Suppose Ann likes both pancakes (P) and waffles (W) and is always willing to substitute two pancakes for one waffle. a. Write the equation for Ann's utility function. b. Given her preferences, what is Ann's marginal utility of an additional pancake? What is Ann's marginal utility of an additional waffle? с. With pancakes on the horizontal axis and waffles on the vertical axis, graph Ann's indifference curves for U=4 and U=8. d. What is Ann's marginal rate of substitution?

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