ZuoTi.Pro
Question

Question 13 4 point Lets suppose that you are planning a dinner for your friends, and you want to make sure that you prepare
business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

u (x1,x2)= 6x1 + 2x2

Marginal Rate of Substitution according to the given equation= 6/2 = 3

Px1 / Px2 = $3 / $2= 1.5

Since MRS > Px1 / Px2, the consumer should consume all units of x1.

Total income= $60 and Price of x1= $3.

Thus, quantity of x1= $60/ $3 = 20 units of crawfish.

The correct answer is: (d) 20.

0 0
Add a comment
Know the answer?
Add Answer to:
Question 13 4 point Let's suppose that you are planning a dinner for your friends, and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Question 15 4 points Let's suppose that you are planning a night out with friends. You...

    Question 15 4 points Let's suppose that you are planning a night out with friends. You do not want to drive, so instead, you will use one of the popular ride-share apps (i.e., Uber and Lyft). Your preferences can be represented by the following utility function: U = u(11, 12) = 4x + 582 Further, let's suppose that you have a budget (T) of $32, riding with Uber costs $2 per mile (pt), and riding with Lyft costs $1.60 per...

  • que TU Question 4 10 points Save Answer Let's suppose that you are planning a night...

    que TU Question 4 10 points Save Answer Let's suppose that you are planning a night out with friends. You do not want to drive, so instead, you will use one of the popular ride-share apps de Uber and Lyft). Further, a ride with Uber (1) provides you with the same level of satisfaction as a ride with Lyft (X2). That being the case your preferences can be represented by the following utility function: U = u(x1.x2) = 4x1 +...

  • You are planning a night out with your friends, which will include dinner and a concert....

    You are planning a night out with your friends, which will include dinner and a concert. Your plan is to get dinner near your apartment, then taxi to the concert venue. A taxi will fit at most 4 people, so if there are 5-8 people in your group, you will need two taxis; if there are 1-4 people, you will only need one taxi. Suppose that you invite 6 people (not including yourself), that each person has a 75% chance...

  • 7. Let's suppose that you are planning a road trip. You have $50 to spend on...

    7. Let's suppose that you are planning a road trip. You have $50 to spend on gasoline (x subscript 1) and snacks (x subscript 2). Further, gasoline costs $2 per gallon, and snacks cost $1 each. What is the intercept of your budget line? o e o

  • Question 10 of Question 10 10 points Save Answer Let's suppose that you are in the...

    Question 10 of Question 10 10 points Save Answer Let's suppose that you are in the market for new cornhole platforms and bags. Specifically, you need two cornhole platforms (X) and eight bags (X. That being the case your preferences can be represented by the following utility function U = u(x1.X2) = min(4x1.x2] What is the marginal rate of substitution (MRS) when 4x X ? Undefined

  • Suppose that a recent scandal has resulted in bad publicity for Uber. As a result, a...

    Suppose that a recent scandal has resulted in bad publicity for Uber. As a result, a ride with Uber () no longer provides you with the same level of satisfaction as a ride with Lyft (). In fact, a ride with Lyft provides you with double the satisfaction. That being the case, your preferences can be represented by the following utility function: Further, let's suppose that you have a budget (I) of $21, riding with Lyft costs $1 per mile...

  • QUESTION 11 Suppose there are two goods, X1 and x2, and your preferences are represented by...

    QUESTION 11 Suppose there are two goods, X1 and x2, and your preferences are represented by the following utility function: , u(x1,x2) = x1/4xz.! The price, P1, for good x1, is 2.5 and the price, P2, for good x2, is 3.5. You have units of money (M) of 60. Compute the consumer's optimal consumption of x1and x2 Enter x1 only here:

  • Instructions: Answer the following questions as completely as possible. Write your answer neatly and legibly. When...

    Instructions: Answer the following questions as completely as possible. Write your answer neatly and legibly. When drawing a graph, make sure that you label axes and curves, and include appropriate coordinates. Always show your work. Suppose that Bridget and Erin spend their incomes on two goods, food (F) and clothing (C). Bridget’s preferences are represented by the utility function U(F,C) = 10FC, while Erin’s preferences are represented by the utility function U ( F , C ) = 0.20 F^2...

  • QUESTION 3 – Public and Private Goods In a New Year Pary, you need to decide...

    QUESTION 3 – Public and Private Goods In a New Year Pary, you need to decide how much money to spend on cans of beer (b, standing for the number of cans of beer) and how much to spend on fireworks (f, standing for the numer of bags of fireworks). A can of beer and a bag of fireworks each have a unit price of $5, that is, $5 gets you one unit of either good. You have $500 to...

  • Please answer the following question. Please show all your work/explanation. This question asks you to recall...

    Please answer the following question. Please show all your work/explanation. This question asks you to recall what you know about how we study the choices of individual consumers. We will focus on an American tourist consumer in Tehran who must decide how many Persian Rugs (R) and how many ounces of Saffron (S) to purchase. Assume our consumer has complete, transitive preferences over Rugs and Saffron and prefers more to less. Explain in words the meaning of these assumptions. Draw...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT