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Mary’s utility function is U (b, c) = b + 100c ?c2, where b is the number of tomatoes in her garden and c is the number of onions. She has 500 square feet in her garden to allocate between tomatoes and onions. Tomatoes each take up 1 square foot and onions each take up 4 square feet. She gets both kinds of seeds free.
(a)To maximize her utility, given the size of her garden,
How many tomatoes and onions should Mary plant?
Determine which of these statements are normative and which are positive and explain why you place them in the normative or positive category.
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Explain how does the concept of dualism adequately portrays the development picture in developing countries.
What is the optimal transfer price for the basic plastic item . At what price should the marketing division sell its product.
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