Mr Banda faces the following utility function from consuming nshima [X] and Rice [Y] U = 3XY 1 3 Mr Banda’s budget allocation for nshima and rice is K240. The price of nshima is K60 per Kg while that of Rice is K20 per Kg. A. How much nshima and rice should Mr. Banda consume to maximize his utility and  What is the total utility at the optimum?  b. What is the Lagrange multiplier? c. What will be the increase in utility when the budget allocation is increased to K241?

Q: Felina prefers to spend her living allowance of $1500 on Mobile data and food. She prefers to pay…

A: The utility is the want satisfying power of the commodity. The budget line would be the total amount…

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: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table…

A: Utility is maximised at a point where marginal utility per dollar for all the goods are equal.

Q: Linguini and Colette consume only éclair (x1) and profiterole (x2). Linguini has utility function U^…

A: (g) In general equilibrium, at the equilibrium allocation; MRSA=MRSB=Price…

Q: The following table depicts a consumer's utility from consuming two goods, Fish and Chips. Units of…

A: Total utility refers to the satisfaction that a consumer attains for consuming a good or service.…

Q: Suppose Karpov also enjoys eating nuts and berries. His utility function is…

A: The utility function is a key concept in economics that quantifies preferences across a range of…

Q: Can you quickly give workings of the following question please? Bob views apples and oranges as…

A: Indifference curve: It is a graphical presentation of all the possible combinations of two goods…

Q: Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is U(M,…

A: Rick will maximize his utility with the income he has and the prices that are prevailing. The budget…

Q: QUESTION 4 Linguini and Colette consume only éclair (x,) and profiterole (x,). Linguini has utility…

A: "Since you have posted multiple sub-part questions, I can only answer the first 3 parts, the rest…

Q: Hot-dogs (P = $1) Apple pie slices (P=$2) Hot-dogs Total MUMU/P Apple pie Total MUMU/P…

A: We have price of hot dog is $1 and price of an apple pie slice is $2 and income of $9

Q: 4. Badger Madison consumes only beer and sausages. His income is £100. Beer costs him £0.50 per can…

A: The utility is the want satisfying power of the consumer which would result in the maximising the…

Q: Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is U(M,…

A: "Since you have asked multiple questions, we will answer only first question for you. If you have…

Q: Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is U(M,…

A: A utility-maximizing consumer chooses the bundle of goods that gives him/her maximum satisfaction.…

Q: 5. Tony’s preferences for apples (qa) and pies (qi) are captured by the utility function U(qa, qi) =…

A: Given:Tony’s preferences for apples (qa) and pies (qi) are captured by the utility function U(qa,…

Q: A consumer with income I=120 facing prices pX = 4 and pY = 8 for two goods X and Y (for each good…

A: In utility maximization problem, a consumer attains his equilibrium or optimal consumption bundle…

Q: There are two goods, apples and bananas. The price of apples is PA = $2,and the price of bananas is…

A:

Q: 1. Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is…

A: Hi, thanks for the question. As per the guidelines, we are allowed to attempt first three questions.…

Q: Denver Bluff High School has $60,000 to spend on computers and other goods so its budget equation is…

A: We are going to use utility maximisation method to answer this question.

Q: Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is U(M,…

A: a. Rick's budget constraint: Slope of Rick's budget constraint:

Q: Quasimodo has the utility function U (x, m) = 200x – 5 + m, where x is his consumption of earplugs…

A: The utility function explains the consumer preference and taste, based on which consumer make up for…

Q: Question #4 Mary's preferences over X and Y correspond to the following utility function: U(X,Y) =…

A: Budget Constraint refers to the combination of all possible combination of commodity that a consumer…

Q: Assume that Bob's utility function over beer x and pizza y is U(x,y) = 4x+12y. Which of the…

A:

Q: Lucia lives in Denver and enjoys drinking lattes and eating scones. The price of a latte is held…

A: Budget constraint shows all combinations of two goods that can be produced with the given level of…

Q: Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is U(M,…

A: U(M,S)=M2/3S1/3M=PM+PSMUM=dUdM=M2/3S1/3M=23M-1/3S1/3MUS=dUdS=M2/3S1/3S=13M2/3S-2/3MUMPM=MUSPS23M-1/3…

Q: Emi's friend Xindi also likes tacos, but she doesn't like sandwiches. Instead, she always consumes…

A: The prices are (PX=$2, PY=$4) and Xindi has a budget of $24Answer a) Xindialso always consumes…

Q: The following table indicates Sharona’s marginal utilities from the additional consumption of goods…

A: QA MUA QB MUB 1 24 1 48 2 22 2 44 3 18 3 36 4 12 4…

Q: Please show your answer step by step with reasons. (i) A consumer has income of £3,000. Apple juice…

A: In economics, a spending plan limitation addresses every one of the mixes of labor and products that…

Q: Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is U(M,…

A: In microeconomics, the function of U {"utility"} is described as a crucial term or concept in which…

Q: Suppose that Aji Fatou always consumes 2 spoons of sugar (X1)with each cup of coffee (X2). If the…

A: When a consumer always consumes goods in fixed ratios, the goods are Complementary goods.

Q: 1. In a simple but delicious world, Joey eats only sandwiches, s, and jam, j. He has a Cobb-Douglas…

A: Since we answer a maximum of 3 subparts, a-c will be answered here. Please reupload the question…

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: Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is U(M,…

A: A consumer maximizes utility where the marginal rate of substitution equals the price ratio of the…

Q: Imagine Billy eats brownies (B) and cookies (C) and considers them to be perfect substitutes.…

A: A pair of identically used products is referred to as a perfect substitute. The usefulness of a…

Q: Q. 2. Sania spends Rs. 150 per month on coffee and buns at the cafeteria. A cup of coffee costs Rs.…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Suppose a consumer has a monthly income of m = 100 which she spends on two commodities: french fries…

A: (e) The slope of the budget line is optimal for 2 bundles at different ratios. Thus, it can be…

Q: budget constraint, with movies on the x-axis and yoga on the y-axis.

A: Budget constraint represents all the combination of goods baskets that a person can purchase within…

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: Harry consumes 2 goods, X and Y and he spends N$60 per month. The price of good X is N$4 and the…

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

Q: 1. Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is…

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

Q: The prices of good A and good B are $3 and $2 respectively. Theodore has a budget of $29 to…

A: Price of A = 3 Price of B = 2  Income = 29  Consumption Bundle = (7 ,4 ) Budget line => 3A + 2B =…

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: Anthony spends his income on fishing lures (L ) and guitar picks (6 ). while a package of guitar…

A: PLEASE NOTE THAT AS PER THE GUIDELINE I HAVE SOLVED THREE SUB-PARTS AS REQUESTED WHIHC IS E,F, G.…

Q: (a) We know that if Asad is optimizing (and consumes a bundle that contains both apples and…

A:

Q: 1. Rick consumes 2 goods, Chicken McNuggets (M) with Szechuan sauce (S). His utility function is…

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

Q: Michael derives utility from only two goods, hamburger (Qh) and fanta (Qf). The marginal utility…

A: All the combinations of goods, as well as services that might be purchased by a consumer within his…