John and Karen are married, and each has preferences over watching football games (F) and going to the ballet (B). Assume that John cares only about watching football games, and derives no utility from going to the ballet, while Karen has the exact opposite preferences: she cares only about going to the ballet, and derives no utility from watching football games.
Provide a mathematical expression for a utility function U J (qF , qB ) that represents John’s preferences, and a utility function U K (qF , qB ) that represents Karen’s preferences.
Putting qF (the number of football games watched) on the horizontal axis, and qB (the number of ballet performances attended) on the vertical axis, draw indifference curves for both John and Karen (clearly label which is which).
John and Karen are married, and each has preferences over watching football games (F) and going...
John has preferences for food F and clothing C described by a utility function U(F,C) = min (F, 2C). Suppose that food costs $1 a unit and that clothing costs $2 a unit. John has $12 to spend on food and clothing. (10 pts.) a) On a graph, draw indifference curves corresponding to u = 6, u = 10, u = 14. Make sure to label coordinates clearly. Using the graph, find the optimal choice of food and clothing. Let...
Ben spends $100 per month on playing video games (G) at an arcade or going to movies (M). His utility function is U(G,M)=2ln(G)+M The price of G is $1 and the price of M is $10. Answer the following questions: Ben would like to choose the consumption of G and M so that he maximizes his utility. How many G and M would Ben like to consume? Label the x-axis as G for quantities of G and y-axis as M...