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1. Craig consumes apples and bananas. We had a look at...
7. Charlie consumes apples and bananas. We had a look at two of his indifference curves....
7. Charlie consumes apples and bananas. We had a look at two of his indifference curves. In this problem we give you enough information so you can find all of Charlie's indifference curves. We do this by telling you that Charlie's utility function happens to be U (XA, xB ) = xA* x8 (a) Charlie has 40 apples and 5 bananas. Charlie's utility for the bundle (40, 5) is U (40 5)- The indifference curve through (40, 5) includes all...
3. Craig likes both apples and bananas. He consumes nothing else. The consumption bundle where Craig...
3. Craig likes both apples and bananas. He consumes nothing else. The consumption bundle where Craig consumes x, bushels of apples per year and Xg bushels of bananas per year is written as (X4, Xg). Last year, Craig consumed 20 bushels of apples and 5 bushels of bananas. It happens that the set of consumption bundles (XA, Xg) such that Craig is indifferent between (XA, Xg) and 0,5) is the set of all bundles such that Xg = 100/XA. The...
4. Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x bushels of apples per year...
4. Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x bushels of apples per year and x bushels of bananas per year. Suppose that Charlie's preference is represented in the following utility function: u(x,,Xy)-x,Xy . Suppose that the price of apples is S1, the price of bananas is S2, and Charlie's income is $40. (14 points) a. Draw Charlie's budget line. Plot a few points on the indifference curve that gives Charlie a utility of 150...
Diana's utility function for consuming apples (Xa) and Bananas (Xb) is U(Xa,Xb) = XaXb. Suppose the...
Diana's utility function for consuming apples (Xa) and Bananas (Xb) is U(Xa,Xb) = XaXb. Suppose the prices of apples is $1, bananas $2, and her income is $40. On a graph with bananas on the y-axis, use blue ink to draw Bianca’s budget line.With red ink, plot an indifference curve that gives her a utility level of 150. Using black ink, plot an indifference curve that gives her a utility level of 300. Can Bianca afford any bundles that give...
Problem 2 Suppose that Prof. Wu faces three consumption bundles A-1 apples,3 bananas), . B (3...
Problem 2 Suppose that Prof. Wu faces three consumption bundles A-1 apples,3 bananas), . B (3 apple, 2 bananas), . C (4 apples, 2 bananas) Assume that Prof. Wu prefers C to B and he is indifferent between Λ and B 1) If Prof. Wu is rational, what additional conditions you need to impose on Prof. Wu's pref erences? Explain why after adding those conditions, we can say Prof. Wu is rational 2) Depict the three consumption bundles on a...
6. A Wisconsin resident Sarah only consumes two goods: Bananas (B) and Apples (A). Her utility...
6. A Wisconsin resident Sarah only consumes two goods: Bananas (B) and Apples (A). Her utility is given by the formula: U AB You are also told that Sarah's marginal utility for consuming bananas and her marginal utility from consuming applies are given by the following equations: Marginal Utility for Bananas: MUB A Marginal Utility for Apples: MUA B a) Given this information and holding everything else constant, fill out all the missing information in the table below. Utility 100...
1. Charlotte loves apples and hates bananas. Her utility function is U (a,b) a-b2/4, where a...
1. Charlotte loves apples and hates bananas. Her utility function is U (a,b) a-b2/4, where a is the number of apples she consumes and b is the num- ber of bananas she consumes. Assume that Charlotte's income is y • What are the demand functions for Charlotte ? • What are the Engel curves for Charlotte? 2. Wilbur likes both apples and bananas. His utility function is U(a,b) = ab1/2. Assume Wilbur's budget is m, the price of apple is...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods:...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods: toques (T) and maple syrup (M). Suppose Louis monthly budget is 100 and the price of the two goods are (PT,PM) (4,2). (a) Make a properly labeled diagram illustrating Louis'budget constraint with T on the hori- zontal axis and M on the vertical axis. Indicate the area corresponding to the set of bundles (M, T) that Louis can afford. (b) What is the maximum...
Show all math work 1. Jerome has budgeted $10,000 this year for groceries and entertainment (nights...
Show all math work 1. Jerome has budgeted $10,000 this year for groceries and entertainment (nights out on a date.) After some consideration, Jerome provided the following information about various combinations of groceries (measured in bags) and entertainment (measured in nights out) per year to which he is indifferent: INDIFFERENCE CURVE #1: Total Utility =300 Utils Groceries 15 Entertainment Bundle 90 A 70 30 55 55 C 50 65 D 47 80 E INDIFFERENCE CURVE #2: Total Utility = 200...
Quick intuition check via True or False Questions 1. 2. If all prices double and income...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
7. Charlie consumes apples and bananas. We had a look at two of his indifference curves. In this problem we give you enough information so you can find all of Charlie's indifference curves. We do this by telling you that Charlie's utility function happens to be U (XA, xB ) = xA* x8 (a) Charlie has 40 apples and 5 bananas. Charlie's utility for the bundle (40, 5) is U (40 5)- The indifference curve through (40, 5) includes all...
3. Craig likes both apples and bananas. He consumes nothing else. The consumption bundle where Craig consumes x, bushels of apples per year and Xg bushels of bananas per year is written as (X4, Xg). Last year, Craig consumed 20 bushels of apples and 5 bushels of bananas. It happens that the set of consumption bundles (XA, Xg) such that Craig is indifferent between (XA, Xg) and 0,5) is the set of all bundles such that Xg = 100/XA. The...
4. Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x bushels of apples per year and x bushels of bananas per year. Suppose that Charlie's preference is represented in the following utility function: u(x,,Xy)-x,Xy . Suppose that the price of apples is S1, the price of bananas is S2, and Charlie's income is $40. (14 points) a. Draw Charlie's budget line. Plot a few points on the indifference curve that gives Charlie a utility of 150...
Problem 2 Suppose that Prof. Wu faces three consumption bundles A-1 apples,3 bananas), . B (3 apple, 2 bananas), . C (4 apples, 2 bananas) Assume that Prof. Wu prefers C to B and he is indifferent between Λ and B 1) If Prof. Wu is rational, what additional conditions you need to impose on Prof. Wu's pref erences? Explain why after adding those conditions, we can say Prof. Wu is rational 2) Depict the three consumption bundles on a...
6. A Wisconsin resident Sarah only consumes two goods: Bananas (B) and Apples (A). Her utility is given by the formula: U AB You are also told that Sarah's marginal utility for consuming bananas and her marginal utility from consuming applies are given by the following equations: Marginal Utility for Bananas: MUB A Marginal Utility for Apples: MUA B a) Given this information and holding everything else constant, fill out all the missing information in the table below. Utility 100...
1. Charlotte loves apples and hates bananas. Her utility function is U (a,b) a-b2/4, where a is the number of apples she consumes and b is the num- ber of bananas she consumes. Assume that Charlotte's income is y • What are the demand functions for Charlotte ? • What are the Engel curves for Charlotte? 2. Wilbur likes both apples and bananas. His utility function is U(a,b) = ab1/2. Assume Wilbur's budget is m, the price of apple is...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods: toques (T) and maple syrup (M). Suppose Louis monthly budget is 100 and the price of the two goods are (PT,PM) (4,2). (a) Make a properly labeled diagram illustrating Louis'budget constraint with T on the hori- zontal axis and M on the vertical axis. Indicate the area corresponding to the set of bundles (M, T) that Louis can afford. (b) What is the maximum...
Show all math work 1. Jerome has budgeted $10,000 this year for groceries and entertainment (nights out on a date.) After some consideration, Jerome provided the following information about various combinations of groceries (measured in bags) and entertainment (measured in nights out) per year to which he is indifferent: INDIFFERENCE CURVE #1: Total Utility =300 Utils Groceries 15 Entertainment Bundle 90 A 70 30 55 55 C 50 65 D 47 80 E INDIFFERENCE CURVE #2: Total Utility = 200...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
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