How many apples would there be in the best bundle

Reference no: EM13162591

1. In Problem 1, Charlie has a utility function U(x_A, x_B) = x_Ax_B, the price of apples is $1, and the price of bananas is $2. If Charlie's income were $320, how many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

a.	80
b.	40
c.	160
d.	16
e.	240

2. Charlie's utility function is U(x_A, x_B) = x_Ax_B. If Charlie's income were $40, the price of apples were $2, and the price of bananas were $5, how many apples would there be in the best bundle that Charlie could afford?

a.	20
b.	6
c.	4
d.	5
e.	10

3. In Problem 2, Clara's utility function is U(X, Y) = (X + 2)(Y + 1). If Clara's marginal rate of substitution is -5 and she is consuming 15 units of good X, how many units of good Y is she consuming?

a.	5
b.	85
c.	20
d.	84
e.	11

4. In Problem 3, Ambrose's utility is U(x₁, x₂) = 4x^1/2 + x₂. If the price of nuts (good 1) is $1, the price of berries (good 2) is $7, and his income is $238, how many units of nuts will Ambrose choose?

a.	6
b.	196
c.	392
d.	199
e.	98

5. Ambrose's utility function is 4x^1/2 + x₂.. If the price of nuts (good 1) is $1, the price of berries (good 2) is $6, and his income is $198, how many units of berries will Ambrose choose?

a.	145
b.	9
c.	18
d.	8
e.	12

6. In Problem 6, Elmer's utility function is U(x, y) = min{x, y²}. If the price of x is $20, the price of y is $20, and Elmer chooses to consume 8 units of y, what must Elmer's income be?

a.	$2,880
b.	$320
c.	$1,540
d.	$1,440
e.	There is not enough information to tell.

Reference no: EM13162591

Questions Cloud

What is the percent disassociation : 2.50 moles of COBr2 are introduced into a 2.00 liter flask at 0degrees and heated to a temp of 73 degree celcius. At equilibrium, the equilibrium constant is .190. What is the percent disassociation? what is the equilibrium concentration of each s..

What is the ph of a solution made by mixing : What is the pH of a solution made by mixing 3.30 mL of 0.0045 molar Sr(OH)2 with 8.70 mL of 0.0011 molar Sr(OH)2 solution?

What amount of the excess reagent remains after the reaction : What amount of the excess reagent remains after the reaction is complete in grams?

Calculate the theoretical yield : Calculate the theoretical yield of C2H5Cl when 138 g of C2H6 reacts with 244 g of Cl2, assuming that C2H6 and Cl2 react only to form C2H5Cl and HCl.

How many apples would there be in the best bundle : How many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

How many grams of zn have been consumed : If 158 mL of wet H2 is collected over water at 24C and a barometric pressure of 737 torr, how many grams of Zn have been consumed?

State mole for dilution depends on the process : Calculate H per mole of CaCl2 (in kJ) for the reaction under the above conditions. Aside, the ?H per mole for dilution depends on the process.

What are partial pressures of gases present at equilibrium : If B gas at 0.221 bar is injected into a container at 665 °C that contains excess A, what are the partial pressures of all gases present at equilibrium?

State a reaction that is used to propel rockets : A reaction that is used to propel rockets is N2O4(l) + 2N2H4(l) --> 3N2(g) + 4H2O(g). This reaction has the advantage that neither product is toxic, so no dangerous pollution is released

User Account

All Pages