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4. Kate spends all her money on airtime for her mobile phone and gasoline for her...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her car We'll use the symbols W (for wireless) to stand for the number of minutes she spends talking on her mobile phone and G to stand for the gallons of gasoline she uses during a week. Her utility is given by G/8+ vW. The price of gasoline, Po is $1 per gallon, the price of mobile minutes, Pw, is $0.50 per minute, and Kate...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her car We'll use the symbols W (for wireless) to stand for the number of minutes she spends talking on her mobile phone and G to stand for the gallons of gasoline she uses during a week. Her utility is given by G/8+ vW. The price of gasoline, Po is $1 per gallon, the price of mobile minutes, Pw, is $0.50 per minute, and Kate...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her car We'll use the symbols W (for wireless) to stand for the number of minutes she spends talking on her mobile phone and G to stand for the gallons of gasoline she uses during a week. Her utility is given by G/8+ VW. The price of gasoline, Pc is $1 per gallon, the price of mobile minutes, Pw, is S0.50 per minute, and Kate...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her car We' use the symbols W (for wireless) to stand for the number of minutes she spends talking on her mobile phone and G to stand for the gallons of gasoline she uses during a week. Her utility is given by G/8+W. The price of gasoline, Pa is $1 per gallon, the price of mobile minutes, Pw, is S0.50 per minute, and Kate can...
3. Keiko spends all her money on airtime for her mobile phone and gasoline for her...
3. Keiko spends all her money on airtime for her mobile phone and gasoline for her car. Her preferences correspond to the utility function U(G,W) = W+ 20/G, where G stands for gallons of gasoline and W stands for mobile (wireless) minutes used in a week. (Remember, for that utility function, the marginal utility of gasoline is 10/VG, and the marginal utility of mobile minutes is 1.) Keiko can spend S40 and mobile minutes cost $0.50 per minute. Suppose the...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
3. Suppose Natalie's income is $200 per month, a concert ticket costs $30, a film ticket...
3. Suppose Natalie's income is $200 per month, a concert ticket costs $30, a film ticket costs $5, and her preferences are represented by the utility function U(C, F) where C stands for the number of concerts and F stands for the number of films. (a) What is Natalie's marginal utility of film tickets? (b) What is Natalie's marginal utility of concert tickets? (c) What is Natalie's MRS for film tickets with concert tickets? (d) What is the optimal affordable...
3. Jo spends all her money on records. She only considers buying disco and classic rock,...
3. Jo spends all her money on records. She only considers buying disco and classic rock, and she is always willing to give up two classic rock for one disco record. a. Create a utility function describing Jo’s preferences. b. Sketch an indifference curve showing bundle giving her the same utility as when she has 4 disco and 4 classic rock records. c. A disco record costs $25 and a rock record $10. If Jo has $140 how what is...
4. Blythe currently spends all of her income on B = bottles of beer and R=Red...
4. Blythe currently spends all of her income on B = bottles of beer and R=Red Wing games. Beer costs $15 per bottle, and the price of hockey games is $14 per game. Assume that Blythe is not allowed to drink her beer at the Red Wing games. Blythe's marginal utility for beer is 300, and her marginal utility for Red Wing games is 294. (Assume all goods are perfectly divisible.). Determine whether Blythe is at her optimal consumption. If...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her car We'll use the symbols W (for wireless) to stand for the number of minutes she spends talking on her mobile phone and G to stand for the gallons of gasoline she uses during a week. Her utility is given by G/8+ vW. The price of gasoline, Po is $1 per gallon, the price of mobile minutes, Pw, is $0.50 per minute, and Kate...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her car We'll use the symbols W (for wireless) to stand for the number of minutes she spends talking on her mobile phone and G to stand for the gallons of gasoline she uses during a week. Her utility is given by G/8+ vW. The price of gasoline, Po is $1 per gallon, the price of mobile minutes, Pw, is $0.50 per minute, and Kate...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her car We'll use the symbols W (for wireless) to stand for the number of minutes she spends talking on her mobile phone and G to stand for the gallons of gasoline she uses during a week. Her utility is given by G/8+ VW. The price of gasoline, Pc is $1 per gallon, the price of mobile minutes, Pw, is S0.50 per minute, and Kate...
4. Kate spends all her money on airtime for her mobile phone and gasoline for her car We' use the symbols W (for wireless) to stand for the number of minutes she spends talking on her mobile phone and G to stand for the gallons of gasoline she uses during a week. Her utility is given by G/8+W. The price of gasoline, Pa is $1 per gallon, the price of mobile minutes, Pw, is S0.50 per minute, and Kate can...
3. Keiko spends all her money on airtime for her mobile phone and gasoline for her car. Her preferences correspond to the utility function U(G,W) = W+ 20/G, where G stands for gallons of gasoline and W stands for mobile (wireless) minutes used in a week. (Remember, for that utility function, the marginal utility of gasoline is 10/VG, and the marginal utility of mobile minutes is 1.) Keiko can spend S40 and mobile minutes cost $0.50 per minute. Suppose the...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
3. Suppose Natalie's income is $200 per month, a concert ticket costs $30, a film ticket costs $5, and her preferences are represented by the utility function U(C, F) where C stands for the number of concerts and F stands for the number of films. (a) What is Natalie's marginal utility of film tickets? (b) What is Natalie's marginal utility of concert tickets? (c) What is Natalie's MRS for film tickets with concert tickets? (d) What is the optimal affordable...
4. Blythe currently spends all of her income on B = bottles of beer and R=Red Wing games. Beer costs $15 per bottle, and the price of hockey games is $14 per game. Assume that Blythe is not allowed to drink her beer at the Red Wing games. Blythe's marginal utility for beer is 300, and her marginal utility for Red Wing games is 294. (Assume all goods are perfectly divisible.). Determine whether Blythe is at her optimal consumption. If...
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