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Name ______________________________________________________

Please print out this form. After you have written your answers, please staple the seven sheets

together at the top left-hand corner.

The first sheet is intended only as a cover sheet. Do not write anything on the first sheet

except your name and ID #.

Please answer each question on the page provided. If you need extra space, you may use the back

of the sheet.

There are 50 possible points on this homework assignment. You may work together, but you MUST

WRITE UP YOUR OWN WORK.

YOU MUST TURN IN THE HOMEWORK IN THE CLASS IN WHICH YOU ARE

REGISTERED!!

PLEASE STAPLE YOUR

HOMEWORK!!

1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given

bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve

that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the

amount of good X on the horizontal axis, and the amount of good Y on the vertical axis.

a) The consumers utility function is given by U(X,Y) = X1/2*Y1/2, and the given bundle is X = 16 and Y =

4.

i) MRS = __________________________________________________

b) The consumers utility function is given by U(X,Y) = MIN(X, 4Y), and the given bundle is X = 3 and Y

= 1.

i) MRS = __________________________________________________

c) The consumers utility function is given by U(X,Y) = 4X + 2Y and the given bundle is X = 1 and Y = 3.

i) MRS = __________________________________________________

2) (18 points) For each of the following situations, draw the consumers budget constraint and indicate the

consumers optimal bundle on the budget constraint. Make sure your graph is accurate and clearly

labeled.

a) U(X,Y) = X1/4Y3/4. The consumer has $24 to spend and the prices of the goods are P X = $2 and PY = $3.

Note that the MUX = (1/4)X-3/4Y3/4 and the MUY = (3/4)X1/4Y-1/4.

b) U(X,Y) = MIN(5X,Y). The consumer has $24 to spend and the prices of the goods are P X = $3 and PY

= $1.

c) U(X,Y) = 2X + 3Y. The consumer has $20 to spend and the prices of the goods are P X = $2 and PY =

$4.

3. (14 total points) Suppose that Lynn enjoys coconut oil in her coffee. She has very particular

preferences, and she must have exactly three spoonfuls of coconut oil for each cup of coffee. Let C be the

number of cups of coffee, and O be the number of spoonfuls of coconut oil. Also, let P C be the price of a

cup of coffee. Suppose Lynn has $12 to spend on coffee and coconut oil. Also, the price of coconut oil is

$.20 per spoonful.

Graph Lynns Price consumption curve for prices, PC = $.60, PC = $.90, and PC = $1.80. Please put the

number of cups of coffee (C) on the horizontal axis, and the number of spoonfuls of coconut oil (O) on

the vertical axis. Be sure to label your graph carefully and accurately.

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