Ray Starr Has the Utility Function U(x, Y)= Y/(100 -

question 14

Essay

Ray Starr has the utility function U(x, y)= y/(100 - x).
a.Does Ray prefer more to less of both goods?
b.Draw a diagram showing Ray's indifference curves corresponding to the utility levels U = 1/2, U = 1, and U = 2.
c.How can you describe the set of indifference curves for Ray?
d.If the price of x is $1 and the price of y is $1, find Ray's demand for x as a function of his income and draw a diagram showing his Engel curve for x.

---

Definitions:

Nonverbal Signals

Forms of communication without words, such as gestures, facial expressions, and body language, that convey messages or emotions.

Parliamentary Procedure

A set of rules for conduct at meetings that allows everyone to be heard and to make decisions without confusion.

Business Etiquette

The set of manners and behaviors considered acceptable and professional in a business environment.

Meeting Productivity

Refers to the effectiveness and efficiency of a meeting in achieving its objectives.