2. Duch's utility function for steaks and kebabs is u(s, k) = s k ...

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2. Duch's utility function for steaks and kebabs is u(s, k) = så · k ² (a) Calculate Duch's marginal utility of steaks, MU, (b) Calculate Duch's marginal utility of kebabs, MUk (c) Calculate Duch's MRS: MUŞ MUK (d) Duch's budget constraint is I = 6s + 2k. Calculate the price ratio of steaks to kebabs (e) Solve for Duch's optimal consumption bundle in terms of I (set MRS ratio, solve for s or k, and plug into budget constraint) (f) What is Duch's optimal consumption bundle when I = 24? (g) What is Duch's optimal consumption bundle when I = 48? (h) Graph Duch's budget constraints for I = 24 and I = 48, making sure to label all axes, intercepts, and slopes = price (i) The price of steaks increases to $12. Write down Duch's new budget constraint (use I for income) (j) What are Duch's optimal consumption bundles when I = 24 and I = 48? 2. Duch's utility function for steaks and kebabs is u(s, k) = så · k ² (a) Calculate Duch's marginal utility of steaks, MU, (b) Calculate Duch's marginal utility of kebabs, MUk (c) Calculate Duch's MRS: MUS MUK (d) Duch's budget constraint is I = 6s+ 2k. Calculate the price ratio of steaks to kebabs (e) Solve for Duch's optimal consumption bundle in terms of I (set MRS ratio, solve for s or k, and plug into budget constraint) (f) What is Duch's optimal consumption bundle when I = 24? (g) What is Duch's optimal consumption bundle when I = 48? (h) Graph Duch's budget constraints for I = 24 and I = 48, making sure to label all axes, intercepts, and slopes = price (i) The price of steaks increases to $12. Write down Duch's new budget constraint (use I for income) (j) What are Duch's optimal consumption bundles when I = 24 and I = 48? 2. Duch's utility function for steaks and kebabs is u(s, k) = så · k ² (a) Calculate Duch's marginal utility of steaks, MU, (b) Calculate Duch's marginal utility of kebabs, MUk (c) Calculate Duch's MRS: MUŞ MUK (d) Duch's budget constraint is I = 6s + 2k. Calculate the price ratio of steaks to kebabs (e) Solve for Duch's optimal consumption bundle in terms of I (set MRS ratio, solve for s or k, and plug into budget constraint) (f) What is Duch's optimal consumption bundle when I = 24? (g) What is Duch's optimal consumption bundle when I = 48? (h) Graph Duch's budget constraints for I = 24 and I = 48, making sure to label all axes, intercepts, and slopes = price (i) The price of steaks increases to $12. Write down Duch's new budget constraint (use I for income) (j) What are Duch's optimal consumption bundles when I = 24 and I = 48? 2. Duch's utility function for steaks and kebabs is u(s, k) = så · k ² (a) Calculate Duch's marginal utility of steaks, MU, (b) Calculate Duch's marginal utility of kebabs, MUk (c) Calculate Duch's MRS: MUS MUK (d) Duch's budget constraint is I = 6s+ 2k. Calculate the price ratio of steaks to kebabs (e) Solve for Duch's optimal consumption bundle in terms of I (set MRS ratio, solve for s or k, and plug into budget constraint) (f) What is Duch's optimal consumption bundle when I = 24? (g) What is Duch's optimal consumption bundle when I = 48? (h) Graph Duch's budget constraints for I = 24 and I = 48, making sure to label all axes, intercepts, and slopes = price (i) The price of steaks increases to $12. Write down Duch's new budget constraint (use I for income) (j) What are Duch's optimal consumption bundles when I = 24 and I = 48?

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a To calculate Duchs marginal utility of steaks we need to take the derivative of the utility function with respect to steaks M Us u s Using the given ... View the full answer