3. Ryan has $1,700 that he can use for food. His college cafeteria sells only pizzas (p) and salads (s). One pizza costs $5. One salad costs $10. Ryan's utility function is as follows u(p,s) = (p)³(s) (1) where p is the number of pizzas and s is the number of salads. Your task is to predict how many pizzas and how many salads will Ryan buy. (a) Select the correct statements Select one or more: a. Ryan likes pizza more than salad b. The marginal utility of salad is diminishing. c. Ryan's feasible frontier is 5p+10s= 1700. Od. The marginal utility of pizza is diminishing. Oe. The marginal utility of both goods is positive Of. Salads provide constant marginal utility to Ryan. g. Pizzas provide constant marginal utility to Ryan.
3. Ryan has $1,700 that he can use for food. His college cafeteria sells only pizzas (p) and salads (s). One pizza costs $5. One salad costs $10. Ryan's utility function is as follows u(p,s) = (p)³(s) (1) where p is the number of pizzas and s is the number of salads. Your task is to predict how many pizzas and how many salads will Ryan buy. (a) Select the correct statements Select one or more: a. Ryan likes pizza more than salad b. The marginal utility of salad is diminishing. c. Ryan's feasible frontier is 5p+10s= 1700. Od. The marginal utility of pizza is diminishing. Oe. The marginal utility of both goods is positive Of. Salads provide constant marginal utility to Ryan. g. Pizzas provide constant marginal utility to Ryan.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 2QFR
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Transcribed Image Text:3. Ryan has $1,700 that he can use for food. His college cafeteria sells only pizzas (p)
and salads (s). One pizza costs $5. One salad costs $10. Ryan's utility function is as
follows
u(p, s) = (p) & (s)
(1)
where p is the number of pizzas and s is the number of salads. Your task is to predict
how many pizzas and how many salads will Ryan buy.
(a) Select the correct statements
Select one or more:
a. Ryan likes pizza more than salad
b. The marginal utility of salad is diminishing.
c. Ryan's feasible frontier is 5p + 10s= 1700.
Od. The marginal utility of pizza is diminishing.
Oe. The marginal utility of both goods is positive
Of. Salads provide constant marginal utility to Ryan.
g. Pizzas provide constant marginal utility to Ryan.
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