18. Researchers have investigated the preferences over dinner and they have found that they take the following
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Question:
18.
Researchers have investigated the preferences over dinner and they have found that they take the following form:
U = - 68 Chicken + 21 Steak + 4 Fish - 43 Costs
Costs= cost in dollars of the dinner
Chicken= amount of chicken in pounds
Steak= amount of steak in pounds
Fish= amount of fish in pounds
Given this information, how many pounds of fish is the consumer willing to give up to obtain one more pound of steak during dinner? (hint: use MRS(steak, fish) but enter your answer as a positive number)
19. If the ulitity function is: U=86x1 + 14x2
If x1=44, how much of x2 does the consumer has to consume to obtain a utility level of 6,159?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: