Question: Please help me with a specific solution. Note: Sales are in millions of pounds. So, 75 m. denotes 75 million pounds sold. 3, Draw indifference

Please help me with a specific solution.

Please help me with a specific solution. Note: Sales are in millions

Note: Sales are in millions of pounds. So, "75 m." denotes 75 million pounds sold. 3, Draw indifference curves that represent the following individuals' preferences for hamburgers and soft drinks. Indicate the direction in which the individuals' satisfaction/utility/happiness is increasing. a. Joe dislikes both hamburgers and soft drinks and has convex preferences for them. b. Jane loves hamburgers and dislikes soft drinks. If she is served a soft drink, she will pour it down the drain rather than drink it. C. Molly loves hamburgers and soft drinks, but insists on consuming exactly one soft drink for every two hamburgers she eats. d. Bill likes hamburgers, but neither likes nor dislikes soft drinks. e. Mary always gets twice as much additional satisfaction from an extra hamburger as she does from an extra soft drink. 4. Suppose that Bridget and Erin spend their entire incomes on two goods, food (F) and clothing (C). Bridget's preferences are represented by the following utility function: UBridget ( F , C ) = 10*F*C Erin's preferences are represented by the following utility function: UErin ( F , C ) = 0.2*F2C2 a. With food on the horizontal axis and clothing on the vertical axis, identify on a graph the set of points that give Bridget the same level of utility as the bundle ( 10, 5 ) . Do the same for Erin on a separate graph. b. On those same two graphs, identify the set of bundles that give Bridget and Erin the same level of utility as the bundle ( 15 , 8). C. Do you think Bridget and Erin have the same preferences or different preferences? Explain. [Hint: It might help to derive expressions for their MRS's first!]

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