11. Preference functions and indifference curves Bob's preferences are given by the following function, where L is the total number of lattes he drinks and R is the total number of regular cups of coffee he drinks in a month. U(L,R)=(LR)05 Last month, Bob drank 16 lattes and drank 4 regular cups of coffee. This gives him a utility of utils. Complete the following table by calculating the amount of the other good that would make the utility from bundles B and C equal co the utilly from bundle A. On the folliowing graph, use the purple curve (diamond symbols), labeled "Indifference curve, to plot the three combinations of iattes and regular cups of coffee that yield the same level of utility that you previousiy found. On the following graph, use the purple curve (diamond symbols), labeled "Indifference Curve," to plot the three combinabions of lattes and regular cups of coffee that yield the same level of utlity that you previously found. Suppose Bob has budgeted $30 this month for spending on drinking lattes and drinking regular cups of coffee. Use the green line (triangle symbol) to plot his budget constraint if a latte costs $3 and a cup of coffee costs $1.50. This month, the maximum utility Bob can achieve based on this budget is maximizing choice may fall on a utility curve that isn't drawn on this graph.) the utility he attained last month, (Hint: Bob's utlity- Suppose Bob has budgeted $30 this month for spending on drinking lattes gular cups of coffee. Use the green line (tnangle symbol) to plot his budget constraint if a latte costs $3 and a cup of coffee costs $1.5 This mohth, the maximum utility Bob can achieve based on this budget is the utiliz he attained last month (Hint: 800 's vtlity. maximizing choice may fall on a utality curve that isn't drawn on this groph.) 11. Preference functions and indifference curves Bob's preferences are given by the following function, where L is the total number of lattes he drinks and R is the total number of regular cups of coffee he drinks in a month. U(L,R)=(LR)05 Last month, Bob drank 16 lattes and drank 4 regular cups of coffee. This gives him a utility of utils. Complete the following table by calculating the amount of the other good that would make the utility from bundles B and C equal co the utilly from bundle A. On the folliowing graph, use the purple curve (diamond symbols), labeled "Indifference curve, to plot the three combinations of iattes and regular cups of coffee that yield the same level of utility that you previousiy found. On the following graph, use the purple curve (diamond symbols), labeled "Indifference Curve," to plot the three combinabions of lattes and regular cups of coffee that yield the same level of utlity that you previously found. Suppose Bob has budgeted $30 this month for spending on drinking lattes and drinking regular cups of coffee. Use the green line (triangle symbol) to plot his budget constraint if a latte costs $3 and a cup of coffee costs $1.50. This month, the maximum utility Bob can achieve based on this budget is maximizing choice may fall on a utility curve that isn't drawn on this graph.) the utility he attained last month, (Hint: Bob's utlity- Suppose Bob has budgeted $30 this month for spending on drinking lattes gular cups of coffee. Use the green line (tnangle symbol) to plot his budget constraint if a latte costs $3 and a cup of coffee costs $1.5 This mohth, the maximum utility Bob can achieve based on this budget is the utiliz he attained last month (Hint: 800 's vtlity. maximizing choice may fall on a utality curve that isn't drawn on this groph.)