Aji's utility function for Blueberry (b) and Raspberry (r) is given as U = f(b, r); Budget constraint: 100 = 4b + 5r, If Blueberry is graph in the horizontal axis and Raspberry on the Vertical axis, the slope of this budget line is . (Please put your answer in fraction form like 3/7). The maximum number of Raspberry Aji could afford (Please put your answer in numerical forms without comma and decimal place). The maximum number of Blueberry Aji could afford is . (Please put your answer in numerical forms without comma and decimal place). Aji is considering 3 different bundles X, Y & Z. Bundle X contains 10 Blueberry and 15 Raspberry, bundle Y contains 7 Blueberry and 13 Raspberry, bundles Z contain 5 Blueberry and 16 Raspberry. Bundle X cost bundle Y cost & bundle cost (Please put your answers for all these 3 bundle cost in numerical forms without dollar sign, comma or a decimal place). What is the optimal bundle? (Please choose X,Y or Z, upper case only)

Q: Suppose the price of Pizza is $10 the price of cola is $1, and the consumer's income is $60. In…

A: Budget line is the feasible combination of all goods and services that can be bought given the…

Q: Let x be eggs and y be bagels. An individual utility function is given by U(x, y) = ½ x + 1 y. This…

A: Given utility function  U(x,y) = 12x+1y   .......... (1) Equation of budget constraint: 2x+1y = 4…

Q: Mary has two dinner options available: eating a home cooked meal for $150 per meal, or at a…

A: Good X = home cooked good Good y = restaurant meal Equation of budget line : 150x+ 260y = 2500

Q: Assuming the two good case.  When a person is attempting to maximize utility and the price of one of…

A: A budget constraint is  combination of two goods which are available for the consumer at market…

Q: Clara's utility function is U(x, y) =(x+2)(y+1). If her marginal rate of substitution is -4 and she…

A: Marginal rate of substitution is the rate at which one good is substituted for other. It is the…

Q: Suppose that consumer has the following utility function: U(X,Y) = XªY® where 1 > a > 0 and 1 > b>0…

A: In economics, the marginal rate of substitution (MRS) is the quantity of one good that a customer is…

Q: Suppose the price of a dress increases to $200 and income decreases to $4200. What is the new…

A: Budget line is a locus of all possible combination of two goods on which consumer spends his entire…

Q: Consider a utility function: U (F,C) = FC so MU_F = C and MU_C = F Suppose as Case 1, Total income…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Why does the optimal consumption bundle occur where the budget line is tangent to the indifference…

A: Answer: Introduction: A consumer maximizes his/her consumption where the slope of the budget line is…

Q: A student living in a university hostel has two options for meals: eating at the dining hall for…

A: Hello, thank you for the question. Since there are multiple sub-part questions asked here, only the…

Q: Suppose Pizza (P) and Hamburgers (H) are perfect substitutes to Kate. Two slices of Pizza always…

A: Given  Pizza (P) and Hamburgers (H) are perfect substitute  and utility from 2 slices of Pizza =…

Q: Suppose that Dale consumes only coffee and cheese, both of which have diminishing marginal utility.…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: How does a rational consumer choose his optimal consumption bundle? Graphically show the…

A: The economics as a study is based upon the idea that the economies, and the societies around the…

Q: Suppose the price of Pizza is $10 the price of cola is $1, and the consumer's income is $60. In…

A: The budget line is a straight line that represents a different combination of two goods a consumer…

Q: Suppose Maryís utility function is given as U(X; Y ) = 2X + Y . Mary has and income of 60 dollars.…

A: An important concept that measures preferences over a set of a particular good and services in terms…

Q: Assuming the two good case.  When a person is attempting to maximize utility and the price of one of…

A: The term utility refers to the want satisfying power of any commodity. The associated term is…

Q: Suppose the price of pizza is $10, the price of cola is $1, and the consumer's income is $60. In…

A: Given that Income(M)= 60 Px= Price of pizza = $10 Py= Price of Cola =$1

Q: Suppose that the price of T rises by $1 and the price of L falls by $1.25. Can Paula still afford to…

A: As the price of T rises by $1 and as mentioned the price of L reduced by $1.25, it is quite possible…

Q: As an economics student your budget for meals at the university is Rs 12,000 and you have two…

A: The budget line shows the combination of two goods that a consumer can purchase. The quantity of…

Q: If a consumer has chosen optimally, their Marginal Rate of Substitution is equal to the price…

A: Marginal rate of substitution (MRS) is the rate at which an individual will be willing to substitute…

Q: Sophia’s preferences over donuts (D) and coffee (C) are represented by the utility function:…

A: The utility function implies donuts and coffee are perfect complements and consumed in fixed…

Q: Suppose that the following utility function is given U(X,Y) = x +Y. Which of the following is…

A: D) We have non-convex preferences since Law of diminishing Marginal Rate of Substitution fails to…

Q: Mary has two dinner options available: eating a home cooked meal for $150 per meal, or at a…

A: Given:Cost of each homecooked meal=$150Cost of each restaurant meal=$260Weekly budget=$2500

Q: A student living in a university hostel has two options for meals: eating at the dining hall for…

A: Budget constraint: - it is graphical representation of different bundles of goods that a consumer…

Q: Mrs. Griffiths earns $5000 a week and spends her entire income on dresses and handbags, since these…

A: Answer- Given in the question- Mrs. Griffiths earns $5000 a week and spends her entire income on…

Q: The theory of consumer choice examines the tradeoffs inherent in decisions made by consumers. For…

A:

Q: Suppose Ming spends his entire income on two goods, X and Y, has "standard-looking" indifference…

A: Normal Goods: Normal goods are those goods whose demand is directly related to income. If income…

Q: In Problem 6, Elmer's utility function is U(x, ) = min{x, y²}. If the price of x is $20, the price…

A: From the utility function, we know x and y are complements  Thus, x=y2 When y= 8 x = (8)2 = 64if 8…

Q: The price of coke is $1.50 (y axis); the price of burger is $4.50 (x axis). Suppose that Ahmed does…

A:

Q: Mrs. Griffiths earns $5000 a week and spends her entire income on dresses and handbags, since these…

A: Mrs. Griffith's income = $5000 She buys two commodities - dress (D) and handbag(H)

Q: Suppose that the following utility function is given U(X,Y) = x2+Y Which of the following is…

A: A utility function is said to be convex utility preference if its quasi concave which implies the…

Q: Timothy has a utility function that depends on the number of musicals and the number of operas seen…

A: Introduction- Utility is determined by a consumer, on the basis of happiness or satisfaction that he…

Q: Examine the graph below to answer the following question regarding "substitution and income effects"…

A: The budget line is a straight line that shows the possible attainable combination of two goods that…

Q: Mrs. Griffiths earns $5000 a week and spends her entire income on dresses and handbags, since these…

A: Marginal rate of substitution is the ration of marginal utilities of both product.

Q: Suppose a consumer consumes two goods, X and Y. The slope of the budget constraint equals the a.…

A: A budget constraint illustrates the various combinations of two goods that a consumer can purchase…

Q: Victoria has the following utility function: U(x,y) = x½y½ and faces the budget constraint: M = Px +…

A: Given, U(x,y) = x12y12 M = 120 Px = 4 Py = 1 M = Px + Py 120 = 4x + y        ------------ equation…

Q: Suppose that you have two consumption choices: good X, and good Y. An indifference curve is the set…

A: Indifference curve show the relationship between consumption of two goods and service , consume by…

Q: A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a…

A: Given, dining hall for $6 per meal Cup O’ Soup for $1.50 per meal Hisweekly food budget is $60

Q: Suppose that a typical consumer’s utility function is characterized by the following relation…

A: According to question resource available to the consumer is 160 birr . Taking birr as the currency…

Q: For the consumer whose choices are shown in the diagram, the substitution effect of the price change…

A: Substitution effect is change in demand or consumption of  a commodity or a service due to a change…

Q: A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a…

A: The weekly food budget of the consumer is $60 and price of one meal is $6 and one cup of O‘soup is…

Q: If the utility function (U) between food (F) and clothing (C) can be represented as U =2F + 9C, the…

A: The utility is the amount of satisfaction received by the consumers from the consumption of goods…

Q: A college student has two options for meals: eating at the dining hall for $6 per meal or eating a…

A: a. Let d and c represent the number of meals eaten in the dining hall, respectively, and Cup 0'Soup…

Q: If the price of a cinema ticket is 20, the price of a concert ticket is 40 and the income is 120,…

A: Budget constraint shows the combination of two goods a person can afford given its income level and…

Q: Consider a utility function: U (F,C) = FC so MU_F = C and MU_C = F Suppose as Case 1, Total income…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Consider a utility function: U (F,C) = FC so MU_F = C and MU_C = F Suppose as Case 1, Total income…

A: Given, U (F,C) = FC MUF= C MUC = F Income (I) = $100 Price of food (PF) = $2 Price of cloth (PC) =…