Refer to the indifference curve in Figure 3.3. Which of the following statements is correct? O This individual will only consume A and B in fixed proportions. O This individual receives no satisfaction from Good B. This individual receives no satisfaction from Good A. none of the above
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- Please no written by hand and no emage Consider a consumer that consumes 2 teaspoons of sugar with each cup of coffee. For each cup of coffee with sugar the consumer gains 10 utils.a) Write down the utility function that gives the total utility if the consumer consumes S teaspoons of sugar and C cups of coffee. The consumer has assigned £7 per week to be spent on drinking coffee with sugar. The current price of coffee is £0.50 per cup and each spoon of sugar costs £0.10. b) Calculate the optimal weekly consumption bundle for this consumer.c) Does the consumer view C and S as complements or substitutes?Graph the following dataQuantity marginal utility1 153 2 112 3 77 4 48 5 25 6 8 7 -3 8 -8I like drinking Smirnoff and Stoli Vodka, but I really only careabout the total amount of alcohol I get out of it. They areperfect substitutes. Smirnoff is sold in liter bottles that are100 proof (that’s 50% alcohol). Stoli is sold in liter bottlesthat are 80 proof (40% alcohol). What is my utility functionfor bundles of these two vodkas? What do my indifferencecurves look like?
- Question 3Draw indifference curves for the following sets of preferences and indicate the direction inwhich the individuals’ satisfaction (or utility) is increasing. Be specific about slopes when itis necessary. Assume for both parts (a) & (b) that soft drinks are measured on x-axis andhamburgers on the y-axis. (a) Mary always gets twice as much satisfaction from an extra hamburger as she does froman extra soft drink. (b) Bob loves soft drinks but dislikes hamburgers.no 6. Given an indifference curve U, = 100 = FS (F>0 and S>0) df Use the implicit function rule to derive the slope. KHHHHHI WE WE WE WE WEREW BERE BERE BERE BE be be bebe bebe bH XXXX curve. b) At S = 144, Calculate the slope. of the indifference. ****************** HNNNNNN) NNNNNN IHNE (HHM)J 4 a. Define an Indifference Curve (IC).
- A 2015 report by the music industry estimated the revenue lost to the industry every yearfrom illegal downloading. In this problem we will derive some of the estimates that may havegone into their calculation (approximately).First, start with the individual consumer’s problem. Suppose a typical consumer has a yearlyentertainment budget of I that they can allocate between music downloads (D) and otherforms of entertainment (E). Consumer preferences are characterized by a utility functionU(D, E). a.) Write an expression for the consumer’s budget constraint as a function of their entertainment budget and the prices of music downloads (Pd ) and other entertainment (Pe). (b) Write the consumer’s constrained optimization problem in Lagrangian form. (Note: Youdo not need to solve it or derive first order conditions.)Suppose that the consumerís preferences are given by refer to image for the resturgent answer need!!!!!!!! Write down the concept of "Indifferent Curve' and *Budget line' with properexplanation and graphical presentation. ples write briefly
- ¦ What can be the implications of a positively sloping indifference curve?(a) I like to consume two olives with every shot of vodka. If Ihave more olives or more vodka than that ratio, I just toss theextra in the trash (they are perfect complements). What is myutility function? What do my indifference curves look like? (b) I like drinking Smirnoff and Stoli Vodka, but I really only careabout the total amount of alcohol I get out of it. They areperfect substitutes. Smirnoff is sold in liter bottles that are100 proof (that’s 50% alcohol). Stoli is sold in liter bottlesthat are 80 proof (40% alcohol). What is my utility functionfor bundles of these two vodkas? What do my indifferencecurves look like? (c) Antonin notices he is currently spending all of his money ona bundle (x1, x2) where his marginal rate of substitution isgreater than the relative prices (p1/p2). Can Antonin reach abundle on a higher indifference curve with his current income?Explain clearly and provide a graph with your response. * Note that in (a) and (b), there are different utility…Chewing gum (packs per day) 4 12 2 2 4 6 Water (bottles per day) The figure above shows three of a consumer's indifference curves. Which point is most preferred? Point Jonly O Point Conly Doint Goply