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Linda loves buying shoes and going out to dance. Her utility function for pairs of shoes, S, and the number of times she goes dancing per month, T, is U(S, T) = 2ST, so MUs=2T and MUT=2S. It costs Linda $50 to buy a new pair of shoes or to spend an evening out dancing. Assume that she has $500 to spend on clothing and dancing.
a.What is the equation for her budget line? Draw it( with T on vertical axis), and label the slope and intercepts.
b.What is LindaÂ’s marginal rate of substitution? Explain.
c.Solve mathematically for her optimal bundle. Show how to determine this bundle in a diagram using indifference curves and budget line.
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Initially, Michael has 10 candy bars and 5 cookies, and Tony has 5 candy bars and 10 cookies. After trading, Michael has 12 candy bars and 3 cookies. In an Edgeworth box, label the initial allocation A and the new allocation B.
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