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chrissy purchases food (f) and other goods (y) and has the utility function U(f,Y)-F*Y with Muf=y and Muy=f. her income is $12. the price of a unit of food is 2 and the price of other goods is 1.
A. how many units of food does she consume when she maximizes utility?
B. the government has recent completed a study suggesting that fora health diet every consumer like chrissy a cash subsidy that would induce her to buy F=8. how large would the cash subsidy need to be? show her optimal basket iwth the cas subside on an optimal choice diagram with f on the horizontal axis and y on the verical axis.
C. as an alternative to the cash subsidy in part (b) the goverment is also considering giving conusemrs like chrissy good stamps, that is, vocher with a cash value that can only be redeemed to purchase food. verify that if the goverment give her vouchers worth $16 she will choose F=8. illustrate her optimal choice on an optimal choice diagram. you many use the same graph in part (b).
As we all know, at current it is illegal for parents who want to adopt a child to pay the birth mother for, or to offer to pay for, the babies they adopt.
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