QUESTION 1: 40 POINTS TOTAL Alison consumes only wine (a: ) measured in bottles and cheese ( y ) measured in ounces. Her preferences are given by U = (32/33/2/3, and her production capabilities are described by the following constraint: Q = (3:9)2 + 4y! 300. Based. on that information, answer each of the following questions: A. Assuming no opportunities for trade, nd Alison's (i) utility-maximizing consumption and production choices and {ii} her resulting utility. [15 points] B. Now, assuming Alison expects an opportunity for trade with p; : pg : 10 nd her (i) utility- maximizing production and consumption choices and (ii) her resulting utility. [20 points] C. Keeping the price of cheese xed at pg = 10 , what is the threshold price of wine (p3 ), above which Alison would be a net supplier of wine? [5 points] Upload 1 Choose a File