6. Lynn sees honey and sugar as perfect substitutes. She is always willing to substitute 1...
6. Lynn sees honey and sugar as perfect substitutes. She is always willing to substitute 1 teaspoon of honey for 2 teaspoons of sugar. If the price of honey is three times as expensive as sugar, she will:
a.) be willing to purchase either sugar or honey.
b.) some honey and some sugar
c.) use only honey
d.) use only sugar.
Homework Answers
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6. Lynn sees honey and sugar as perfect substitutes. She is
always willing to substitute 1...
Question: If Coke and Pepsi are perfect substitutes for Lynn. She is always willing to substitute...
Question: If Coke and Pepsi are perfect substitutes for Lynn. She is always willing to substitute 1.1 Pepsis for 1 Coke. That is, her utility function is: U(Cokes, Pepsis)= 1.1*Cokes + Pepsis If she has an income of $100 and the price of Cokes is $1.20 and Pepsis is $1, then what is the optimal bundle that Lynn should consume?
3. Sara views chocolate and vanilla ice cream as perfect substitutes. She likes both and is...
3. Sara views chocolate and vanilla ice cream as perfect substitutes. She likes both and is always willing to trade one scoop of chocolate for two scoops of vanilla ice cream. a. What is Sara's MRS of chocolate to vanilla ice cream? b. If the price of a scoop of chocolate ice cream (Pc) is three times the price of vanilla (Pv), will Sara buy both types of ice cream? If not, which will she buy?
Mary considers spoonfuls of sugar (S) and spoonfuls of medicine (M) to be perfect substitutes and...
Mary considers spoonfuls of sugar (S) and spoonfuls of medicine (M) to be perfect substitutes and always requires 4 spoonfuls of sugar to be willing to give up 2 spoonfuls of medicine (Notice that it means the spoonful of medicine is more valuable for Mary than the spoonful of sugar). Suppose sugar costs $2 per spoonful and medicine costs $3 per spoonful. Mary's income is $18. Which of the following expresses Mary's utility function and optimal consumption bundle? A. U(S,M)...
Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2 g...
Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2 g of sugar for each cup of coffee. She has S6 to spend on sugar and coffee. One gram of sugar costs 5 cents and one cup of coffee costs 20 cents. Draw a diagram, with sugar on the horizontal axis and cup of coffee on the vertical axis, to answer the following questions. 1. Which bundle will Sandra consume (represented by point A)?...
Choose a,b,c,d icular production process that capital and labor are perfect l. If the 7. Suppose...
Choose a,b,c,d
icular production process that capital and labor are perfect l. If the 7. Suppose in a part substitutes so that three units of labor are equivalent to one unit of capita price of capital is s4 per unit and the price of labor is si per unit, the firm should A) employ capital only B) employ labor only C) use three times as much capital as labor. D) use three times as much labor as capital.
Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2...
Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2 g of sugar for each cup of coffee. She has S6 to spend on sugar and coffee. One gram of sugar costs 5 cents and one cup of coffee costs 20 cents. Draw a diagram, with sugar on the horizontal axis and cup of coffee on the vertical axis, to answer the following questions. 1. Which bundle will Sandra consume (represented by point A)?...
2) If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely A) shift...
2) If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely A) shift leftward. B) shift rightward. C) become flatter. D) become steeper. 3) If the price of automobiles were to decrease substantially, the demand curve for automobiles would most likely A) shift rightward. B) shift leftward. C) remain unchanged. D) become steeper. 4) Suppose a market were currently at equilibrium. A rightward shift of the demand curve would cause A) an increase...
6. Perfect Complements Oliver is very specific about his business attire. He always buys three white...
6. Perfect Complements Oliver is very specific about his business attire. He always buys three white shirts (xv) for every pair of trousers (xt). Oliver's total budget for clothing is $200. The price of each white shirt (pw) is $5 and the price of each pair of trousers (pt) is $25. (20 points) a. Given Oliver's preferences, what is his corresponding utility function? b. What is Oliver's budget constraint? c. What is Oliver's optimum consumption bundle? d. Draw the indifference...
6. The total product of a firm is as follows, which statement is corvect A) MP,...
6. The total product of a firm is as follows, which statement is corvect A) MP, is increasing in phase 1 B) MP is increasing in phase II. is increasing in phs D) MP, is masimized in the edge of phase ll and Im. 7. Suppose in a particular production process that capital and labor are perfect If the substitutes so that three units of labor are equivalent to one unit of capital. price of capital is sa per unit...
which statement is correcs? 6 The total product of a firn is as follows Total Produa...
which statement is correcs? 6 The total product of a firn is as follows Total Produa A) Mn is increasing in phase L C) APh is increasing in phase III. B) MPh is increasing in phase II D) MP, is maximized in the edge of phase II and I11. a particular production process that capital and labor are perfect l. If the 7. Suppose in substitutes so that three units of labor are equivalent to one unit of capita price...
3. Sara views chocolate and vanilla ice cream as perfect substitutes. She likes both and is always willing to trade one scoop of chocolate for two scoops of vanilla ice cream. a. What is Sara's MRS of chocolate to vanilla ice cream? b. If the price of a scoop of chocolate ice cream (Pc) is three times the price of vanilla (Pv), will Sara buy both types of ice cream? If not, which will she buy?
Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2 g of sugar for each cup of coffee. She has S6 to spend on sugar and coffee. One gram of sugar costs 5 cents and one cup of coffee costs 20 cents. Draw a diagram, with sugar on the horizontal axis and cup of coffee on the vertical axis, to answer the following questions. 1. Which bundle will Sandra consume (represented by point A)?...
Choose a,b,c,d
icular production process that capital and labor are perfect l. If the 7. Suppose in a part substitutes so that three units of labor are equivalent to one unit of capita price of capital is s4 per unit and the price of labor is si per unit, the firm should A) employ capital only B) employ labor only C) use three times as much capital as labor. D) use three times as much labor as capital.
Exercise 3 For Sandra, coffee and sugar are perfect complements: she wants to consume exactly 2 g of sugar for each cup of coffee. She has S6 to spend on sugar and coffee. One gram of sugar costs 5 cents and one cup of coffee costs 20 cents. Draw a diagram, with sugar on the horizontal axis and cup of coffee on the vertical axis, to answer the following questions. 1. Which bundle will Sandra consume (represented by point A)?...
6. Perfect Complements Oliver is very specific about his business attire. He always buys three white shirts (xv) for every pair of trousers (xt). Oliver's total budget for clothing is $200. The price of each white shirt (pw) is $5 and the price of each pair of trousers (pt) is $25. (20 points) a. Given Oliver's preferences, what is his corresponding utility function? b. What is Oliver's budget constraint? c. What is Oliver's optimum consumption bundle? d. Draw the indifference...
6. The total product of a firm is as follows, which statement is corvect A) MP, is increasing in phase 1 B) MP is increasing in phase II. is increasing in phs D) MP, is masimized in the edge of phase ll and Im. 7. Suppose in a particular production process that capital and labor are perfect If the substitutes so that three units of labor are equivalent to one unit of capital. price of capital is sa per unit...
which statement is correcs? 6 The total product of a firn is as follows Total Produa A) Mn is increasing in phase L C) APh is increasing in phase III. B) MPh is increasing in phase II D) MP, is maximized in the edge of phase II and I11. a particular production process that capital and labor are perfect l. If the 7. Suppose in substitutes so that three units of labor are equivalent to one unit of capita price...
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