(SOLVED) Katie likes to paint and sit in the sun Her

Katie likes to paint and sit in the sun Her Katie likes to paint and sit in the sun. Her utility
function is U(P, S) = 3PS + 6P, where P is the number of paint brushes and S is the number of
straw hats. The price of a paint […]

Suppose that Maggie cares only about chai and bagels Her Suppose that Maggie cares only
about chai and bagels. Her utility function is U = CB, where C is the number of cups of chai she
drinks in a day, and B is the number of bagels she eats in […]

Terry has 100 to spend on Lake Perch and walleye Terry has $100 to spend on Lake Perch and
walleye for his family’s Friday fish fry. Terry’s utility function is U(P,W) = 10W + PW where P is
pounds of lake perch and W is pounds of walleye. a. Suppose […]

Suppose that a consumer has a choice between gallon jugs Suppose that a consumer has a
choice between gallon jugs of milk and half-gallon jugs of milk. The consumer only cares about
how much milk she consumes and does not care about the size of the jug. a. Write a […]

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Suppose that Ren e consumes 2 goods X and Y and Suppose that Renée consumes 2 goods,
X and Y, and that her preferences are represented by the utility function U(X,Y) = X0.5Y0.5.
Determine whether each of the following utility functions also represent Renee’s preferences: a.
V(X,Y) = 33XY + […]

For the following utility functions find the marginal rate of For the following utility functions, • find
the marginal rate of substitution, • Discuss how MRS XY changes as the consumer substitutes
X for Y along an indifference curve, • Derive the equation for the indifference curve where utility
is […]

Andrea loves to eat burritos with hot sauce In fact Andrea loves to eat burritos with hot sauce. In
fact, she cannot enjoy a burrito (B) unless it has three servings of hot sauce (H). She gets no
additional enjoyment from more than three servings per burrito. Thus, her utility […]

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