Suppose that Bartolo and Emilio spend their incomes on two goods, food (F) and clothing (C). Bartolo's preferences are represented by the utility function: 16 15- U(F,C) 10FC 14- 13 while Emilio's preferences are represented by the utility function: U(F,C) 0.20F2C2 12 11 . 10- With food on the horizontal axis and clothing on the vertical axis, identify on a graph the set of points that give Bartolo the same level of utility as bundle (10,5). Do the same for Emilio. Then, identify the set of bundles that give Bartolo and Emilio the same level of utility as bundle (15,8) 8- 1.) Using the three-point curved line drawing tool, graph an indifference curve for Bartolo that includes bundle (10,5) and that also contains bundles with 4 and 5 units of food. Label the curve U 6- 2.) Using the three-point curved line drawing tool, do the same for Emilio including bundle (10,5) and bundles with 4 and 5 units of food. Label the curve U1 3.) Using the three-point curved line drawing tool, graph an indifference curve for Bartolo that includes bundle (15,8) and that also contains bundles with 10 and 12 units of food. Label the curve UR2 5 6 9 10 11 12 13 14 15 16 Food 4.) Using the three-point curved line drawing tool, do the same for Emilio including bundle (15,8) and bundles with 10and 12 units of food. Label the curve U2. Carefully follow the instructions above, and only draw the required objects. Clothing
Suppose that Bartolo and Emilio spend their incomes on two goods, food (F) and clothing (C). Bartolo's preferences are represented by the utility function: 16 15- U(F,C) 10FC 14- 13 while Emilio's preferences are represented by the utility function: U(F,C) 0.20F2C2 12 11 . 10- With food on the horizontal axis and clothing on the vertical axis, identify on a graph the set of points that give Bartolo the same level of utility as bundle (10,5). Do the same for Emilio. Then, identify the set of bundles that give Bartolo and Emilio the same level of utility as bundle (15,8) 8- 1.) Using the three-point curved line drawing tool, graph an indifference curve for Bartolo that includes bundle (10,5) and that also contains bundles with 4 and 5 units of food. Label the curve U 6- 2.) Using the three-point curved line drawing tool, do the same for Emilio including bundle (10,5) and bundles with 4 and 5 units of food. Label the curve U1 3.) Using the three-point curved line drawing tool, graph an indifference curve for Bartolo that includes bundle (15,8) and that also contains bundles with 10 and 12 units of food. Label the curve UR2 5 6 9 10 11 12 13 14 15 16 Food 4.) Using the three-point curved line drawing tool, do the same for Emilio including bundle (15,8) and bundles with 10and 12 units of food. Label the curve U2. Carefully follow the instructions above, and only draw the required objects. Clothing
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.15P
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Transcribed Image Text:Suppose that Bartolo and Emilio spend their incomes on two goods, food (F) and clothing (C). Bartolo's preferences
are represented by the utility function:
16
15-
U(F,C) 10FC
14-
13
while Emilio's preferences are represented by the utility function:
U(F,C) 0.20F2C2
12
11 .
10-
With food on the horizontal axis and clothing on the vertical axis, identify on a graph the set of points that give Bartolo
the same level of utility as bundle (10,5). Do the same for Emilio. Then, identify the set of bundles that give Bartolo and
Emilio the same level of utility as bundle (15,8)
8-
1.) Using the three-point curved line drawing tool, graph an indifference curve for Bartolo that includes bundle (10,5)
and that also contains bundles with 4 and 5 units of food. Label the curve U
6-
2.) Using the three-point curved line drawing tool, do the same for Emilio including bundle (10,5) and bundles with 4
and 5 units of food. Label the curve U1
3.) Using the three-point curved line drawing tool, graph an indifference curve for Bartolo that includes bundle (15,8)
and that also contains bundles with 10 and 12 units of food. Label the curve UR2
5 6
9 10 11 12 13 14 15 16
Food
4.) Using the three-point curved line drawing tool, do the same for Emilio including bundle (15,8) and bundles with
10and 12 units of food. Label the curve U2.
Carefully follow the instructions above, and only draw the required objects.
Clothing
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