
Who are TutorMe tutors?
Many of our tutors are current college students or recent graduates of top-tier universities like MIT, Harvard and USC. TutorMe has thousands of top-quality tutors available to work with you.