Montclair ECON 207 – Ronald consumes two goods, X and Y

Refer to Question 3 of Homework 2.Ronald consumes two goods, X and Y. He has a utility function given by the expression: U = 4X0.75Y0.25.So, MUX=3Y0.25/X0.25 and MUY=X0.75/Y0.75.b. Holding Ronald’s income and PY constant at $960 and $48 respectively, find out the equation for Ronald’s demand curve for X. Show your work. (2+8 = 10 points)Refer to the information in Homework 2 Question 4:Ross derives utility from only two goods, chocolates (x) and donuts (y). His utility function is as follows: U(x,y) = 2xy. His marginal utility from chocolates (x) and donuts (y) are given as follows: MUx = 2y and MUy = 2x.Ross has an income of $120 and the price of chocolates (Px) is $0.40 and donuts (Py) is $0.60.b. Suppose price of donuts (Py) increase to $0.80, price of chocolates and income remain unchanged. How much is the total effect of this price change on Ross’s consumption of donuts? Show your work. How much of this total effect is due to income effect and how much is due to substitution effect? Show your work. (2+6+4+4 = 16 points)

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Essay Fountain
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Ethics
I Thank the entire team.
Customer 452919, January 25th, 2022
Nutrition, Hospitality & Human Services
Thank you for your assistance.
Customer 452919, April 9th, 2024
Sociology
I enjoyed the writer's work. Please send the writer's ID. The paper was available ahead of the due date and numbered each question to ensure mee that it was covered. AWESOME WORK!
Customer 452919, April 20th, 2022
Political science
Great paper
Customer 452863, September 11th, 2021
Marketing
Excellent and thank you!
Customer 452591, December 12th, 2020
Sociology
Thank you, Team I sincerely appreciate your service.
Customer 452919, April 13th, 2022
Sociology
Thank you
Customer 452919, February 16th, 2024
Sociology
I want to thank the entire team. Please know that I am truly grateful for your service.
Customer 452919, November 11th, 2021
Education
Very well written thank you
Customer 452667, April 8th, 2021
Sociology
Thank you for your teamwork. I have only used Solutions to assist me with my assignments.
Customer 452919, March 1st, 2023
WRTG 393 6360 Advanced Technical Writing (2222)WRTG-393
Patience and truly superb service considering all the information was not uploaded.
Customer 452995, February 4th, 2022
Nutrition, Hospitality & Human Services
Thank you for the revision.
Customer 452919, April 16th, 2024
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat