Rafe is optimally choosing to consume 6 apples and 3 bananas. The prices of apples and bananas are p. - 7 and Pb-7. Which of the following utility functions over quantities of apples (a) and bananas (b) could represent Rafe's preferences? Ou(a, b)-a4/5 61/5 u(a, b)-a¹/5 64/5 u(a, b)-a2/3 b1/3 Ou(a, b)-a1/3 62/3
Rafe is optimally choosing to consume 6 apples and 3 bananas. The prices of apples and bananas are p. - 7 and Pb-7. Which of the following utility functions over quantities of apples (a) and bananas (b) could represent Rafe's preferences? Ou(a, b)-a4/5 61/5 u(a, b)-a¹/5 64/5 u(a, b)-a2/3 b1/3 Ou(a, b)-a1/3 62/3
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.11P
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